New bill passed that affects all corporations

Saturday morning's news informs us that a new bill has been passed that the Resident Agent (your attorney) of the Sociedad Anonima (corporation) must register as to the beneficial owners' names, ID numbers, dates of birth, nationalities, addresses, and the date the individual became the beneficial owner. This information must be entered into the Superintendency no later than 6 months from the time the bill was passed or the corporation will be suspended and fines begin for the attorney, which will likely affect the owner(s) of the corporation as well. 

If the resident agent does not respond, the corporation will be removed from the Public Registry within 2 years. 

There will likely be many corporations suspended from the Public Registry within 6 months and then dissolved or removed from the public registry after 2 years because the attorney didn't register and the owners of those corporations won't be the wiser.  I wonder what happens to the property held in those corporations once they're removed from the registry without the owner's knowledge???

This notice should serve as a heads up for all corporation owners to enter a discussion with their resident agent/attorney.

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