Regulatory update – Ivory Coast

Companies have one year to comply with this law and file their first declaration, which means only a few weeks remain. 

Here is a quick summary of the key points:

Definition of Ultimate Beneficial Owner (UBO)

A beneficial owner is the person who:

• Holds a controlling interest in the legal entity concerned, i.e., holds directly or indirectly more than 25% of the shares or voting rights in the legal entity, or
• Exercises control over the administrative or management bodies of the legal entity or, failing that,
• Exercises effective control over the legal person; or acts as the principal manager of the legal entity

Deadline for Updates

Any changes that affect the UBO information must be declared within one month of the event with the Commercial Court. In parallel, the company must keep a register of beneficial owners and keep it up to date.

Sanctions for Non-Compliance

The legal representative of a company who breaches his obligation to declare his beneficial owners may be punished to imprisonment for 1 to 6 months and a fine of CFA 100,000 to 1,000,000, or by one of these two penalties only.