Beneficial Ownership Register
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.
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