As per 27 September 2020, companies and legal entities must register persons who have an interest of more than 25% in the company in the so called UBO register. The Dutch Chamber of Commerce (KVK) will manage the UBO register for the Netherlands.
The measure is the result of European legislation. The UBO register makes clear who is in charge of a company. In this way people cannot hide any potential financial crimes behind a corporation.
A UBO is the ultimate beneficial owner are persons who own more than 25% of shares of a company or legal entity, persons who have more than 25% of voting rights in a company or persons who are effectively in control of the company.
The following data of the UBO will be publicly available:
- full name;
- month and year of birth;
- country of residence; and
- nature and extent of the UBO's interest.
Important to note
- registration can only be done for companies from the Netherlands (a branch should register the foreign company in their own country, if applicable);
- registration with the Dutch Chamber of Commerce can only be done in the Dutch language;
- companies to be incorporated must register the UBO within 7 days after incorporation; and
- existing companies must register the UBO at the latest on 27 March 2022.
In case you have any questions regarding the UBO registration or your corporate governance? Please contact us: Carmen.firstname.lastname@example.org.