Cyprus finalises implementation of its UBO register for companies

Cyprus finalises implementation of its UBO register for companies

(The press release in Greek can be accessed here.)

(Η ανακοίνωση στα ελληνικά είναι προσβάσιμη  εδώ)

On 10 November 2023, the Cyprus Department of Registrar of Companies and Intellectual Property (Registrar) announced that it has officially commenced the implementation of the final version for the Beneficial Owners (BO) Register’s electronic system, effective from 14 November 2023.

Users who are registered with Cylogin can access the final version of the system here.

The final version of the electronic system of the BO Register will be fully implemented by the end of 2024, as explained below:

Period A: 14 November 2023 – 31 December 2023

All companies established or registered under Companies Law (Chapter 113), all European Public Limited Liability Companies and all partnerships or their officers/partners (Entities), shall proceed to update or re-register their BO information, even if previously completed in the interim solution system (ISS).

To facilitate re-registration, the most recent BO information from the ISS will be available in the “Information from the Interim System” tab, allowing entities to review and re-enter the details.

Period A will extend for approximately 6 weeks (14 November 2023 – 31 December 2023), and no financial burden will be imposed during this period. The method of accessing the final version system will remain the same as that of the ISS.

Period B: 1 January 2024 – 29 February 2024

Entities failing to register during Period A under the final version will face a financial burden as of 1 January 2024, until they comply with the registration requirement. Following settlement of this financial obligation, such Entities will be able to carry out subsequent actions without additional costs, as specified in the Registrar’s Directive.

Period C: 1 March 2024, onwards

Under Period C, all actions provided for under the Registrar’s Directive will be available. This includes actions, such as

  • Updating the Register of Beneficial Owners,
  • Confirmation of the details of the Beneficial Owners submitted,
  • Mismatching submitted information,
  • Electronic Search in the Register of Beneficial Owners,
  • Request for exemption from disclosure information,
  • Request to access details of a minor (as submitted with the UBO Registry),
  • Calculation of fines and charged (if applicable) submit without any financial burden.

It is reminded that, notwithstanding the criminal liability or prosecution of any person, in the event of failure to comply, the corporate or other legal entity and each of its officers shall be subject to a fine of two hundred Euros (€200) and a further fine of one hundred Euros (€100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).

For detailed information, including user guidance and legislative details, visit the Beneficial Ownership Register section, here. Inquiries can also be submitted in writing to [email protected].

The Registrar’s Directive can be found here.