By: Ana Barquero
On April 19, 2021, the implementation of the Registry for the Beneficial Owner of Commercial Companies in the Republic of Nicaragua came into effect, which would be Ordinary every 12 calendar months, and Extraordinary, when there is any change that modifies or reforms the Articles of Incorporation, affecting the basic information and the determination and identification of the Beneficial Owner.
Currently, after twelve months have elapsed since the initial registration of the beneficial owner, all corporations must proceed with the updating of the beneficial owner in an Ordinary or Extraordinary manner, as appropriate, before the Public Mercantile Registry.
The non-compliance, action or omission that contravenes the law, rules, and regulations, will be typified as an infraction subject to administrative sanction.
To make the respective update, as well as for further information on this and other legal issues, please contact LatinAlliance Nicaragua, Attorneys and Notaries, at the following email address: abarquero@latinalliance.co