Yes, unfortunately you do. We understand that in a sole proprietorship, the entrepreneur himself is of course always the UBO. However, it happens regularly that sole proprietorships grow into, for example, a private company.

By filling in the UBO statement, we place the responsibility on you as an entrepreneur to inform us when your business (legal entity) changes. This is on the one hand to prevent us from being fined, because your legal identity has changed but our administration is not aware of it. On the other hand, to keep the administrative burden as low as possible, otherwise we would have to periodically ask all our business customers to update the UBO statement again.