Belgian UBO register
Belgian legal entities are required to register their ultimate beneficial owners in the Belgian UBO register.
In the international fight against money laundering and terrorist financing, the EU has introduced an obligation for companies, associations, foundations and trusts to identify and register their ultimate beneficial owner(s), the so-called UBO. Over the past year, the relevant EU Directives have been implemented in Belgian law, and an electronic UBO register has been set-up and is now fully operational.
Although this obligation in principle relates to all Belgian entities, the UBO-administration has indicated that Belgian entities directly or indirectly 100% owned by (certain) listed companies are exempt from the obligation to register their UBO.
Directors of non-compliant entities risk administrative fines up to EUR 50,000. Non-compliance may also be sanctioned by criminal fines.
The deadline for registering the UBOs of your Belgian entities was 30 September 2019, but the UBO-administration indicated that there will be a ‘grace period’ until 31 December 2019, during which it will not penalize companies.
To help you prepare for this filing in a timely and efficient manner, we prepared a toolkit with practical information and questionnaires. Based on the information collected via the questionnaire, we can assist you, if you would desire so, with the identification of the UBO and the actual registrations in the UBO-register.
If you would like us to assist you or would like to receive more information, please contact us via your usual Loyens & Loeff contact person(s) or via email@example.com.Send an e-mail