UBO REGISTER & PRIVACY
To protect the privacy of UBOs as much as possible, the following four safeguards have been incorporated:
- a registration of the users,
- a fee for consultation,
- a limited public section, and
- the possibility to shield data if there is a risk of, among other things, kidnapping, fraud, blackmailing, kidnapping, violence and intimidation.
Apart from the above privacy safeguards, a lot of information about the UBO will be out in the open with the introduction of the UBO register. It will therefore become easier for interested parties (suppliers, business relations but also one’s neighbor) to find out who the ultimate beneficial owner of a company is.
Despite the fact that entrepreneurs usually have no difficulty for being recognized as a UBO of their active company, we can imagine that not everybody wants to share all information with the public. The financial information of one’s personal holding company - which is often used as a "piggy bank" - contains a fairly accurate summary of the entrepreneur's assets. More often entrepreneurs do not want this financial information to be known to everyone.