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UPDATE: legislative proposal UBO-register

25 June 2020
Banking & Finance - Notarial practice - Corporate Law

On 23 June 2020 the act Implementation of the registration of ultimate beneficial owners of legal entities (the “Implementation act”) has been adopted by the Dutch Upper House (Eerste Kamer). The Implementation act obliges Dutch legal entities to have, maintain and register the information of ultimate beneficial owners (“UBOs”) in one central register (the “UBO-register”).

At this moment it is uncertain when the Implementation act will enter into force. Entities with a registration duty will have to register the information of its UBO(s) with the Dutch trade register of the Dutch Chamber of Commerce within 18 months from the date of the entry into force.

For more information on the UBO-register, we refer to our previous newsletters dated 7 May 2020, 19 December 2019 and 30 August 2018.