Tax advisors

A. Definition of the reporting entity

Tax advisors that manage tax obligations before local authorities or provide wealth management activities to their clients are considered to be reporting entities.

Non-resident natural and legal persons carrying out activities of equal nature as the aforementioned in the Principality of Andorra are also considered to be reporting entities.

In this way, it is important to note that tax advisors could be also parties under obligation because they could be considered as a service providers to companies and trusts when they provide the following services to third parties:

  • a) The incorporation of companies or other legal entities;
  • b) acting as, or arranging for another person to act as, a director or secretary/attorney-in-fact/administrator of a company, a partner of a partnership, or a similar position in relation to other legal persons;
  • c) Providing a registered office, business address or accommodation, correspondence or administrative address or other similar services for a company, a partnership or any other legal person or arrangement;
  • d) Acting as, or arranging for another person to act as, a trustee of a trust or performing the equivalent function in other legal arrangements;
  • e) Acting as, or arranging for another person to act as, a nominee shareholder for another person.

B. Obligations of the reporting entity

The main obligations attributed to the tax advisors in the matter of the prevention of money laundering and terrorist financing are the following: