The 30 September UBO Register filing deadline is just around the corner. Our team in Belgium gives you a reminder on key elements you should bear in mind to ensure compliance.
Who is affected by this legislation?
Companies in scope are:
- all types of companies
- (international) not-for-profit associations and foundations
- trustees of a trust
What is an Ultimate Beneficial Owner (UBO)?
A UBO is:
1. an individual who ultimately owns or controls more than 25% of
the shares or votes
2. an individual exercising similar control in a Belgian legal
entity
3. the natural person(s) who hold(s) the position of senior
managing official(s), if, after having exhausted all other means of
identification, and provided there are no grounds for suspicion,
none of the aforementioned persons is identified or if it is not
sure that the person(s) identified is/are the beneficial
owner(s)
What information is registered?
Information to be filed and kept in the register is:
- First and last name, birthday, nationality, resident address & country
- Individual ID number
- UBO start date
- UBO category, alone or jointly
- Direct / indirect UBO
- For indirect UBO's: the number of intermediary entities and their full identification
- Interest in the Belgian entity
Special information is required for ASBL's/VZW's, foundations, trusts and similar legal arrangements located or managed out of Belgium.
Who can enter the data and how is the filing done?
The information is to be submitted electronically via the Belgian tax authorities online service, the MyMinFinPro-platform. The entity's representative or a mandate holder on behalf of the entity can access this platform. An online mandate can be given by a representative having a Belgian e-ID or a specific token that can only be provided when the representative is physically present in Belgium. A specific access can also be created manually by the tax authorities, when given to a Belgian e-ID holder.
Who can access the register?
- Any competent authority
- Financial and credit institutions and other market players within the framework of their AML obligations
- Any person or entity that can demonstrate a legitimate interest
Timing
As from 30 September 2019, all new entities must register the UBO information within a month of registering the Belgian entity or within a month of changing the UBO. All existing entities have 6 months from 1 March 2019 to comply with the filing obligation.
Non-compliance
Failure to comply with the reporting requirements is a misdemeanour and could be punished with fines between EUR 250 and EUR 50,000.
How can we help?
Our team at Intertrust is on hand to help ensure compliance with the new legislation, collecting and filing the required information with the authorities. Contact us to find out more.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
