UBO – Approaching deadline to register additional information

Pursuant to the Royal Decree of 23 September 2020, entities obliged to register their Ultimate Beneficial Owners (UBOs) are required to upload on the UBO-platform any document demonstrating that the information they have registered is adequate, appropriate and up-to-date. The Federal Public Service Finance gives as examples of documents that may serve this purpose: a copy of the share register, the articles of association, a shareholders' agreement, a notarial deed, minutes of the general meeting, an extract of a foreign trade register, etc. 

It is important to stress that these documents, which often contain sensitive information, are only accessible to the competent public authorities. Subject entities and members of the general public do not have access to them.

The aforementioned extra obligation applies to all entities subject to the UBO disclosure and is directly applicable to entities undertaking their first registration and entities updating their current registration. For existing registrations, the deadline to upload the additional documents was first set on 1 April 2021, but was postponed to 31 August 2021. Penalties can be imposed from 1 September 2021 onwards.

Given the complexity of the UBO-legislation and the approaching deadline, please do not hesitate to contact the professionals of Lydian in order to analyse the current UBO-registration, to advise and assist you in uploading the required additional information and of course to assist you with any other matters related to your Ultimate Beneficial Owner(s).