Beneficial owner disclosure
20 Apr 2018
Order JUS/319/2018 of 21 March, approving the model for Annual Accounts to be deposited at the Registry of Companies, has introduced the obligation to disclose the ultimate beneficial owner, who directly or indirectly holds more than 25% of the corporate structure.
This change is in force for the 2017 Annual Accounts. The Accounts have to be prepared within 3 months as from the financial year-end -normally 31 December-, and they have to be deposited within 3 months as from their approval. Therefore, most companies will deposit the Accounts by next 31 July.
The obligation to disclose the UBO in front of a notary when signing any document related to a corporate structure started in 2012. Notaries make this information available to the Authorities, as part of the fight against money-laundering. As from now, this information should be disclosed as well by every Spanish company when depositing the Annual Accounts.