The Department of Registrar of Companies and Intellectual Property (DRCIP) informs that all companies incorporated or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE), and all Partnerships (hereinafter referred to as "Organisations") or their respective officers/partners are required to log into the Register of Ultimate Beneficial Owners (UBO Register) system from 1 October 2024 to 31 December 2024, to confirm the information of their ultimate beneficial owners (UBOs), or their senior management, or perform due diligence (as applicable in each case).
Penalties for non-compliance with the above requirement include criminal prosecution and monetary penalties starting from €200.00 for the first day, with an additional €100.00 imposition for every day the non-compliance continues, with a maximum monetary penalty of €20,000.
It is noted that in the event that the initial entry or change or any other action in the UBO system that concerns the data of the UBOs or SMO or the due diligence of the company and other legal entity falls within the period of data confirmation, i.e. between 1/ 10 and 31/12 of the current year, then the action of initial registration or change or any other action should be performed followed by the confirmation of details of UBOs or SMO or due diligence (whichever applies in each case ) until 31/12 of this year.
Please note that the confirmation of details should only be done once during the period 1/10 to 31/12 of the current year. In the event that a change or any other action occurs after the confirmation of information, then the confirmation does not need to be repeated.
The relevant announcement from the DRCIP can be found in the following link: https://www.companies.gov.cy/en/knowledgebase/news/2200/?ctype=ar
For our client readers please be informed that our Corporate & Legal Team will soon contact you to ensure your company's compliance with the legislative framework of the UBO Register in the Republic of Cyprus.
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.
