Tax Insights May 2022 - UBO register: don’t forget the next annual confirmation!

As a reminder, companies, non-profit associations, foundations, trusts and other constructions established in Belgium are required to disclose information about their beneficial owner(s)to the UBO Register.  These Belgian legal entities are not only required to collect and upload supporting documents demonstrating that the reported information withing the UBO-platform is accurate, but they also need to annually verify whether this information is still up to date.   

WHEN SHOULD THE INFORMATION BE CONFIRMED?

In principle, UBO-reporting entities have one year starting to count from the initial registration, from the date of the last modification in the UBO Register or as from the date of the last annual confirmation.

Given that the last annual confirmation deadlines dates back to August 31st, 2021, most legal entities will have to confirm once again for the second time the accuracy and validity of the information about their beneficial owners over the span of the 2022 summer holidays. 

Please be aware that in case of missing, outdated or incorrect UBO registrations, administrative fines ranging from €250 to €50.000 can be applied in additional to criminal fines. Additionally, these past couple of months many started to a widespread campaign on non-compliant entities until their UBO-registration is in order.  Keeping these consequences in mind, it becomes apparent that performing and keeping track of UBO registration formalities can no longer be ignored. 

Should you require our immediate assistance with performing your UBO disclosure formalities, RSM can assist you wherever needed and confirm on your behalf the information in the UBO register of your company.  With the summer holidays and annual corporate compliance period quickly approaching, we’d kindly ask you to revert back to us ([email protected])  before May 31st at the latest in order to ensure a timely UBO confirmation.

If you have any questions regarding this topic, don’t hesitate to contact our RSM Belgium | Tax team ([email protected]). 

RSM Belgium | Tax

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