On 7 July 2020, the decree setting the effective date of the Act on the introduction of the UBO register (Implementatiewet registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten, the UBO Register Act) was published in the Dutch Bulletin of Acts and Decrees (Staatsblad van het Koninkrijk der Nederlanden).
Only part of the UBO Register Act takes effect on 8 July 2020. This concerns the:
- obligation for relevant legal entities to collect and record the required data and documents on their ultimate beneficial owners and make sure these data and documents are adequate, accurate and current;
- obligation for foundations (stichtingen) to record distributions of 25% or less; and
- criminal penalties related to the two abovementioned obligations.
The vast majority of the remainder of the UBO Register Act, most important of which the ultimate beneficial owners register (UBO Register) maintained by the Dutch Chamber of Commerce (Kamer van Koophandel), will take effect on 27 September 2020. This means that the UBO Register is expected to go live on 27 September 2020. From that date onwards relevant legal entities will be required to collect, maintain and register information about their ultimate beneficial owners (UBOs) in the UBO Register. Existing entities must register their UBOs within 18 months following the effective date of the UBO Register. Newly incorporated legal entities will from that date be required to registered their UBO(s) when they first register with the Trade Register (Handelsregister) of the Dutch Chamber of Commerce.
For one part of the UBO Register Act the effective date is yet to be determined. This concerns (1) the identification of those who are able to consult the UBO Register and (2) providing registered UBOs with information on the number of times his or her data has been provided to third parties.
