The Belgian UBO register: who can see it, and how to find who owns a company
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The short answer
The Belgian UBO register is the register of ultimate beneficial owners kept by the Treasury of FPS Finance: the natural persons who ultimately own or control a company, non-profit, foundation or trust. Every such entity must register its beneficial owners and confirm the data every year, on pain of fines between 250 and 50,000 euros and, since 2024, striking-off from the Crossroads Bank for Enterprises. The register is no longer open to everyone. After the EU Court of Justice ruled on 22 November 2022 that unrestricted public access breaches privacy rights, Belgium suspended public access and, since 17 February 2023, lets members of the public consult it only if they meet one of three conditions, for companies and non-profits alike. Authorities and obliged entities such as banks and notaries keep access. For everyone else, the public alternatives are the shareholder structure in the filed annual accounts and the publications in the Belgian Official Gazette.
What the UBO register is
The register was created by the anti-money-laundering law of 18 September 2017, which transposed the EU's fourth anti-money-laundering directive, and organised by the Royal Decree of 30 July 2018. It is managed by the Treasury (FPS Finance) and filled in through MyMinfin by the entities themselves or their representatives.
Who must register. Companies, non-profit associations (VZW/ASBL), foundations, trusts, fiduciaries and similar legal structures.
What is registered. The identity of each beneficial owner, nationality, country of residence and the nature and extent of the beneficial interest.
Who counts as a beneficial owner. The natural persons who ultimately own or control the entity, directly or indirectly, typically through more than 25% of shares or voting rights. If no one qualifies, the senior managing officials are registered instead.
When. Changes must be registered within one month, and the data must be confirmed every year.
Sanctions. Administrative fines from 250 to 50,000 euros, and striking-off from the Crossroads Bank for Enterprises for entities that remain non-compliant. On 30 January 2024 FPS Finance struck off nearly 21,000 shell or dormant entities for failing their UBO obligations.
Who can see it today
Period | Access |
|---|---|
Until 22 November 2022 | Company UBO data open to the general public, as the fifth anti-money-laundering directive required |
23 November 2022 | Public access "temporarily suspended" by FPS Finance after the EU Court of Justice judgment in cases C-37/20 and C-601/20 |
Since 17 February 2023 | Members of the public must meet one of three conditions, for companies, non-profits, foundations and trusts alike; authorities and obliged entities keep access |
The Court held that making beneficial ownership information accessible "in all cases to the general public" was a serious interference with the rights to private life and to the protection of personal data, and not proportionate to the fight against money laundering.
According to law-firm summaries of the Royal Decree of 8 February 2023, the three conditions for a member of the public cover: people working on the prevention of money laundering or terrorist financing, people defending such interests in court, and parties entering into an economic relationship with an obliged entity. Investigative journalists and NGOs working on these topics can qualify. FPS Finance's own news page confirms the three non-cumulative conditions and that they apply to all entity types.
At EU level, the sixth anti-money-laundering directive (Directive 2024/1640) guarantees access to anyone who can demonstrate a legitimate interest in preventing money laundering and terrorist financing, with the first provisions applying from 10 July 2025.
Beneficial owners, shareholders and directors are not the same
Who | Where it is recorded | Public? | |
|---|---|---|---|
Beneficial owner | The natural person at the end of the ownership or control chain | UBO register | Only with a qualifying interest |
Shareholder | The person or company holding the shares, possibly another company | The company's share register; year-end shareholder structure in the annual accounts | Share register: no. Annual accounts: yes |
Director | The person with the legal mandate to manage the company | Official Gazette publications; functions in the KBO | Yes |
Where to find ownership information legally, without UBO access
Filed annual accounts. The accounts at the National Bank include a statement of the shareholder structure at year end, based on the notifications the company received, and a list of participations the company itself holds. Anyone can consult them for free. How to read Belgian annual accounts shows where.
Official Gazette. Incorporation deeds, capital changes and director appointments are published. How to search the Official Gazette.
KBO Public Search. Shows the current directors and other functions, not owners. The Belgian company register guide explains the fields.
Commercial providers. Several data providers rebuild group structures from these public filings. Bizzy's legal entity record, for example, shows a company's group structure and shareholders with ownership percentages and countries, including foreign subsidiaries. That is ownership from filings, not the UBO register.
For sales teams the practical question is usually not "who is the beneficial owner" but "is this company part of a group, and who decides". Checking a company's financial health and finding the decision-maker at a Belgian SME cover those.
The UBO register is not the share register: the Belgian shareholder register, and KYC and KYB for business customers.
Frequently asked questions
Can I look up the UBO of a Belgian company? Only if you meet one of the conditions introduced on 17 February 2023, broadly linked to preventing money laundering or terrorist financing. General public access was suspended after the EU Court of Justice ruling of 22 November 2022.
Who must register in the Belgian UBO register? Companies, non-profit associations, foundations, trusts, fiduciaries and similar structures. They register their beneficial owners through MyMinfin, report changes within one month and confirm the data every year.
What are the fines for not registering? Administrative fines from 250 to 50,000 euros, and possible striking-off from the Crossroads Bank for Enterprises. Nearly 21,000 entities were struck off on 30 January 2024.
Is the UBO the same as the shareholder? No. A shareholder can be another company; the beneficial owner is the natural person at the end of the chain, typically holding more than 25% directly or indirectly.
Where can I see who owns a Belgian company for free? In the filed annual accounts at the National Bank, which include the shareholder structure at year end, and in the Official Gazette for capital changes and appointments.
Photo: the Mont des Arts garden in Brussels with the town hall spire behind, Michielverbeek, CC BY-SA 4.0, via Wikimedia Commons