Update on the Final Beneficiary Registry in Nicaragua
The communication summarizes the legislative updates that impact commercial companies established in Nicaragua. The updates include a series of new obligations before the Public Mercantile Registry (RPM) and before the recently created Registry of Final Beneficiary (RBF).
The RPM requires that all companies registered in Nicaragua must carry out an Update of Basic Information, which is mandatory for all mercantile companies and consists of submitting documentation to the RPM. The Basic information to be updated includes:
If the shareholding composition of the entity is made up of a Legal Entity, whether national or foreign, an original document and copy of the following information must also be attached in Spanish translation:
The Basic Information Update can be submitted to the RPM using a Basic Information Update Public Deed signed by the Legal Representative or via Protocolization of the Minutes of a General Shareholders' Meeting in which it has been decided to make said update.
The Final Beneficiary Registry dates from 04/19/2021 and its purpose is the Declaration of the Final Beneficiaries behind the corporate structures and, where appropriate, those who direct, administer and/or operate them.
As part of the Final Beneficiary Information Declaration process, separate periods were established in which commercial entities must make the Declaration of Final Beneficiary by alphabetical order, as follows: a) A to H from 04/19/2021 to 10/18/2021, and b) I to Z from 10/19/2021 to 04/10/2022.
Before submitting the Declaration, each company must appoint and register in the RBF electronic system a special delegate. This delegate would be in charge of entering the information of the company and then signing the final declaration.
Since we are a few weeks from the end of the first cycle, we recommend starting with the necessary procedures as soon as possible to avoid fines and penalties. At BLP, we have a team that can help you with these procedures. For more information, contact us at firstname.lastname@example.org or +505 2298-1853