Beneficial Ownership Register

15.09.2023

The Registrar of Companies in Cyprus has issued an important update regarding the Beneficial Ownership Register. If you haven't already taken action, here's what you need to know:

Deadline

• 30th September 2023

If your company or legal entity is incorporated under the Companies Law, Cap. 113, or falls into specific categories, you must register your beneficial owners' details by this date to avoid fines and legal action. If you have previously submitted the details into the UBO Registry, please be aware that you need to check the data for relevance and submit the changes if any until 30th September 2023.

• Final Solution: Coming Soon!

The final electronic system for the Beneficial Ownership Register is set to launch by the end of October 2023. Once it's live, you'll have one month to confirm and update your information from the interim solution (i.e. to confirm and update the data you submitted until 30th September).

Consequences of Non-Compliance

Failure to comply could result in fines, with a starting charge of €200 and an additional €100 for each day of non-compliance, up to a maximum of €20,000.

UPDATE 15.09 We have just received further clarification from the Registrar of Companies in Cyprus regarding the Beneficial Ownership Register deadline. New Update: If you have already submitted your details into the UBO Registry, you do not need to make any changes by 30th September 2023. Instead, you will only need to confirm or update your information in the final solution of the UBO Registry, which will launch by the end of October 2023. You'll have one month from 30th October to do so.

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