If no private individual meets the criteria mentioned above, the one person that will have to register as the person with significant control will be the legal representative of the reporting company.
In any case, the registration of the people with significant control must be carried out by the legal representative of the company. The registration must be handed over to the trade court of the company’s headquarters and must be attached to the Trade and Companies Register.
This declaration is a new formality that is mandatory for all companies since August 2017, whatever the date of registration of the company. (Be it before or after the enforcement of this law). This declaration enables to identify the people who actually hold control over a company.
This law was passed within the framework of an array of measures implemented by the government in order to combat money laundering and the funding of terrorism.
Anyone failing to register the people with significant control of his/her company may be sanctioned with a fine of 7,500€ in case the failure is imputable to a private individual, and 37,500€ in case the failure is imputable to a legal person.
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