The UBO register – Register before 27 March
Since 27 September 2021, it’s mandatory for newly set up VOFs (general or commercial partnerships) to be registered in the UBO register. UBO is short for ultimate beneficial owner, or in other terms: the people who own a company or have control over an organisation.
Why is there a UBO register?
The purpose of the UBO register is to contribute to the prevention of money laundering and terrorist financing. The register is a consequence of EU regulations.
By recording the people who are in control of an organisation and making this information public, financial transactions become more transparent. It makes it more difficult to set up a web of companies in order to conceal financial and economic crimes. This not only contributes to the prevention of money laundering and terrorist financing, but corruption, tax evasion and fraud are also more likely to be exposed.
This makes the register useful for the government. But it also has added value for citizens. It ensures that you have a better understanding of who you’re doing business with.
You can register the UBO of your organisation at the website of the KvK (Chamber of Commerce). Since 27 September 27 2020, there are many organisations that still have to register their UBOs. Keep in mind that you only have until 27 March 2022 to do this!