On 27 September 2020, the UBO register for companies and other legal entities was introduced in the Netherlands. Since that date, any newly established private legal entity or partnership will only be registered in the trade register after all UBOs have been registered in the UBO register. All Dutch entities that already existed before that date must have their UBOs registered through the Chamber of Commerce in the UBO register by 27 March 2022 at the latest.
UBO stands for "ultimate beneficial owner" and means: the person who ultimately owns or controls a company, foundation or association. The UBO register aims to combat financial-economic crime. Almost all legal entities incorporated under Dutch law must register their UBOs in the UBO register.
There are some groups that do not have a UBO registration obligation such as:
- Listed companies
- Sole proprietors
- Public legal entities
The deadline registration UBO register is approaching, it is important that you complete the registration on time. Failure to register on time or providing the wrong information could result in administrative or criminal sanctions. This may consist of a fine of a maximum amount of €22,500.
Are you wondering whether your company needs to register UBOs or who at your company qualifies as a UBO? Then contact us, Marxman's specialists will be happy to help you! You can also contact us if you have other questions regarding your company.