The Dutch Ultimate Beneficial Owner (" UBO'') register as per 27 September 2020
As explained in this article, the so called UBO register will be effectuated in the Netherlands. As from 27 September the UBO register in the Netherlands will be active. Although the Netherlands was obliged under European Law to implement an UBO register prior to 10 January of this year, the implementation Act was not approved earlier than 23 June 2020, resulting in an active UBO register as per 27 September 2020.
The Ultimate Beneficial Owner of the company is the person that eventually owns or has control over the company (share capital or control of more than 25 %)
Existing organisations (corporations or partnerships)
The Chamber of Commerce will notify all existing organisation that are obliged to register their UBO's. Registration can be effectuated by regular mail, online, or at the public notary.
Existing organisations have 18 months to register. The deadline for the UBO registration for existing organisations is 27 March 2022. But at that date the UBO's must be registered, because not complying with the UBO registration duty is an economic offense for the management of the company, with the possibility of serious criminal penalties. Early birds can already start registering their UBO’s as from 27 September 2020 at www.kvk.nl/inschrijven. Persons authorised to represent the company can do the registration.
New companies registered as from 27 September 2020 are immediately obliged to simultaneously register their UBO's. This needs to be done at the Chamber of Commerce or at the Public Notary's office, it cannot be done online.
What needs to be registered?
The companies or partnerships have to register the data of their UBO’s with the Chamber of Commerce. Some data will be publicly accessible (name and family name, month and year of birth, state of residence, nationality and the character and size of the interest as held by the UBO). Other data are only known to the Financial Intelligence Unit of the Netherlands (FIU), such as social security number, residence address, and copies of document evidencing the economic interest of the UBO, copy of the ID).
We want to stress that it is important to judge the implications the mandatory UBO registration may have for your company. Combining the data of the UBO register with the deposited financial statements of the company provides more information on your financial interest in the company.
If you have questions concerning the UBO register after 27 September 2020, if you need assistance to determine whether or not you are an UBO of a company, or if you want assistance with the registration as UBO, please contact us.