PHILIPSBURG:--- In classic St. Maarten fashion, the public is only now being officially warned — mere days before the July 1, 2025 deadline — that they must comply with new UBO registration requirements or risk facing stiff penalties of up to ANG 50,000.
A recent flyer published on the Chamber of Commerce’s Facebook page attempts to explain what “UBO” means — short for Ultimate Beneficial Owner — and outlines the registration process, deadlines, penalties, and legal obligations. But here's the kicker: the National Decree (Landsbesluit UBO-registratie) that mandates this registration has been in effect since June 8, 2024. That’s right — over a year ago.
So why the last-minute scramble?
Legal Basis Confirmed, But Transparency Lacking
StMaartenNews.com has reviewed internal information confirming that the legal basis for the UBO registry stems from Articles 16–21 of the Handelsregisterbesluit (Chamber Registry Decree) and Article 109 of Book 2 of the Civil Code. It’s also rooted in broader anti-money laundering legislation, as outlined in the Central Bank’s own publications.
Still, what business owners are asking — and rightfully so — is why they are only hearing about this now. Many are reporting no direct communication from the Chamber, no email, no mailer — just a flyer on Facebook in the final week before the filing deadline.
One exasperated business owner quipped: “The way they issue National Decrees in St. Maarten, they could decide tomorrow is not Monday.”
What You Need to Know (Quickly)
The UBO requirement applies to all legal entities in St. Maarten, including NVs, BVs, foundations, associations, partnerships, and even foreign entities operating locally. Sole proprietorships are exempt.
The goal? To ensure that the real people who ultimately own or control businesses — even if hidden behind multiple layers — are known to the authorities. This is to help combat money laundering, terrorism financing, tax evasion, and other financial crimes.
Business owners must register:
* Within 7 days of founding a new business, or
* Submit their information by July 1, 2025, if already operating.
UBO information is not public, but is accessible to competent authorities like the Tax Office, Central Bank, and Financial Intelligence Unit.
Bureaucratic Burden and Public Frustration
While the Chamber has launched an online portal and drop-off system for sealed UBO forms, the lack of public awareness has sparked criticism, especially among small businesses, nonprofits, and foundations.
As one NGO operator told us earlier this week, “We already submit FATCA forms and board disclosures for every grant we apply for. Now we have to do this too — with no advance notice?”
At the heart of the issue is a recurring theme in St. Maarten governance: legal mandates are passed and published, but implementation and public outreach are often left until the very last minute, leaving business owners and civil society to play catch-up.
Editorial Note: Where’s the Strategic Governance?
Once again, we are left asking: Where is the coordinated rollout? The communication strategy? The stakeholder engagement? A law passed in 2024 shouldn’t arrive on a flyer in 2025. Not when businesses face hefty fines for noncompliance.
The irony is rich — and frustrating. In a jurisdiction where laws can be declared without debate or warning, it’s not surprising that trust in governance continues to erode.
In the meantime, if you haven’t registered your UBO yet, go to chamberofcommerce.sx or directly to https://www.chamberofcommerce.sx/?page_id=6256, download the forms, and drop them off at COCI before July 1st.
Or brace for what could become the next wave of bureaucratic whiplash.
Related Resources:
🔗 Chamber of Commerce UBO Registration Page at https://www.chamberofcommerce.sx/?page_id=6256
📄 National Ordinance on Combating Money Laundering & Terrorism Financing (AB 2019 No. 25 found online at https://cdn.centralbank.cw/media/legislation_guidelines/20191205_national_ordinance_combating_ml_tf_ab_2019_no_25.pdf
SXM NEWS (Terrence Rey)
