Please see below important update from the Institute of Certified Public Accountants of Cyprus in relation to the announcement of the Cyprus Registrar of Companies for the UBO Register Final Solution of the Electronic System.
With regards to the above issue, please see below a link of Announcements of the Department of the Registrar of Companies and Intellectual Property (Companies Secton) in relation to the commencement of the implementation of the final solution of the electronic system of the Beneficial Ownership Register as of November 14, 2023. The implementation is divided into three phases:
- The first phase covers the period 14/11/2023-31/12/2023 where all companies and partnerships are required to inform/re-register their Beneficial Owners in the ‘Final Solution’, even if they have already done so in the interim solution system. Please note that no financial penalties will be imposed during this period.
- The second phase covers the period 1/1/2024-29/2/2024 and requires those companies and partnerships that did not inform/re-register their Beneficial Owners in the “Final Solution” during the previous phase to do so. It is noted that at this stage financial charges will be imposed.
- During the third phase, which covers a period of 1/4/2024 and thereafter, the provisions of Directive Κ.Δ.Π. 112/2021 as amended enter into force.
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 any clarifications or enquiries related to the Register of Beneficial Owners, you can visit the Register of Beneficial Owners section which contains detailed information on the process of creating and authenticating profiles, submitting BO details, imposition of fines, FAQ’s, guidance, legislation
Please do not hesitate to contact our Asterisk Corporate Services Team for any assistance / guidance you may need on the matter.
