Sep 1, 2023
Notice to submit UBO information in Cyprus
In view of the upcoming implementation of the final solution of the electronic system of the Register of Beneficial Owners of Corporate and Other Legal Entities (BO Register) by end of October 2023, the Department of Registrar of Companies and Intellectual Property of the Republic of Cyprus has published the notice to all companies incorporated or registered according to Companies Law Cap. 113, including European public limited liability companies (SE), Partnerships, and their officers/partners, to promptly submit their beneficial owners’ details and information by 30th September 2023. Failure to comply may lead to fines, penalties and/or criminal proceedings.
Following the launch of the final solution system, all entities will have one (1) month to confirm and complete the data submitted to the interim solution and will be migrated onto the final solution. Within this period, requests for exemption of disclosing information, as well as the grounds for due diligence must be submitted.
At the end of the one (1) month period, fines and penalties for non-compliance will be automatically enforced through the final solution of the electronic system of the BO Register. 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 €200 and a further fine of €100 for each day of continuation of the violation, with a maximum charge of €20,000.
Officers of corporate or other legal entities shall not be subject to a fine if they’ve exercised due diligence to comply with the provisions of the N.188(I)/2007 and of the Directive P.I. 112/2021 as amended and the violation is not due to any act or omission or negligence on their part. Additional clarifications regarding the BO Register are available on the official website of the Department of Registrar of Companies and Intellectual Property.
For more information, please contact us on [email protected]
Source: Department of Registrar of Companies and Intellectual Property of the Republic of Cyprus
