Risk of being struck off the Crossroads Bank for Enterprises for non-compliance with UBO-obligations

Pursuant to the law of 5 November 2023 containing various provisions on economy, certain additional grounds for striking of the registration of companies in the Crossroads Bank for Enterprises (CBE) were introduced.

One of these new grounds relates to a company’s compliance with the existing UBO-obligations. All Belgian companies are required to register their ultimate beneficial owner (UBO) with the UBO-register.  If a company’s UBO changes, such company needs to update its UBO-register within 30 days. If no changes occur, an annual confirmation of the registration ‘as-is’ suffices.

The law of 5 November 2023 now allows for an ex officio striking-off of the registration   of a company in the CBE, if this company has not complied with the UBO-obligations. The ex officio striking-off will be published in the Belgian Official State Gazette.

The measure is however not irreversible. Indeed, as soon as the necessary formalities regarding the UBO-register have been completed, the striking-off will be   regularized and the company will again be registered with the CBE. The withdrawal of the striking-off will be published in the Belgian Official State Gazette.

Do not hesitate to contact us if you would require any assistance on your UBO-registration, whether it concerns the first registration, an update or the required annual confirmation