The Belgian Federal Public Service Finance has decided not to impose any fines, until 31 December 2019, to the governing corporate body for the lack of, faulty or incomplete registration in the UBO-register before the deadline of 30 September 2019.
You will find more information in our previous newsletter, in which we explained in detail that the legislator has passed a new law on 18 September 2017, hereby introducing a national register, the so-called UBO-register, in which all ultimate beneficial owners (persons with a participation of more than 25% or having an effective interest/influence in the company) of companies, non-profit organizations, trusts and other similar legal entities, are required to register.
The registration is the responsibility of the governing corporate body, and non-compliance can result in fines from 250 EUR up to (a maximum of) 50 000 EUR for the party responsible for providing information. Only if it can be demonstrated that access to the information would lead to exposure to a risk of fraud, abduction, blackmail, violence or intimidation, or if he or she is a minor or incapacitated, an exception may be allowed on a case-by-case basis.
Further instructions as how to register, can be found on the website of the Belgian Federal Public Service Finance. We are at your disposal should you wish that De Langhe Attorneys completes the registration in the UBO-register on your behalf and will send you the necessary documentation, in order to mandate De Langhe Attorneys, on your request.