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News 4th of September 2018 By Mathieu Roelens and Julie Vantomme

Belgium requests identification in the UBO register by 30/09/2019

Belgium requests identification in the UBO register by 31/03/2019

Which entities are in the register?

  • +Companies
  • +(International) non-profit organisations and foundations 
  • +Trusts, fiduciaries or similar legal entities

Who are the UBOs (UBO companies)

  • +Natural persons who hold an 'adequate percentage of the voting rights', whereby the (in)direct possession of more than 25 percent of the voting rights is regarded as an indication of a sufficient percentage. In case of an indirect connection, the intermediate steps must also be identified.
  • +Natural persons who control the company through other means, such as through voting agreements, whether or not included in shareholders' agreements.
  • +Natural persons who are part of the senior management personnel, if there is no UBO indicated by the above two methods.

Timing

Access to the register

  • +The competent authorities, such as tax authorities
  • +Subject entities in the context of the client screening imposed on them (for entities that fall under the preventive part of the Money Laundering Act)
  • +Every citizen (when doing a search of associations and trusts (category 2 and 3) a legitimate interest must be demonstrated)

Are there sanctions?

In anticipation of the platform

Update

Practical

Disclaimer
We base our advice on current legislation, interpretations and legal doctrine. This does not prevent the administration from being able to challenge it or to change existing interpretations.
Mathieu Roelens
Mathieu Roelens
Julie Vantomme
Julie Vantomme