The draft legislative proposal for implementation of the UBO register was published for consultation on 31 March 2017. The main rule of the draft legislative proposal is that legal entities and businesses with their corporate seat or registered office in the Netherlands are, with the introduction of this proposed legislation, required to register information on the ultimate beneficial owners (UBOs) in the commercial register of the Chamber of Commerce.
The legislative proposal defines a UBO as the natural person who is ultimately the owner of or has control over a business or legal entity. This definition will be made more concrete for each type of business and type of legal entity by order in council.
The information to be registered on the UBO includes the name, month and year of birth, nationality, country of residence and nature and size of the economic interest held by the UBO. This information will be publicly accessible.
Additional information, which will only be accessible for specific designated authorities, must also be registered on the UBO. This includes the date, city and country of birth, the address and citizen service number (BSN) or foreign tax identification number and documents which evidence the UBO’s identity, substantiating why the person has the status of UBO and demonstrating the nature and size of that interest.
The legislative proposal implements the requirement from the EU directive (2015/849) that a central register containing information on UBOs be kept. Based on this EU directive, the legislative proposal must have been implemented by 26 June 2017 at the latest. There are doubts as to whether the legislator will make this deadline.
Click here for our article discussing the legislative proposal and the requirements it may give rise to for you in more detail.