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Update regarding timing implementation UBO-register

20/12/2019

On 10 December 2019 the House of Representatives adopted the legislative proposal regarding the registration of ultimate beneficial owners of companies and other legal entities (the "Proposal").

The Proposal implements the obligation to centrally register information in respect of the ultimate beneficial owners ("UBOs") of companies and other legal entities that are incorporated or established in the Netherlands. Such register of ultimate beneficial owners (the "UBO-register") is to be introduced in the Netherlands ultimately on 10 January 2020. However, the Senate did not yet adopt the Proposal and the deadline will not be met.

On 28 January 2020 the Finance Senate Committee will perform a preparatory investigation. This is the first phase of the preparation in writing by the Finance Senate Committee and takes place before the Proposal enters the plenary session in the Senate. The preparatory investigation mainly consists of the exchange of documents; the committee makes comments and asks questions in writing and the government responds to this in writing as well. Sometimes a second phase of preparation in writing is required. After the preparation in writing, the Senate is informed that the proposal is ready for consideration in a plenary session. It is then put on the agenda. The timing of such plenary session - and therefore the moment of adoption of the Proposal - is not yet known. However, we expect that the UBO-register will come into force in the first months of 2020.

Once the UBO-register is in place, new entities will have to register UBO information upon registration of that entity in the Dutch Trade Register; existing entities will have 18 months to register their UBOs.

If you would like to receive more information about this subject, please contact Gieneke van Nierop, 0031-20-3016455, [email protected]

Authors

Portrait of Gieneke Nierop
Gieneke van Nierop
Kandidaat-notaris
Amsterdam