Registration of supporting documents in the Belgian UBO register
Companies and other legal entities incorporated in Belgium must register their ultimate beneficial owners (“UBOs”) in the Belgian UBO register. The deadline for the first registration expired end 2019.
The Royal Decree of 23 September 2020 ('new Royal Decree'), introducing new (disclosure) obligations, entered into force on 11 October 2020.
One of the new obligations introduced by the new Royal Decree concerns the registration of all supporting documents.
The FPS Finance recently published a ‘Newsflash’ on its website, including some clarifications about this new obligation.
Read our previous article 'New Royal Decree extends (disclosure) obligations of the Belgian UBO register' here.
Guidelines on supporting documents to be registered
In the Belgian UBO register, now all supporting documents must be registered that demonstrate that the reported information about the UBOs is actually adequate, accurate and current.
According to the FPS Finance, the assessment of the documents to be registered must be made on a case-by-case basis. Supporting documents can be a copy of the share register, the articles of association, a shareholders’ agreement, a notarial deed or any other document (to be legalised if originating from a third country).
Access to supporting documents
According to the new Royal Decree, only competent authorities will have access to the supporting documents.
The FPS Finance confirms this limitation of access and stresses that obliged entities and citizens will have no access to these documents.
Administrative tolerance period
The new Royal Decree entered into force on 11 October 2020.
The FPS Finance will however install an administrative tolerance period. Belgian legal entities which already registered their UBOs before 11 October 2020 will have to register the supporting documents on 30 April 2021 at the latest.
Belgian legal entities that report (modifications of) information to the Belgian UBO register as of 11 October 2020 will have to register the supporting documents upon registration.