How long does it take to get your UBO registration in order?
There is no fixed processing time that is the same for every business. A simple private company with one shareholder who is also a director can often complete the registration within a few days. For businesses with multiple shareholders, a foreign parent company or a foundation in the structure, this quickly extends to several weeks, especially if it first needs to be determined who exactly qualifies as a UBO.
UBO stands for Ultimate Beneficial Owner, i.e. the natural person who is ultimately the owner of or has control over an enterprise. That person must be registered in the UBO register at the Chamber of Commerce. The time this takes is rarely spent on filling in the form itself. It is spent in the steps beforehand: determining who the UBO is, gathering the correct documents and sometimes engaging a notary.
Where the time goes in practice
The first step, determining who qualifies as a UBO, is often the longest. For a private company with a simple structure, this is quickly clear. For a holding structure, a partnership or an enterprise with foreign shareholders, the entire ownership chain must first be mapped out. Only then is it known which persons must be registered.
After that comes the gathering of evidence: a valid identity document for each UBO, and sometimes documents demonstrating control, such as a shareholders register or articles of association. If any of these documents are missing, the registration stalls until it is supplied. This is the phase in which most delays occur, simply because not all parties involved respond equally quickly.
Finally, there is the processing time at the Chamber of Commerce itself. How much time that takes exactly varies depending on the moment and the file. For current timeframes and exact statutory requirements, the Chamber of Commerce itself is the appropriate source; this article describes the practice, not the formal deadline.
What can further extend the processing time
Changes in the shareholding structure are a common reason for delay. A share transfer, a new investor or a merger often means the registration must be reassessed, and sometimes a notary is required for that. Lack of clarity about who exactly has more than a certain percentage of control can also delay the determination.
Another common cause is that the registration has been done but not updated after a change. That is not a matter of processing time but of maintenance: a UBO register that does not match the current situation results in the same delay at a next inspection as a registration that still needs to begin.
Why this also affects your customer
Banks, insurers and larger customers often ask for a current extract from the UBO register in their KYB questionnaire. If your registration is not in order, you cannot answer that question immediately and filling in the questionnaire stalls on precisely this part. Whoever has the registration and underlying documents ready does not need to search for the existing evidence again for a new questionnaire.
On supplia.eu, this type of documentation is maintained in the chain file, so a current UBO extract does not need to be searched for each time. With a few questions that show where you stand you get a first impression of which documents are relevant for your situation. For a broader explanation of what must be exactly in a UBO registration and how this relates to other questionnaires, the knowledge base with explanations by subject provides more in-depth information.
If you are unsure whether your structure has been correctly established, or if you are dealing with a more complex situation involving foreign entities, consult a notary or legal advisor, or contact the Chamber of Commerce. This article describes common practice and is not an assessment of your specific situation.
If you want to know how registration and the associated supporting documents are processed within supplia.eu, see how the system collects and maintains information. Answers to practical questions about accounts and usage are collected under frequently asked questions from users.
Do you want to immediately see which questionnaires and documents are relevant for your company? Take the free quick-scan or read further in the knowledge base to see where you currently stand.