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Following the failure to comply with legal obligations associated with the UBO (Ultimate Beneficial Owners) register, the General Administration of Treasury of the FPS Finance has initiated deregistration of companies from the Crossroads Bank for Enterprises (CBE). This initiative aims to identify inactive or fictitious entities and to encourage all entities to fulfill their obligations in this regard.
The automatic deregistration of companies and associations occurs in the following cases:
- Not fulfilling the requirement to provide and publish information in the UBO register and the Belgian Official Gazette within the preceding seven years.
- Failure to comply with the obligation to submit information to the UBO register within 60 days following the imposition of an administrative fine.
- Non-compliance with the obligation to annually update the information contained in the UBO register.
RSM Tax highly recommends verifying your company or entity's compliance status with the UBO register to prevent any deregistration actions. Indeed, such measures could lead to restrictions or even a total interruption of your operations and relationships with third parties.
If you have any questions regarding this topic, don’t hesitate to contact our RSM Belgium | Tax team ([email protected]).
