Registration of UBO in register
After a long period of parliamentary debate, the Dutch UBO register will finally enter into force on September 27, 2020. From that moment on, all newly incorporated entities in the Netherlands must register their UBO(s) upon registration with the Chamber of Commerce. Existing entities shall have 18 months to register their UBO(s).
The obligation to register the UBO(s) of an entity – and to keep this information up to date - lies with the director of the company. Failing to comply with this obligation may result in severe administrative fines and even in criminal sanctions.
The definition of a UBO may differ from country to country. As a result, registering the correct UBO may turn out to become a complex exercise. Maprima has studied the ins and outs of the UBO register from the first moment it was published and has since then become a specialist in this field.
What can Maprima do for you?
We can ensure that your Dutch company meets the requirements of the Dutch UBO register.
Our work may include the following services :
- Initial assessment
we will identify the UBO(s) and summarize what information is required for the registration with the Chamber of Commerce
we will collect the required information and provide the director with all the necessary forms to submit to the Chamber of Commerce
- Changes in the UBO registration
in the event a new UBO needs to be registered or an existing UBO needs to be deregistered , we will provide the director with all the necessary forms to submit to the Chamber of Commerce
- Annual evaluation
we will assess the ownership structure of the entity and validate the results based on information registered with the Chamber of Commerce
Due to different definitions and supporting documents per country, the identification and registration of a UBO may turn out to be a complex and burdensome exercise. As a licensed corporate service provider, Maprima has many years of experience with international structures and is uniquely positioned to understand and scrutinize complex structures. In particular, structures involving foreign transparent entities, trust, foundations and / or other SPVs can - in practice - lead to qualification differences.
Finally, it should be noted that due to different UBO definitions used in each country, the qualification of a UBO may differ per country. This means that a person qualified as a UBO in one country does not necessarily have to be qualified as a UBO in another country.
For more information, please contact Theo Coulen or Justin Ramakers.