According with the provisions of Law 129/2019 for preventing the money laundering as amended, Romanian companies have the obligation to submit the Declaration of Real Beneficiary to the Trade Register until 01.11.2020 (companies that 100% of the shareholders are individuals are excluded).

The submission can be made by the legal representative or a proxy to the Trade Register or online, by electronic signature belonging to the legal representative, an employee of the company or a lawyer.

In the case of companies registered at the Trade Register, the real Beneficiary is defined as follows:

1. the natural person or persons who ultimately own or control a legal person by exercising ownership, directly or indirectly, over a sufficiently large number of shares or voting rights to ensure its control. This criterion is considered to be met in case of holding at least 25% of the shares plus a share or participation in the equity of the legal person in a percentage of over 25%;
2. the natural person or persons ensuring the management of the legal person, if, after exhausting all possible means and provided that there are no grounds for suspicion, no natural person is identified in accordance with point 1

Failure to declare the real beneficiaries within the legal term can generate a fine of 10,000 lei.