A UBO register, also known as a “beneficial ownership register,” is a database that contains information about the beneficial owners of a company or other legal entity. Beneficial owners are individuals who ultimately own or control a company, even if they do not hold legal title to the company’s assets. In many countries, UBO registers are being established as part of efforts to combat money laundering, terrorist financing, and other financial crimes. The information contained in a UBO register may include the name, date, place of birth, nationality, and address of residence of each beneficial owner, as well as details about the nature and extent of their control or ownership of the legal entity. For Aruba companies, everyone with 25% or more ownership or control in the company should be registered
Some UBO registers are publicly accessible, while others are only available to certain government agencies or financial institutions. Aruba’s UBO register will not be publicly accessible. It will only be accessible by the Central Bank of Aruba and Aruba’s FIU. The UBO register will be held and managed by the Chamber of Commerce of Industry of Aruba.
Should you care?
Every company registered with the Chamber of Commerce of Industry of Aruba should provide this information. If you have 25% or more ownership or control in the company, your information be registered
If you don’t?
Administrative fines of up to Afl. 100,000 (approx US% 56K) can be imposed in case of non-compliance, so perhaps you should care…