With the Registry of Beneficial Owners (RBO) being operational as of February 1st, 2021, the deadlines for the registration of the ultimate beneficial owner(s) are fast approaching.
More specifically, all the legal entities established under the laws of the Republic of Albania, including but not limited to joint stock companies, limited liability companies, NGOs, branches and representative offices of the foreign companies, must provide information to the RBO on their beneficial owner(s), as follows:
- In case of new entities, within 30 days from their establishment date;
- In case of already existing entities, within April 1st, 2021.
In case of failure to comply with the registration – related obligations within the statutory deadlines:
- Both the legal entity and the legal representative(s) thereof are subject to fines;
- The National Business Center and Tirana Court of First Instance (in the case of NGOs), shall suspend their services for the legal entities until the payment of the fine and the submission of the required UBO – related information.