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Update on UBO register

The new FAQ on the UBO register have been published on 2 April 2019, clarifying some previously unclear situations:

In case of indirectly held percentages

Indirectly held percentages have to be added up to directly held percentages in order to determine whether someone is a UBO.

E.g. if someone owns 10% of the shares directly and 18% of the shares indirectly (e.g. 18% is held by an intermediary company the person holds 100% of), you have to add up the indirectly held percentage to the directly held percentage (10% + 18% = 28% > 25%).

Married shareholders

  • Normal legal system (“wettelijk stelsel”/“le régime de la loi”)

In this case the percentages held by both spouses need to be added up.

E.g. each spouse has 20% of the shares, meaning together they have 40% (i.e. >25%) of the shares. Both spouses need to be registered as a grouped UBO.

  • System of separation of property (“scheiding van goederen”/“separation des biens”)

In this case the percentages held by both spouses do not need to be added up.

E.g. each spouse has 20% of the shares. You have to treat them as an individual so neither of the spouses surpasses the threshold of 25%. Neither spouse is considered to be a UBO.

Split of ownership rights in bare ownership - usufruct (“blote eigendom – vruchtgebruik”/“nue-propriété – usufruit”)

If the bare owner has more than 25% of the shares, the bare owner needs to be registered as person in “possession of a sufficient percentage of the capital” (bezit van een toereikend percentage van het kapitaal / possession d'un pourcentage suffisant du capital). In the box “remarks” you need to add that he/she is the bare owner.

If the usufructuary has more than 25% of the voting rights of those shares, the usufructuary needs to be registered as person in “possession of a sufficient percentage of the voting rights” (bezit van een toereikend percentage van de stemrechten / possession d'un pourcentage suffisant des droits de vote). In the box “remarks” you need to add that he/she is the usufructuary.

Joint ownership of shares (“onverdeeldheid”/“indivisibilité”)

In case of joint ownership of shares representing more than 25%, all owners have to be registered as a grouped UBO. In the title of the group you have to specify it is due to joint ownership (“onverdeeldheid” – “indivisibilité”).

if you have any questions on the ubo register, don’t hesitate to contact Tim Dausy or Ellen Van Ingelgem.