Implementation of UBO register postponed
On December 10th, 2019, the House of Representatives approved the bill for the implementation of the UBO register.
The intention was to have the UBO register enter into force on January 10th, 2020. This planned introduction will not be achieved. The bill is still being considered by the Senate and will be processed further on January 28th. The government wants the UBO register to start in the spring of 2020.
More than 1.5 million organizations have to deal with the UBO register in 2020. UBO stands for Ultimate Beneficial Owner (the ultimate stakeholder of an organization). An UBO is the ultimate owner of an organization or those who have the control of an organization. More specific you qualify as an UBO if you hold more than 25% of the shares in a private company, or if people who have a direct or indirect interest in a general partnership or partnership for more than 25%. Companies and legal entities will be obliged in 2020 to register their (in)direct owners in the UBO register.
The UBO register will be kept by the Chamber of Commerce. Companies and legal entities that were established prior to the introduction of the UBO register must register a UBO with the Chamber of Commerce within 18 months after the introduction of the UBO register. Companies and legal entities that are established on or after the introduction of the UBO register must register a UBO within 8 days at the Chamber of Commerce. The management of the relevant entity is responsible for the implementation of the aforementioned.