UBO stands for “ultimate beneficial owner,”; a natural person who owns or controls a legal entity e.g. a company, foundation, or association.
In the case of a BV or NV, it concerns individuals holding more than 25% of the shares or voting rights or individuals controlling the company.
For a Dutch BV formed before September 27, 2020, under the 4th EU Anti money Laundering Directive, the director or owner of the legal entity must identify the UBO(s) within the organization. A UBO declaration must be filed at KVK by March 27, 2022.
Filing the UBO declaration late or with incorrect information is a crime, and directors may be held liable. The Bureau for Economic Enforcement (BEH) may impose a fine of up to € 21,750.
Changes in the organization, such as shareholding, profit rights, or voting rights, must be reported to KVK within seven days for companies incorporated after September 27, 2020
The Declaration is used in preventing fraud, terrorist financing, and money laundering.
Not all UBO information will be made public; only their first and last name, nationality, country of residence, month and year of birth, and the importance and scope of their interest in the organization will be shown at KVK.
There is also non-public UBO information. Dutch authorities may request the place of birth, birthday, residential address, BSN and TIN, copy of the identity document, and documents showing the importance and scope of this interest on a need basis such as to investigate money laundering.
Registration is done by filling UBO’s information at KVK https://www.kvk.nl/inschrijven-en-wijzigen/ubo-opgave/.
For foreigners operating their BV abroad, an authorized signatory needs to fill in UBO information and declare the UBO’s interest in the organization e.g., is it a shareholding, profit interest, or voting interest?. The filing declaration form must be accompanied by proof of interest.
After completing the Declaration, the original signed Declaration form must be returned to KVK with the proof of interest by March 27, 2022.
According to KVK, it takes at least one month for them to register the UBO information in the system.
If you haven’t declared your UBO, you must act quickly to ensure timely filing.
Don’t hesitate to get in touch with us if you need assistance filing the UBO.
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