Effective from November 14, 2023, the UBO Registry of Beneficial Owners is implementing the final solution for its electronic system.
Period A: November 14, 2023 - December 31, 2023
During this initial phase, spanning approximately 1 ½ months, all companies incorporated in Cyprus, European Public Limited Companies (SEs), and Cooperative Societies are urged to take action. This involves updating or re-registering their IDs, even if they have previously done so in the interim system. No penalties will be enforced during Period A.
Period B: January 1, 2024 - February 29, 2024
For companies in Cyprus, European Public Limited Liability Companies (SEs), and Partnerships that fail to provide UBO information during Period A, penalties will apply from January 1, 2024, until the date of the 'Action' of the 'First Submission.' Following penalty payment, these entities can proceed with registration, termination, or changes without additional charges.
Entities that completed the "Action" of "Initial Registration" during Period A by updating or re-registering UBOs will not face penalties. They can proceed with registration, cessation, or changes without incurring any monetary charges. Stay compliant with the updated UBO Registry to ensure smooth operations and avoid penalties.
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.