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Many companies are required to register their UBOs — the ultimate beneficial owners — in the UBO register, but far from everyone has this in order. Registration is legally mandatory; those who do not register (on time) risk enforcement and sanctions. Therefore, arrange your UBO registration on time.
What is UBO registration?
UBO stands for 'ultimate beneficial owner': the natural person who is ultimately the owner of or has control over a company, for example through an interest in the shares or voting rights. Most legal forms — such as private limited companies (BVs), general partnerships (VOFs), and foundations — must register their UBOs in the UBO Register, which is part of the Trade Register.
An obligation with a deadline
Registration is mandatory and had a statutory deadline. Nevertheless, it turned out that a significant proportion of the organizations required to register had not yet been registered. Following repeated calls, enforcement will follow: a final warning and then sanctions.
What sanctions are looming?
Anyone who fails to register (on time) or registers incorrectly risks enforcement through administrative and even criminal law, such as a penalty payment order or a fine. The supervisory authority can take action against organizations that fail to comply. It is therefore not optional.
Arrange it on time
Determine whether your company is subject to registration, identify the UBOs based on the criteria, and register them. Keep the registration up to date if ownership or control structures change. (The structure and accessibility of the register are subject to change; check the current status with the Chamber of Commerce.)
Frequently Asked Questions
Does my company need to register UBOs?
Most legal forms, such as private limited companies (BVs), general partnerships (VOFs), and foundations, are subject to registration. Sole proprietorships generally are not. Check if this applies to you.
What happens if I don't register?
You risk enforcement and sanctions, such as a penalty payment order or a fine. Registration is not optional.
Who is my UBO?
The natural person with an ultimate interest or control, determined on the basis of statutory criteria. In case of doubt, it is advisable to seek advice.
Is your UBO registration and structure in order?
Our legal experts help determine the UBOs and formalize your structure, for example in a shareholders' agreement. View our corporate lawteam or schedule a free consultation.
