As part of ongoing regulatory requirements, the Cyprus Registrar of Companies has recently announced a critical update concerning the confirmation of Ultimate Beneficial Owners (UBO) for all Cyprus registered entities. This announcement impacts companies incorporated or registered under the Cyprus Companies Law, Cap. 113, as well as European Public Limited Liability Companies (SE) and Partnerships.
The key requirement is that all companies and organizations must enter the Beneficial Owners Registry system to confirm or update their UBO details. The confirmation period begins on October 1, 2024, and ends on December 31, 2024, from which date thereafter penalties will start to apply.
Here’s what you need to know:
Who Does This Affect?
- Companies incorporated/registered under the Cyprus Companies Law, Cap. 113
- European Public Limited Liability Companies (SE)
- Partnerships and their respective officers or partners
What Action Is Required?
Entities must enter the Beneficial Owners Registry system during the designated period and confirm the details of their Ultimate Beneficial Owners (UBO) or Senior Management Officials, as applicable. This confirmation applies to entities that have already registered their beneficial owner details, as well as those that need to make any necessary updates.
If any changes or updates to the UBOs, Senior Management Officials, or Due Diligence processes have occurred between October 1, 2024, and December 31, 2024, these must be completed before proceeding with the confirmation of the UBO details.
Consequences of Non-Compliance
Failure to confirm the UBO details by December 31, 2024, will result in financial penalties. The penalties include a fine of €200 for the first day of non-compliance and €100 for each subsequent day of violation, up to a maximum of €20,000 per officer and the Company. These penalties are imposed regardless of any potential criminal liability or prosecution.
Steps for Compliance
To comply with the UBO confirmation process, companies and partnerships must:
- Access the Beneficial Owners Registry system.
- Confirm or update their UBO, Senior Management, or Due Diligence details.
- Submit the required information no later than December 31, 2024.
How Asterisk Corporate Services Can Assist You
At Asterisk Corporate Services, we understand the importance of staying compliant with all regulatory requirements. Our experienced team is ready to assist you in submitting and confirming your UBO details with the Registrar of Companies for companies which we administer.
If you require further information or need assistance with the process, please don’t hesitate to contact us at contact@asterisk.cy. We are here to ensure your business remains compliant with all regulatory obligations.
Stay Informed and Compliant
With the regulatory landscape continuously evolving, it is essential for companies in Cyprus to stay ahead of compliance requirements. The mandatory confirmation of UBO details is a crucial part of these obligations, and timely action will help avoid unnecessary penalties.
For more detailed guidance, feel free to reach out to our team at Asterisk Corporate Services. We are committed to providing the support your business needs.
