Regarding the UBO, as per Romanian law (which is actually just implementing a EU Directive) there is always one or more natural person(s) who is considered a UBO because he/she controls – directly or indirectly – the legal entity. So, for instance, if the Romanian company X is owned by foreign company Y and that is owned by legal entity Z and so on, someone should be at the end of the line – a natural person or several. The law stipulates that if no one controls, either directly or indirectly, a significant percentage (25%) of the votes/shares of the Romanian company or if the respective person(s) could not be identified in spite of all efforts of doing that, then the administrator of the Romanian company will file a declaration indicating as UBOs the members of the Board of Directors (or whatever controlling body exists) of the foreign parent company.
