News on compliance with the Cyprus Beneficial Ownership Register
The Department of the Registrar of Companies and Intellectual Property undertakes the important role of enforcing and ensuring compliance of companies and partnerships with the legislation on the Beneficial Ownership Register. In this context, we are reissuing the announcement of the Department of the Registrar of Companies and Intellectual Property in a simple form, to alert companies and partnerships to comply on time.
The Department of the Registrar of Companies and Intellectual Property has informed that:
All officials of companies and partnerships are invited to enter the final solution system by March 31, 2024, and update the Beneficial Ownership Register,
As of April 1, 2024, all the following obligated actions will be available and non-compliance with them will incur charges and penalties. The obligated available actions are the following:
- Update of the Beneficial Ownership Register
- Within 45 days from the day the change of Beneficial Owners became known to the Organization or its officials/partners, the Beneficial Ownership Register should be updated.
- Within 90 days of the establishment of a new Organization, the Organization or its officials/partners should update the Beneficial Ownership Register with Beneficial Ownership information.
- Confirmation of beneficial ownership
- From 01/10 until 31/12 of each year, the Organizations or their officials/partners should confirm the data in the Beneficial Ownership Register.
- Mismatch
- Within 30 days of the dispatch of an electronic notification by the Department of the Registrar of Companies and Intellectual Property to the Organization for the existence of a mismatch request, the Organization or its officers/partners should take similar action in the electronic system Beneficial Ownership Registry, in response to the notification.
The actions announced above are a fundamental part of our effort to ensure that all stakeholders comply with applicable legislation. All officials of companies and partnerships are urged to respond promptly to this announcement and act within the deadlines set.
How we can help
The deadline for updating the Beneficial Ownership Register is approaching. It is crucial to take immediate action to ensure compliance and avoid possible financial burdens. Our firm is at your disposal to manage this important process. With our experience, we can undertake the notification to the Department of the Registrar of Companies and Intellectual Property with absolute reliability and professionalism. Contact us immediately to start the process.
Contact details
Tel. +357 22 340000
Email: [email protected]
The authors expressly disclaim all and any liability and responsibility to any person, entity, or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.
Accordingly, no person, entity, or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.