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Chile Introduces Measures to Enhance Corporate Transparency

Santiago, Chile - In a bid to increase transparency and combat money laundering and terrorist financing, the Chilean government has introduced new measures requiring companies to disclose more information about their ownership structures.

New Requirements for Companies

The Commerce Custodian, responsible for maintaining public records on companies formed in Chile, will now require corporations to register any major changes, including:

Changes in ownership
Mergers or acquisitions
Changes to share capital
Changes to registered addresses

Failure to comply with these regulations can result in legal consequences, including deregistration and closure of the company.

Importance of Annual Shareholder Meetings

The government has emphasized the importance of holding annual shareholder meetings for corporations, which are mandatory under Chilean corporate governance norms. These meetings provide a platform for key corporate decisions, such as:

Ratifying financial statements
Allocating profits
Electing board members

Implementation of Ultimate Beneficial Owners (UBOs) Registry

Chile is expected to implement a registry for Ultimate Beneficial Owners (UBOs) in the near future, aligning with international standards and recommendations from organizations like the Financial Action Task Force (FATF). This will require companies to maintain accurate information about their ownership structures and control mechanisms.

Expert Insights

“Understanding corporate obligations is crucial for businesses expanding into Chile. It’s essential to comply with local regulations, including appointing a legal representative, registering a fiscal address, and complying with tax laws,” said [Name], a partner at Biz Latin Hub.

Services Offered by Biz Latin Hub

Biz Latin Hub offers a range of services designed to help foreign companies navigate the complexities of doing business in Chile. Our experts can guide you through every step of the process, including:

Company formation and registration
Corporate compliance and tax services
Accounting and bookkeeping
Legal support and advisory services

Key Takeaways

Companies must register major changes with the Commerce Custodian to maintain transparency
Annual shareholder meetings are mandatory for corporations under Chilean law
A registry for Ultimate Beneficial Owners (UBOs) is expected to be implemented soon
Failure to comply with regulations can result in legal consequences, including deregistration and closure of the company