New Obligations related to the Public Register of Beneficial Owners in Algeria
The Decree No. 23-429 dated 29 November 2023, concerning the Public Register of Beneficial Owners of Algerian legal entities (“Decree 23-429”) has been published in the Official Gazette on 30 November 2023.
– Publication of Decree No. 23-429 of 29 November 2023 defining the procedures for keeping the Public Register of Beneficial Owners of Algerian legal entities.
– Each Algerian legal entity is required to declare its beneficial owner to the National Center for Trade Register, and to provide certain information on its beneficial owner.
– The beneficial owners of legal entities are the individuals who ultimately exercise control over a legal entity.
– Decree 23-429 provides for alternative criteria to characterize control.
– The Register is set up at the National Center for Trade Register.
– Register data is accessible to the competent authorities and the public, under conditions to be defined.
– Legal entities set up before the date of publication of Decree 23-429 have until 30 November 2024 to comply.
Source: Lucif Law