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As per January 10, 2020, based on an European anti-money-laundering Directive, most Dutch legal entities (BV, Foundation, Partnerships etc.) have the obligation to register every person who ultimately holds an economic interest of more than 25%. These persons then qualify as UBO, Ultimate Beneficial Owner. The registration of UBOs in the UBO-register must take place at the Dutch Chamber of Commerce. In case there are no persons holding this kind of interest, the statutory directors of the legal entity must be considered as ‘’pseudo-UBO’’ and therefore must be registered.
All new entities which are registered in the Trade Register of the Dutch Chamber of Commerce, have a one-week period to register the UBO-information in the UBO-register.
For the time being, the more than 1,5 Million Dutch entities that momentary are registered in the Trade Register, are themselves responsible for the UBO-registration. As soon as the UBO register is implemented, they have an 18-months period to meet this obligation. The Chamber of Commerce might send reminders to the entities. After the ending of the 18 months-period, the normal period of 1 week will be applicable. Not meeting the registration obligations, is considered an economic offense.
We want to inform you in time about how you can determine who qualifies as a (pseudo)UBO and which information concerning these person(s) you must register.
We therefore made a form which you hereby find enclosed.
This form, shows that certain data of the (pseudo)UBOs will be publicly available.
Though we are of the opinion that the publicly available UBO-data could be experienced as an invasion of privacy, the policy for shielding data is very strict and limited. On request the publicly available data will be shielded in case the UBO is a minor (younger than 18 years) or is an adult, legally incapable (placed under guardianship). In case the UBO experiences the publicly available UBO-data as a disproportionate risk, a risk of kidnapping, blackmail etc., this UBO only can request for the shielding of the publicly available UBO-data in case this UBO already is placed under governmental protecting. All persons under this protection are registered on a special list which the Dutch Chamber of Commerce can check.
Should you have any questions, or do you need any kind of assistance fulfilling the registration obligations or do you have serious objections against the fact that part of the UBO-information is publicly available, please do not hesitate to contact us.
Monique D'Elfant is pleased to inform you!