Articles — Posted on 06-07-2020

UBO register comes into effect on September 27

The UBO register will go live on September 27th. This was announced by Finance Minister Wopke Hoekstra and Justice and Security Minister Ferd Grapperhaus to the House of Representatives. The register was originally scheduled to go live on January 10th of this year.

According to the letter , the implementation of the UBO register took into account the coronavirus pandemic and careful IT preparation. The bill establishing the UBO register was passed by the Senate on June 23. This register records the ultimate beneficial owners (UBOs) of companies and other legal entities such as foundations and associations—but not owners' associations. The UBO register is maintained by the Chamber of Commerce (KvK).

Trust register
In addition to the UBO register, a register will be introduced to record trusts and similar legal structures and their UBOs. The bill implementing the Act on the Registration of Ultimate Beneficial Owners of Trusts and Similar Legal Structures will be submitted to the Council of State for advice after the summer. The Chamber of Commerce will manage this register.

Source: Royal Dutch Association of Civil-Law Notaries

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