The new simplified regime regarding legal publication relating to companies and associations has been implemented in Luxembourg on June 1, following approval of the legislation by the Chamber of Deputies on May 10. The legislation, which was published in Luxembourg’s Official Journal on May 30 as the Law of May 27, 2016, is complemented by a circular issued by the Luxembourg Trade and Companies Register on March 24 (Circular RCSL 16/01).
The main practical implications of the new legislation involve the replacement of the Mémorial C, the requirement for registration of FCPs, and penalties for late filing.
RESA replaces Mémorial C, Recueil des Sociétés et Associations
The new legal framework establishes a central electronic platform for official publication required for regarding companies and associations, the Recueil Electronique des Sociétés et Associations or RESA, which can be accessed via the website of the Trade and Companies Register (Registre de Commerce et des Sociétés – RCS).
The electronic platform replaces the Mémorial C, the former official journal, moving the filing and publication of documents online and ensuring a faster and more efficient update of information and registration of documents. The RCS website provides access to the Mémorial C archives.
As a general rule, documents are published in RESA automatically and with immediate effect upon their submission. For example, to notify the appointment of a new board member, it will be sufficient to complete a form on the RCS platform, and publication in RESA will take place automatically without the need to file any further documents.
The system allows the person filing documents on behalf of the company or association to choose a date of publication subsequent to the filing, no later than 15 days from the date of submission of the documents to RCS.
RESA provides an online journal of publications in PDF format with links to the relevant documents. The publication and consultation of documents in RESA is free of charge.
All FCPs to be registered in RCS
In a new feature, fonds communs de placement (FCPs) created starting June 1 are required to register with RCS, irrespective whether they have a Luxembourg or foreign management company. FCPs incorporated before June 1 must be registered with the RCS before December 1 this year. Subsequently all Luxembourg FCPs will have a RCS identification number starting with the letter K (e.g.: K123).
Penalty fees for late filing of annual accounts
From January 1, 2017, fees will be imposed for late filing of annual accounts, with the aim of encouraging timely submission of accounts. The measure envisages a charge of €50 for one month’s delay, €200 for up to four months’ delay and €500 if the company files annual accounts more than four months after the deadline, in all cases free of tax. Certain legal entities are exempt from the application of these fees.
Key competencies
arrow_forward Company formation
arrow_forward Corporate governance
arrow_forward Restructuring and insolvency
arrow_forward Corporate and commercial litigation