Compliance and Beneficial Ownership
Objectives
- Explain corporate compliance duties
- Discuss beneficial ownership reporting
- Write compliance reminders
Explanation
Costa Rican companies must comply with annual obligations such as the beneficial ownership declaration (RTBF, Law 9416), the corporate tax applicable to legal entities, tax filings and legal books. Non-compliance can lead to fines and restrictions on registry certifications. Use clear reminder language: 'Please note that the deadline for… is…'.
beneficial owner
The natural person who ultimately owns or controls a company.
“The beneficial owner must be declared.”
compliance
Acting in accordance with laws and regulations.
“Corporate compliance avoids fines.”
fine
A monetary penalty.
“Late filing results in a fine.”
good standing
Status of a company that is up to date with obligations.
“We need a certificate of good standing.”
dormant company
A company with no commercial activity.
“Even a dormant company must file declarations.”