Since 22 November 2022 the ultimate beneficial ownership (UBO) data is no longer public and it is not possible to obtain an extract from the UBO register of the Dutch Chamber of Commerce. The Dutch Minister of Finance Sigrid Kaag has requested the Chamber of Commerce, who is in charge of maintaining the UBO register as well as Trade register in the Netherlands, to temporarily stop providing information from the UBO register.
Such decision was taken following the ruling of the European Court of Justice (ECJ) on a Luxembourg case concerning the UBO register. The ECJ found that the general public’s access to information on beneficial ownership, even though this information is quite limited to strictly required, constitutes an interference with the rights guaranteed in the EU Charter of Fundamental Rights (such as the right to respect for private life).
While the future of the UBO register remains unclear, companies are still obliged to register their beneficial owners in the Netherlands and submit any changes in the UBO details to the Dutch Chamber of Commerce. Currently the Chamber of Commerce in the Netherlands started to send letters to companies which fail to comply with these requirements. The companies can potentially get a fine for failing to register their beneficial owners upon receiving several reminders, there is also no extension in registration of the UBO possible.
Please contact AZ Corporate`s team for more information or in case you need assistance with UBO registration or update.
Please contact AZ Corporate`s team for more information or in case you need assistance with UBO registration or update.