Do you own a company or a non-profit organisation?
Then, you have to register as a beneficial owner to the UBO register!
What does it mean?
UBO is the acronym for ” Ultimate Beneficial Owner ” as defined in the anti-money laundering law of January 11th 1993.
A beneficial owner of a legal entity designates the individual, acting alone or jointly with other individual and/or company, legally or in fact, who owns (directly or indirectly a sufficient percentage of shares, has voting power or participation in the capital of the entity) or who controls it.
UBO register is a repertoire of all beneficial owners of a legal entity containing hereafter information:
- name and surname;
- day, month and year of birth;
- country of residence;
- full address;
- date on which he/she became ultimate beneficial owner;
- National Register number or identification number at the Crossroads Bank for Social Security and, where appropriate, any comparable means of identification issued by the State where he/she is staying or of which he/she is a national;
- the category/categories of ultimate beneficial owner to which he/she belongs;
- whether he/she fulfils the conditions for qualification as ultimate beneficial owner individually or together with other persons;
- whether he/she is a direct or an indirect ultimate beneficial owner;
- in the case of an indirect ultimate beneficial owner: the number of intermediaries, with full identification data; and
- the extent of the ultimate interest.
Why do you have to register as a UBO?
This measure has been taken under the Law of 18 September 2018 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and limitations to the use of cash. The Law implements the European Directive 2015/849.
This disposition aims to prevent individuals using legal entities for criminal purposes as money laundering or financing of terrorism.
Who has to register?
By Royal Decree relating to operating methods to the UBO register which was came into force on the 30 September 2018, registration must be done by one of the beneficial owners of the legal entity.
How to register?
Registering is easy and fairly simple.
- Assemble all information mentioned earlier in the UBO register point.
- Log in to the intended application using your Belgian ID Card here (http://eservices.minfin.fgov.be/ubo/).
- In the identification screen, select “in the name of a company”.
- On the home screen, you can select the “Search for an entity” and make a search with the company number.
- Once the entity is found, click on “modify” and go to “additional details”, in the “Beneficial owner(s)” section to add them.
- Add all information collected on all the beneficial owners and save the entity’s profile.
- Check to see if all is well and log out.
There you go. It is done!
Your obligations towards Manistal Coworking space
As of 1st October 2019, without the following elements added to your file, we will put on hold all ongoing contracts until the situation is regulated:
- UBO identification number
- Copy of the identification card from the beneficial owner who is signing the contract
- Place of residence of the signatory
- Copy of the entity’s Statutes (as published in the Moniteur Belge/Belgisch Staatsblad)
- Number of the bank account
- If the signatory is not part of the Statutes of the entity, a valid mandate will be asked.
Le first deadline was set for the 31 March 2019 but was extended to 30 September 2019.
In the event of failing to register to the UBO register, administrative and penal sanctions will occur.
Need more information?
Information page on UBO procedure by SPF Finances : https://finance.belgium.be/en/E-services/register-beneficial-owners