Financial Crime World

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Dutch Caribbean: Beneficial Ownership Regulations Now In Effect

WILLEMSTAD, CURAÇAO - As part of efforts to combat financial crimes and ensure transparency in business dealings, beneficial ownership regulations have come into effect in the Netherlands Antilles.

What are Beneficial Ownership Regulations?

Beneficial ownership regulations require companies and legal entities to register one or more Ultimate Beneficial Owners (UBOs) with the Chamber of Commerce. The UBO register is designed to prevent money laundering, financing terrorism, tax fraud, and corruption by making it clear who ultimately controls a company’s assets.

What Constitutes an Ultimate Beneficial Owner?

An UBO is the individual or entity with effective control over a company, including:

  • Shareholders who own more than 25% of shares or voting rights
  • Statutory directors
  • Those in charge of the organization
  • Trusts and similar legal structures, which must also register their administrators

Who Must Register?

Organizations required to register UBOs include:

  • Private companies
  • Associations with full legal capacity
  • Mutual insurance companies
  • Partnerships
  • Churches
  • European limited liability companies
  • European economic interest groupings

The following organizations are excluded from registering UBOs:

  • Sole proprietorships
  • Listed companies
  • 100% subsidiaries of listed companies
  • Certain other types of organizations

Registering Foreign UBOs

If a foreigner has an interest in a company registered in the Netherlands Antilles, they must be registered as an UBO, regardless of their nationality or residency status.

Changes and Deregistration

UBO data must be updated if circumstances change, such as changes in share ownership or control. Organizations must also deregister persons who are no longer considered UBOs within seven days of any changes.

Foreign legal entities, such as Limited companies (Ltd) or Gesellschaft mit beschränkter Haftung (GmbH), are not required to register their UBOs in the Netherlands Antilles. They should instead register with their country of origin’s UBO registry.