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Two recent McGuireWoods legal alerts explained the new legal duty of companies and nonprofit associations and foundations to register Ultimate Beneficial Owners (UBOs) in the UBO Register.
While officers of companies, nonprofit associations and foundations initially had to register their UBOs with the General Treasury Administration by 30 November 2018, the administration recently postponed the deadline for compliance to 31 March 2019. This will leave some additional time to prepare and submit these registrations. The required data should be registered via the online MyMinfin platform. This platform is operational since 28 September 2018 for in-house mandates of the entity responsible for providing the information. It will be operational by the end of October 2018 for mandates to outside third parties to allow them to enter the information in the name of the entity responsible.
Further, the Administration will shortly publish a guidance for each category of user.
For any further questions, please contact the following :
Hubert André-Dumont, Partner: [email protected]
Timothy Speelman, Partner: [email protected]
Frederick Geldhof, Associate: [email protected]
Nathalie Locht, Associate: [email protected]