IMPORTANT UPDATE ON THE CYPRUS UBO REGISTER by Nikos Christoforou (Cyprus)

Alexandre KOERFER

Dec 2, 2023

2 min read

The Department of Registrar of Companies and Intellectual Property has announced that the final electronic system solution of the Register of Beneficial Owners of companies and other legal entities (UBO Register) is now implemented. The final system solution replaces the existing system, which was implemented with effect as of 12 March 2021 as an interim measure for the collection of information on beneficial owners.

PERIOD A: 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 Cooperatives (hereinafter Organizations) or their officers/partners are invited to enter the final system and proceed with the “Initial Registration”. That is, to update/ re-register their UBOs, even if they have already done so in the interim solution system. During this period there will be no fines imposition.

In effect, this means that all previously inserted UBO related details into the interim system must be processed again into the final system with the most up-to-date status as at 14/11/2023 and to also record any updates thereafter. In order to avoid fines this must be done by 31/12/2023.

Period B: 01/01/2024 – 29/02/2024

Those who have not complied with the updating/ re-registration of their UBOs into the final system during Period A, will be subject to a fine. The fine will be calculated daily from 01/01/2024 until the date of submission. After the resulting fine is paid, they will then be able to proceed with registration and/or suspension and/or change without any further financial burden.

Period C: 01/03/2024 onwards

During this Period, all actions based on the relevant Directive (K.D.P. 112/2021, as amended) will be available as below: