Shareholders Report Update
Obligation to comply updating the shareholder’s registry for corporations start next September 2019. Here is what you need to know:
The Shareholder’s registry requirement for corporations is a mandatory requirement that will come into effect in September of 2019 as per resolution N° DGT-ICD-R-14-2019 from the General Director of Taxation and Costa Rican Institute of Drugs regarding the “Registry of Transparency and Final Beneficiaries” of March 8, 2019.
Each corporation has a mandatory deadline to comply depending on the last number of their legal ID, starting September 2019 to January 2020.
Residents vs. Non-Residents:
The Shareholders update report must be submitted by the legal representative of the corporation through digital signature.
A digital signature is required to proceed. Digital signature is only provided to:
- Natural persons (physical persons).
- Costa Rican nationals or foreign residents.
If the legal representative does not possess a valid residence card in Costa Rica, he/she will need to grant a POA to a third party to comply.
You can find more information about the digital signature at the following link (in Spanish): https://www.bccr.fi.cr/seccion-firmadigital/firma-digital/oficinas-de-registro
About the POA:
This POA must be limited to one purpose only that is completing the Shareholder’s registry one time. Once completed, the POA loses all effects.
When to proceed:
A date to proceed has been defined to each corporation in accordance to the last digit of its legal ID number as per the following chart.
Declaration will be annual.
A fine for non-compliance will be issued against all infringing corporations that have not complied by January 31st of 2020 with a minimum of three minimum-wage salaries and a top of ten minimum wage salaries ($1600 USD to $5300 USD approximately).
Where do I complete the Shareholders update?
The authorized legal representative can proceed by accessing the following link:
Remember a digital signature will be required for this purpose.
If you have further questions, do not hesitate reach us by clicking here.