We are writing to remind you of the importance of complying with the Registry of Beneficial Owners (RUB), which is due to expire on July 31, 2023, for entities with or without legal status created before May 31, 2023. Entities created from June 1, 2023, will have a term to provide the information in the RUB no later than two (2) months after the registration in the RUT or the issuance of the SIESPJ (System of Structures without Legal Personality).
The RUB was created by Law 2155 of 2021, a registry that is part of the Single Tax Registry (RUT) and whose operation is in charge of the DIAN (Tax Authority). Through Resolution 000164 of 2021, the DIAN regulated the concept of beneficial owner, those obliged to provide information in the RUB and defined how to carry out the due diligence process.
Below are some of the entities required to provide information in the RUB:
In order to determine who are the beneficial owners of legal entities, the following criteria must be applied:
- Natural person who, acting individually or jointly, holds, directly or indirectly, five percent (5%), or more of the capital or voting rights of the legal person, and/or benefits in five percent (5%), or more of the assets, yields or profits of the legal person; and 2.
- A natural person who, acting individually or jointly, exercises control over the legal person, by any means other than those established in the preceding paragraph of this article; or
- When no natural person is identified under the terms of the two preceding paragraphs of this article, the natural person who holds the position of legal representative must be identified, unless there is a natural person who holds greater authority in relation to the management or direction functions of the legal person.
In case the obligated entities fail to provide the information in the RUB or make erroneous reports, will be subject to the following sanctions:
- By failure to register: (1) UVT for each day of delay in registering or updating the information (1 UVT = $42,412).
- By failure to update the address or economic activity: (2) UVT for each day of delay in updating the information (2 UVT = $84,824).
- By false reporting, incomplete or wrong information: a fine equivalent to 100 UVT will be imposed. (100 UVT = $4,241,200).
- By requirement of the DIAN and that the information is not provided:
- 1% for information not provided.
- 7% for erroneous information.
- 5% for untimely information.
- Maximum penalty of 7,500 UVT ($318,090,000).
Taking into account the above, we would like to inform you that Amézquita & Cía. S.A.S. can advise you on the due diligence for the identification of the beneficial owners, as well as all the procedures to upload the information, fill out the forms and submit them to the DIAN.