UBO declaration– Have you reported at KVK it yet?
If your dutch BV was incorporated before 27 September 2020, under the 4th EU Anti money Laundering Directive, the director or the owner of the legal entity is required to declare who the UBO(s) is/are within your organization. An UBO declaration is required to file at KVK before 27 March 2022..
Failure of filing the UBO declaration on time or submitting incorrect information is an offence. This could lead to a liability for directors. The Bureau for Economic Enforcement (BEH) can impose a fine of up to € 21,750.
Dutch companies which was incorporated after 27 September 2020
Any changes in the organization, for example, the shareholding, profit right or voting right must be declared to KVK within 7 days after the changes.
Why is the purpose of the UBO declaration?
To prevent any person use the financial system for fraud, terrorist financing or money laundering.
What is a UBO?
UBO stands for ‘ultimate beneficial owner’ (the ‘ultimate beneficial owner’). This is a natural person who is the ultimate owner or who has ultimate control over a company, foundation or association (a so-called legal entity).
In the case of a BV or NV, for example, it concerns:
- individuals with more than 25 percent of the shares;
- persons with more than 25 percent of the voting rights;
- persons who have actual control over the company
What UBO information will be made public
Not all the declared information about the UBO will become public, the below are the only information will be shown at KVK
- The first and last name
- The nationality
- The country of residence
- The month and year of birth
- The importance and scope of this interest that the UBO has in the organisation
Which information in the UBO register is not public?
There are also data about the UBO that are not public. Dutch authorities can always request the below data if they have reasons to do so for example for investigations of a money launching
- The place of birth
- the birthday
- The residential address
- The BSN and TIN
- The copy of the identity document
- The documents showing the importance and scope of this interest
How to register a UBO?
By filling in the information of UBO at KVK https://www.kvk.nl/inschrijven-en-wijzigen/ubo-opgave/
If you are a foreigner who operates your BV aboard, the authorized signatory needs to fill in the UBO information and declare what interest that a UBO hold in the organization. For example, is it a shareholding, profit interest or voting interest? A proof of interest is also necessary to submit together with the filing declaration form.
When the declaration is completed, the original signed declaration form must be sent back to KVK together with the proof of interests before the deadline 27 March 2022.
KVK states that it takes at least one month for them to register the UBO information in the system, if you have not declare the UBO information, immediately actions are required to ensure the filing is done on time.
If you need help for filing the UBO declaration, please contact us today.
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