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Beneficial ownership – Compliance

In compliance with Directive (EU) nº 2015/849 of the European Parliament and of the Council from the 20th May 2015, legislation has been approved in Portugal to establish the obligation of commercial companies to declare precise and updated information about their beneficial owners.

This declaration regarding the beneficial owner must contain some relevant information on the following aspects:

  • The identification of the owners of the share capital with the information about their respective shareholdings;
  • The identification of the managers of the company;
  • The natural persons that directly or indirectly hold, in any way, the effective control of the company.

The beneficial owner means any natural person(s) who ultimately owns or controls the customer and/or the natural person(s) on whose behalf a transaction or activity is being conducted. This includes:

  • the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity, including through bearer shareholdings, or through control via other means, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Union law or subject to equivalent international standards which ensure adequate transparency of ownership information.
  • if, after having exhausted all possible means and provided there are no grounds for suspicion, no person under point (i) is identified, or if there is any doubt that the person(s) identified are the beneficial owner(s), the natural person(s) who hold the position of senior managing official(s), the obliged entities shall keep records of the actions taken in order to identify the beneficial ownership;

Regarding beneficial owners, the commercial companies must produce the following information:

  • Complete name;
  • Date of birth;
  • Place of birth;
  • Nationality;
  • Personal permanent residence;
  • Elements of identification card;
  • Fiscal Identification Number (of the State of nationality);
  • E-mail address;
  • Type of beneficial interest held (for instance direct/indirect owner of the shares of the company, owning special rights that allow control of the company).

 

This information has to be declared by filling an online application form in a web site especially created for this purpose by the Portuguese Government: http://rcbe.justica-gov.pt, until April 30, 2019