Is it necessary to update the BO data of legal entities that submitted information on the beneficial owner before 01.07.2023 and for which no changes in the BO data have occurred to date?
Example No. 1: The LLC was established in 2021 by 4 founders, each holding 25%, and information on the beneficial owner was submitted at the time of registration.
Example No. 2: The LLC was established in 2021 by 2 founders – natural persons, each holding 50%, and information on the beneficial owner was submitted at the time of registration.
According to Example No. 1 – YES, because, following the amendments to Law No. 308/2017 introduced by Law No. 66/2023 on amending certain normative acts, the concept of beneficial owner was amended (Article 52 of Law No. 308/2017).
Pursuant to Article VIII para. (5) of Law No. 66/2023, within 30 months from the date of entry into force of the respective law (the deadline was extended until 31.12.2025), legal entities, individual entrepreneurs and non-commercial organizations registered in the Republic of Moldova are required to submit and/or update information on the beneficial owner/beneficial owners to the Public Services Agency.
Accordingly, under the criteria defined by Article 52 para. (2) point 1) letter a) of Law No. 308/2017, a natural person holding 25% of the share capital of an LLC is not identified as a beneficial owner, provided that they do not exercise other means of control over the legal entity.
According to Example No. 2 – NO