COCI encourage businesses to request extensions if facing UBO filing issues

GREAT BAY--Executive Director of the St. Maarten Chamber of Commerce and Industry (COCI), Jude Houston, said on Tuesday that the chamber encourages members of the business community who are experiencing difficulties in filing their Ultimate Beneficial Owner (UBO) paperwork to contact COCI and request an extension.

𝘛𝘩𝘦 𝘗𝘦𝘰𝘱𝘭𝘦’𝘴 𝘛𝘳𝘪𝘣𝘶𝘯𝘦 asked COCI to clarify whether the UBO registration deadline had in fact been extended as was being publicly alleged, or if the July 1, cutoff date was enforced, and to provide figures on how many businesses have completed the process compared to the total registered with the chamber.

Houston clarified that COCI has not issued any official notification extending the UBO registration deadline. However, he noted that “registration continues, for which a number of entities have already registered their UBOs. What we do encourage among the business community is for those who may have issues filing to kindly contact COCI and request an extension. The UBO registry is a closed registry and therefore all information remains undisclosed.”

He did not say if granted, how long any extension would be or if extensions would be granted without a penalty fee considering the July 1 deadline has elapsed.

In Curaçao, the Minister of Finance has extended the UBO registration deadline with the Chamber of Commerce until 30 September. The original deadline in Curacao was also 1 July, but due to various reasons, many companies, foundations, and associations had not yet registered. To prevent fines of 25,000 guilders, the ministry granted an additional two months to comply with the registration requirement.

As of 1 July 2025, businesses in St. Maarten that fail to register their UBOs could face fines of up to XCG 50,000. In line with global efforts to enhance financial integrity, St. Maarten has introduced the UBO register, a key measure aimed at promoting corporate transparency and upholding the country’s international obligations under anti-money laundering standards, including those set by the Financial Action Task Force (FATF).

The UBO register is designed to identify the natural persons who ultimately own or control a company, including those who do so indirectly through complex structures. By requiring businesses to disclose this information, authorities gain access to reliable data on the true individuals behind corporate entities.

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