According to the regulations in force in the Republic of Armenia, legal entities registered on the territory of the RA are obliged to submit a declaration on ultimate beneficial owners (hereinafter referred to as UBOs) to the State Register of the Legal Entities of the Ministry of Justice of RA (hereinafter referred to as the State Register) based on the results of the due diligence provided for by law.
From January 1, 2023 all legal entities including limited liability companies with only natural persons as their only members, as well as non-profit organizations, must submit a declaration on ultimate beneficial owners within two months. Prior to that, the obligation to submit a declaration on UBOs for legal entities operating in the regulated sphere of public services and providing audiovisual media services arose in September 2021, and for all other legal entities – in January 1, 2022.
As for the deadlines for submitting the declaration on UBOs, let’s note that according to the general rule, the declaration is subject to submission within 40 days from the moment of registration of the legal entity. And in case of changes in the data on the ultimate beneficiaries, they are subject to declaration after becoming known to the legal entity – immediately, but not later than within 40 days.
At the same time, before February 20 of each year, legal entities are required to submit to the State Register:
- confirmation that the latest declaration on UBOs submitted to the State register contains up-to-date information as of December 31 of the previous year; or
- the changed information about the UBOs of the legal entity.
It is important to keep in mind that the declaration is submitted to the state register by filling out the declaration in the electronic system, which must contain the electronic signature of the competent person.
Our team will be happy to help you at any stage of the process of identifying real beneficiaries.
