Compliance Deadline For The Beneficial Ownership Register Is Approaching

On 28 February 2024, the Registrar of Companies and Intellectual Property (the Registrar) issued a press release urging all companies, including those registered under the Companies Law...
Cyprus Corporate/Commercial Law
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On 28 February 2024, the Registrar of Companies and Intellectual Property (theRegistrar) issued a press release urging all companies, including those registered under the Companies Law (Chapter 113), the European Public Limited Liability Companies (SE), the Partnerships (together referred asOrganisations) or their officials/partners, to participate in the final version of the Beneficial Ownership (BO) Register electronic system.

The Registrar has set a deadline of 31 March 2024, for all companies and organisations to complete their participation in the BO Register electronic system. This includes providing details about Ultimate Beneficial Owners (UBOs), declaring exemptions, or conducting Due Diligence. Failure to comply by 1 April 2024, will result in penalties.

Additionally, starting 1 April 2024, specific actions, such as updating the BO register within certain timeframes and confirming UBO details annually, are mandated, with penalties for non-compliance.

Furthermore, updated guidance has been provided to assist entities and their officials/partners in recording UBO information electronically, ensuring compliance with legal obligations, and clarifying responsibilities for different entity types. It also addresses obligations for entities providing administrative services and offers guidance on fulfilling registration requirements for beneficial owners.

The press release (only in Greek) can be found here.

The Guidance for the Beneficial Ownership Register can be accessed here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Compliance Deadline For The Beneficial Ownership Register Is Approaching

Cyprus Corporate/Commercial Law

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