UBO Register – Avoid unnecessary financial penalties!

Since 2019, Belgian companies, associations, foundations & trusts are legally required to register their Ultimate Beneficial Owners (“UBO”) in the so-called UBO Register.

At first, the Belgian authorities applied a leniency policy, during which reminders to comply with these obligations were sent.

However, the Belgian General Administration of Treasury (“SPF Finances/FOD Financiën”) has started to apply fines of EUR 500 to non-compliant entities. EUR 38,500 have already been collected to date according to information made available by the Belgian General Administration of Treasury.

New fines are expected to be applied by the Belgian General Administration of Treasury in the coming months.

In order to avoid these unnecessary financial penalties, please make sure:

-          if not already done, to proceed with the UBO registration;

-          to update the UBO registration when needed;

-          to confirm annually that the UBO registration is up-to-date (even if the UBO registration has not been modified in the course of the year).

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                                                                                                                    *

If you have questions regarding the above, or should you seek assistance in relation to the compliance with the UBO obligations, do not hesitate to contact us.