In Bedrijfsjuridische berichten 2023, issue 4 (Bb 2023/8), the article 'The Dutch UBO registers - an update' written by Corinne Kuipers was published.
The Netherlands has two registers in which ultimate beneficial owners (UBOs) must be registered. The UBO register for companies and other legal entities went live on 27 September 2020 and the aim was to have it completed by 27 March 2022. The Chamber of Commerce, that has set up and manages the two Dutch UBO registers, is facing large backlogs in processing UBO filings for the UBO register for companies and other legal entities. Moreover, until recently, many entities had not complied with the UBO registration obligation to protect the privacy of their UBOs. Thus, the UBO register for companies and other legal entities has not been an unqualified success in its short existence. To top it off, the register has been temporarily closed since the end of November 2022.
At the same time, the registration requirement for the long-awaited other UBO register, namely that for trusts and similar legal arrangements, came into effect on 1 November 2022. Certain trusts and mutual funds and their UBOs must be registered in this register. This registration of trusts and similar legal arrangements was supposed to be completed by 1 February 2023, but that deadline has been extended to 1 April 2023.
It is not easy to keep up with all the developments on UBO registration. In this article, Corinne therefore provides an update on both UBO registers with a focus on practical matters.
The article in Bedrijfsjuridische berichten is only available in Dutch. You can of course contact Corinne Kuipers for more information. All of our lawyers are fluent in English and will be happy to help.
