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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.