You may already have been informed that every ultimate beneficial owner (UBO) of all companies, non-profit organizations, foundations, trusts and partnerships set up in Belgium must be included in the UBO register by 30 september 2019. Every change in UBO after 30 september 2019 must be submitted within one month in the UBO register. The accuracy of the information must also be confirmed on a yearly basis.
The UBO register must be completed by the directors or managers of the companies, managers of non-profit organizations and foundations. They are responsible for the accuracy of the data in the UBO register.
In case of breach on the provisions concerning the identification and the provision of information of the ultimate beneficial owner, the directors/managers are subject to the various fines:
a criminal and administrative fine of EUR 250 to EUR 50,000;
an administrative fine with regard to the conflict of law book from EUR 50 to EUR 5,000.
This fine is imposed per non-current director and cannot be charged to the company.
Don't hesistate to contact us when you would like us to complete the register for your company.
Rens Accountants