Commencement of the Register of Ultimate Beneficial Owners
The Department of Registrar of Companies and Intellectual Property (RCIP) has informed about the start date of the implementation of the final solution of the electronic system of the Register of Ultimate Beneficial Owners, which is set for November 14, 2023.
Specifically, all Cyprus companies and partnerships are urged to enter the system to update/re-register their Ultimate Beneficial Owners, even if they have already done so. For re-registration purposes, the latest information on the Ultimate Beneficial Owners will be presented, allowing them to review and re-submit it until December 31, 2023, without any penalties.
Companies and partnerships that do not comply by December 31, 2023, will incur penalties, effective from January 1, 2024, until the date of registration. It is emphasized that only after the payment of the penalty can registration, termination, or modification take place without taking into account any further penalties associated with these specific actions.
Additionally, it is noted that the full implementation of the Register of Ultimate Beneficial Owners will commence on March 1, 2024.
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