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A special register will be set up to ensure it will be clear who the ultimate beneficial owner of a company or legal entity is. An ultimate beneficial owner is the owner or the person(s) who is (are) effectively in control. This register is called the UBO-register.
This measure is the result of European regulation to help stop financial and economic crime such as money laundering, financing terrorism, tax fraud and corruption. This UBO-register will be part of the trade register and will be managed by the Netherlands Chamber of Commerce (KVK). The UBO-register is not the same as the Central Shareholders Register (Centraal Aandeelhoudersregister, CAHR).
An ultimate beneficial owner is
- a person who owns more than 25% of shares of company or legal entity
- a person who has more than 25% of voting rights of a company
- a person who is effectively in control of the company
- all companies established in the Netherlands
- legal entities with their statutory base in the Netherlands
- the ultimate beneficial owners of a company or legal entity
The implementing act registering ultimate beneficial owners will come into force on 27 September 2020.