VERY IMPORTANT INFORMATION ON REGISTRATION OF SHAREHOLDERS
WHAT IS A DIGITAL SIGNATURE?
A Digital Signature is a mathematical scheme for verifying the authenticity of digital messages or documents. This information is generated from a Digital Signature system installed on a computer.
WHAT COMPRISES A DIGITAL SIGNATURE SYSTEM?
The complete Digital Signature system, as used in this application, consists of three parts: A card (similar to a credit card) a card reader, and a program which is installed on the computer.
HOW DOES THIS DIGITAL SIGNATURE SYSTEM WORK?
The card is inserted into the reader which communicates with the computer via a secure USB connection. The computer then sends a signal to the recipient, which they verify as a valid Digital Signature. This gives a recipient reason to believe that the message was created by a known sender, that the sender cannot deny having sent the message, and that the message was not altered in transit. Digital Signatures have many uses, including allowing access to various accounts, such as bank accounts, on-line.
WHAT DOES THIS MEAN TO ME?
Digital Signature systems are available to Costa Rican citizens and all types of legal residents of the country. Those persons not residents (for instance those here on Tourist Visas) are not eligible to obtain a Digital Signature system.
I AM A RESIDENT, WHERE CAN I GET A DIGITAL SIGNATURE SYSTEM?
Digital Signature systems are available at most banks.
WHO MUST COMPLY WITH THIS NEW LAW?
ALL corporations, through their signing authority, must submit a Declaración De Participantes Y Beneficiarios Finales (a declaration) about their corporation(s) to the Registro De Transparencia Y Beneficiarios Finales (the registry.)
HOW DO I COMPLY WITH THE NEW LAW AND SUBMIT MY CORPORATION’S DATA?
To submit your corporation’s data you must go on-line to the website of the Central Bank, www.centraldirecto.fi.cr (The website is in Spanish.) Accessing the data base can ONLY be done with the Digital Signature card. There you can enter the required data.
Non-Resident corporation owners must hold a special meeting of the Board of Directors and prepare a Special Power of Attorney to authorize either a citizen of Costa Rica or a legal resident of Costa Rica, to be the corporation’s signing authority.
All shareholders who hold 15% or more of stock in a corporation are required to be registered as a benefit recipient of each registered corporation, active or inactive.
If you are not a resident or citizen, the card or certificate issued to the corporate representative must be issued by SINPE (most banks are authorized to issue this document).
This is a yearly obligation and must be completed every year, and within 15 days of each time there is a change in the stock composition. This year, 2019, because it’s the first time for all corporations, the registration must be submitted in accordance with the last digit of the Corporation Identification Number (Cédula Juridica De La Compañia) in compliance with the following schedule:
LAST DIGIT OF CORPORATE ID MONTH TO PRESENT THE DECLARATION
0 and 1 September 2019
2 and 3 October 2019
4 and 5 November 2019
6 and 7 December 2019
8 and 9 January 2020
TO DO ALL THIS PROCESS YOU WILL NEED
-Very clear notion of who is a stock holder or a quota holder in your corporation
-Up to date Registry information about the board of director
-Up to date information in the ATV system with TRIBUTACION DIRECTA
-Corporate taxes up to date (also important the TIMBRE DE EDUACION Y CULTURA, that normally no corporation pays).
The objective of the law is to identify the totality of stock participation and all individuals in those corporations, as well as the final beneficiaries, to improve the fight against tax fraud.
If you have any questions, ARCR is ready to help! Simply call the office at 2220-0055 and ask.