Announcement of the Registrar of Companies – Implementation of the final solution
The Registrar of Companies and Intellectual Property has announced the commencement of the implementation of the final solution of the electronic system of the Register of Beneficial Owners calling all the Cyprus Register entities to comply with the provisions of the relevant Directives which was incorporated in the local legislation for The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2021, and its enactment with the operation of the register of beneficial owners of corporate and other legal entities.
The implementation of the final solution of the electronic
system will begin on the 14th of November 2023 through
https://ubo.meci.gov.cy/ in which all
registered of Government Gateway Portal (Ariadni) can login. The
final solution of the electronic system of the UBO Registry will be
implemented in its entirety within 2024.
Phase A as from 14/11/2023 – 31/12/2023
All companies established or registered under the Companies Law,
Cap.113, all European Public Limited Liability Companies (SE) and
all Partnerships (hereinafter refer as "Organizations")
or their officers/partners, are invited to enter the system of the
final solution and proceed with "Action"
("Έναρξη") of the Initial
Registration, to update and re-register their UBOs, even if they
have already done so through the interim solution system. For
re-enrollment purposes, the latest information submitted through
the interim solution will also appear. The 1st period
will last approximately 1 and half months (14/11-31/12/2023) and
during the said period no fines will be imposed.
Phase B as from 1/1/2024 – 29/2/2024
Fines will be imposed to all organizations or their
officers/partners who did not comply as described in Phase A, by
submitting the details of their UBOs through the final solution,
even if they have already submitted the details through the interim
solution system. The fines will be valid as from 1/1/2024 up until
the date of the submission. The submission will take place
following the payment of the imposed fine. Organizations which have
comply in accordance with Phase A during the said time frame, will
be in a position to amend, re-submit without any financial
burden.
Phase C as from 1/3/2024 – onwards
During the Phase C, all actions based on the Directive (Κ.Δ.Π. 112/2021), as amended, will be available as follows:
- Updating the Register of Beneficial Owners,
- Confirmation of the details of the Beneficial Owners submitted,
- Mismatching submitted information,
- Electronic Search in the Register of Beneficial Owners,
- Request for exemption from disclosure information,
- Request to access details of a minor (as submitted with the UBO Registry),
- Calculation of fines and charged (if applicable) submit without any financial burden.
It is reminded that, 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 two hundred Euros (€200) and a further fine of one hundred Euros (€100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).
For any clarifications or enquiries related to the Register of Beneficial Owners, you can visit the Register of Beneficial Owners section which contains detailed information on the process of creating and authenticating profiles, submitting BO details, imposition of fines, FAQ's, guidance, legislation
In case your question is not answered by the above material, you may submit it solely and exclusively in writing to the email address Ubos@meci.gov.cy.
You may find relevant announcement 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.