Oct 13, 2023 .
Beneficial Owner: notification by 11 December 2023
The deadline for communicating the Beneficial Owners – TE expires on 11 December 2023 : the relevant MIMIT Decree was in fact published in the Official Journal on 9 October.
In fact , joint-stock companies , entities with legal personality and trusts are required to electronically transmit their beneficial owners to the relevant register of the Chambers of Commerce within the established deadline.
We have prepared a mini-guide , based on the question-and-answer method , to make the procedure as clear as possible.
Who can fulfill the obligation? –> Administrators, with a digital signature. Professionals, no: they can only provide information and advice.
How many sections does the Register consist of? –> Two sections are accessible online. The first is the Autonomous Section (for the registration of legal entities and private legal entities), the second is the Special Section (for the registration of trusts and similar entities).
What do joint-stock companies have to disclose? –> Data and citizenship of the individual designated as TE and the related shareholding; alternatively, the methods of exercising control or, as a last resort, the powers of legal representation.
What do recognized foundations, associations, and committees need to report? –> Data, citizenship, and tax code of the individual indicated as TE, name of the organization, certified email address, and registered office (and administrative office if different).
What do trusts and similar entities need to disclose? –> Data, citizenship, and tax code of the individual indicated as TE, name, date, location, and details of the deed of incorporation.
How is the transmission carried out? –> The TE information is acquired and transmitted by the administrators. In foundations and associations, this is handled by the founder, if alive, or by the representative/administrator. In trusts, however, this is done by the trustee and, in similar cases, by the relevant equivalent. In all cases, communication is made through a self-declaration.
Is there a form to submit? –> Yes, the TE: it must be digitally signed by the person making the declaration.
So, are professionals completely excluded from the submission process? –> Yes, although they can provide advice and access the data entered in the Registry for verification purposes.
What happens if the notification is not sent? –> The Chambers of Commerce, having ascertained and contested the violation of the obligation, impose an administrative fine (minimum €103 – maximum €1,032).
I still have doubts, what do I do? –> You can download the Operations Manual drawn up by Unioncamere , in collaboration with the Italian Chambers of Commerce.
