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.
Key Points:
- 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 Centre 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 Centre 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.
- For further detail please view the full version in the LEX Africa member for Algeria, Loucif + Co’s, newsletter: https://loucif.law/en/new-obligations-related-to-the-public-register-of-beneficial-owners-in-algeria/
