Launch of the final solution of the electronic system of the UBO Register in Cyprus

The Department of Registrar of Companies and Intellectual Property of the Republic of Cyprus has published the notice of commencement of the final solution of the electronic system of the Register of Beneficial Owners of Corporate and Other Legal Entities (BO Register) starting on 14^th November 2024.

Period A: 14/11/2023 – 31/12/2023

• All companies incorporated or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE) and all Cooperatives (hereinafter Organizations) or their officers/partners are invited to enter the system of the final solution and proceed with the “Action” of the “Initial Registration”, that is to update/re-register their PDs, even if they have already done so in the interim solution system. For re-enrollment purposes, the last image of the intermediate solution’s POs will be shown in the “Information from intermediate system” tab where they can see what they have entered in the intermediate solution and re-enroll it. Period A will last approximately 1 ½ months (14/11/2023 – 31/12/2023) and no financial charge will be imposed. The way to enter the final solution system will be the same as that of the intermediate solution.
• From this period as well as in the following periods, it will be possible to:
  • Exercise due diligence,
  • Exception to information disclosure,
  • Request for access to the data of minors,
  • Organizations that are listed on a regulated market, which is subject to disclosure requirements under European Union Legislation will be able to declare their exemption,
  • Organizations subject to equivalent international standards that ensure sufficient transparency of proprietary information will be able to declare their exemption;
  • The Obliged Entities and the Competent and Supervisory Authorities will be able to carry out an electronic search in the IMP on their own. Regarding the Obliged Entities, there will be an examination and then acceptance or rejection of their role by Department officials . The online survey of Obliged Entities will be completed by paying the corresponding fee of €3.50 per Organization.

It should be noted that those Organizations who have demonstrated or intended to demonstrate due diligence during the interim resolution should do so in the final resolution. The same applies to the Organizations that will have to declare their exception to the final solution either they are listed on a regulated market, which is subject to disclosure requirements under European Union Legislation, or they are Organizations subject to equivalent international standards that ensure sufficient transparency of ownership information, which should state their exclusion in the final solution.

Period B: 01/01/2024 – 29/02/2024

• Those companies incorporated or registered under the Companies Law, Cap. 113, those European Public Limited Liability Companies (SE) and those Cooperatives or their officers/partners, have not entered during Period A into the final solution system to proceed in the “Energy” of the “Initial Registration”, i.e. to update / re-register their BTP, even if they have already done so in the interim solution system, they will incur a financial burden. The charge will be valid from 01/01/2024 until the date of “Activation” of the “Initial Registration” when the system of the final solution will be updated with PD data. After the above Organizations have paid the resulting financial burden , they will be able to proceed with registration and/or suspension and/or change without any further financial burden that governs the specific actions based on the Directive K.D.P. 112/2021 as amended.
• Those companies that have been incorporated or registered under the Companies Law, Chapter 113, those European Public Limited Liability Companies (SE) and those Cooperatives or their officers/partners, have entered during Period A in the final solution system and have proceeded to “Action” of the “Initial Registration”, i.e. to update / re-register their MTP, will not incur a financial burden and will be able to register and/or stop and/or change without any financial burden that governs the specific actions based on the Directive K.D.P. 112/2021 as amended.

Period C: from 01/03/2024 onwards

During Period C all actions based on the Directive K.D.P. 112/2021 as amended will be available as below:

• Updating the Register of Beneficial Beneficiaries,
• Confirmation of Beneficial Beneficiaries,
• Mismatch,
• Electronic Research in the Register of Beneficial Beneficiaries,
• Request for exemption from disclosure of information,
• Request for access to the details of a minor,
• Calculations of monetary charges where applicable.

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