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Netherlands’ Implementation of EU’s Ultimate Beneficial Owner (UBO) Register and Related Measures

Registration Obligation and Re-registration Requirement

From September 27, 2020, all Dutch corporate entities are required to obtain, hold, and register information about their UBOs in the UBO-register. Additionally, business enterprises located outside of the Netherlands held by certain Dutch partnerships must re-register within one week after September 27, 2020.

Key Obligations

• Obtain and Hold Information: Obtain and hold information about your UBOs, including their name, nationality, country of residence, date of birth, and other relevant details.
• Register in the UBO-Register: Register this information in the UBO-register, which is a public database maintained by the Dutch Chamber of Commerce.
• Cooperate with Entities: Cooperate with entities to provide required information for registration.
• Notify Competent Authorities: Inform competent authorities and obliged entities under the Anti-Money Laundering Act if you detect discrepancies between UBO information in the register and available information.

Sanctions and Penalties

The Netherlands has a dual sanction system, with administrative sanctions for minor offenses (e.g., failure to timely submit UBO-information) and criminal sanctions for deliberate or non-deliberate violations of the UBO-registration requirements.

Other Measures

• Mandatory Disclosure Rules: Qualifying intermediaries and taxpayers must disclose reportable cross-border arrangements to the Dutch tax authorities, including arrangements involving non-transparent ownership chains.
• Combating Money Laundering: The Netherlands implements various measures to combat money laundering, including the Anti-Money Laundering Act.

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