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Russell Advocaten B.V.
Amsterdam, Netherlands

As of 10 January 2020, each newly established or already existing company must register its UBOs in the UBO register at the Chamber of Commerce. How does that work? And how is the privacy of UBOs ensured?

Introduction of UBO register: registration

Earlier, we informed you about the introduction of a UBO register and the legislative proposal which establishes who the UBO (Ultimate Beneficial Owner) is, which data must be included and which data are to be publicly accessible. The Minister of Finance strives to put the UBO register in use on 10 January 2020. That does not mean that all UBOs of legal entities subject to registration must or can be registered in the UBO register on 11 January 2020. Legal entities subject to registration are BVs, NVs, CVs, partnerships, foundations and associations which are established in the Netherlands or belong to a foreign company with headquarters or a branch in the Netherlands.

New legal entities established from 10 January 2020, must immediately register their UBO. It will be mandatory for obtaining a Chamber of Commerce number.

As of 10 January 2020, existing legal entities that were established before the introduction of the UBO register, will receive a letter from the Chamber of Commerce with the request to register their UBOs. The letters will be sent out over a period of 18 months to prevent overloading of the Chamber of Commerce. Legal entities may wait for this letter.

UBO register: privacy

Various privacy-sensitive personal data will be included in the UBO register. Therefore, public access to the UBO register will be limited: not everyone has access to all data. Only Fiscal Intelligence Units (Fiscale Inlichtingen Eenheden; FIEs) and authorised authorities – with an obligation of confidentiality – are granted access to all UBO data. Others will only see the name, month and year of birth, country of residence and the nature and extent of the economic interest held.

In exceptional cases, access to the UBO data may be restricted in whole or in part (except for Fiscal Intelligence Units, authorised authorities, financial institutions or notaries).

The Minister of Finance announced additional measures to ensure the privacy of UBOs. Those who wish to consult data in the UBO register must register with the Chamber of Commerce and undergo an identity check. In addition, the UBO will gain insight in how often their data are consulted.

More information?

Do you have any questions about the UBO register? Would you like to know what data may be required from your UBO? Or would you like us draw up a request to restrict access to your data? The specialists at Russell Advocaten will be happy to assist you. Please contact Ynze Kliphuis (ynze.kliphuis@russell.nl or +31 20 301 55 55).