Regulatory update – Republic of the Congo

Law 43-2024 (December 2, 2024) created a Register to identify the beneficial owners of legal entities subject to the obligation to declare beneficial owners (“RBE”), which is annexed to the Trade Register (“RCCM”). This law creates an obligation to declare – and update in case of change – the beneficial owners of Congolese companies.

• A beneficial owner is defined as any natural person who, directly or indirectly, by any means, including by means of legally permitted devices, ultimately exercises effective control over a legal person (article 4).
• Commercial companies must declare their beneficial owners and keep current and updated information on their beneficial owners.
• The declaration must be dated and signed in original by the company’s legal representative and filed with the trade register (article 8).
• An updated declaration must be filed within 30 days of any act or fact making it necessary to rectify or supplement the information registered with the RBE.
• Companies must keep at their registered address information on their beneficial owners.

Failure to comply with the declaration obligation or failure to update the information required in the register of beneficial owners are sanctioned by a fine ranging from FCFA 1,500,000 to 200,000,000 (article 27).