The Central Register of Beneficial Owners (CRBO) identifies all private individuals who, even indirectly or through third parties, have ownership or effective control of legal entities.
The initial declaration of the CRBO must be made within 30 days of the incorporation of the legal person or after any change of the declared data, and must be confirmed annually by December 31st of each year.
Only entities that have previously updated their information on the same year are exempt from annual confirmation.
The annual confirmation of the CRBO information can be submitted with the Simplified Business Information, with reference to the previous calendar year, or by submitting an update declaration on the CRBO page.
Failure to comply with the reporting obligations under the CRBO constitutes an administrative offense punishable by a fine of € 1,000.00 (one thousand euros) to € 50,000.00 (fifty thousand euros) and prevents entities from:
- Distributing profits or making advances on profits during the year:
- Concluding supply contracts, public works contracts or the acquisition of services and goods with the State, autonomous regions and local authorities, public institutes and private social solidarity institutions mostly financed by the State Budget, as well as renewing the term of contracts in force;
- Bid for public service concessions;
- To trade financial instruments representing or convertible into its share capital on a regulated market;
- Launch public offers for the distribution of any financial instruments it issues;
- Benefit from support from European structural and investment funds and public funds;
- Intervening as a party in any transaction involving the transfer of property, whether for a consideration or free of charge, or the creation, acquisition or disposal of any other real rights of enjoyment or guarantee over any immovable property.
