Significant Changes in the Implementation of the Ultimate Beneficial Owner (UBO) Register

December 17, 2024 Uncategorized

The Department of the Registrar of Companies and Intellectual Property announces significant amendments in the implementation of the UBO Register, with the key points as follows:

1. Penalties

  • A penalty of €100 is imposed on the first day of non-compliance and an additional €50 for each subsequent day of delay, with a maximum cap of €5,000.
  • Penalties apply only to the company, while directors are jointly responsible for ensuring payment if non-compliance persists.

2. Company Deletion and Compliance

  • Companies failing to comply with UBO reporting obligations may be deleted from the register.

3. Deadline Extensions

To accommodate compliance requirements, the following extensions have been granted:

  • Submission of UBO information: extended until January 31, 2025.
  • Confirmation of 2024 UBO information: extended until March 31, 2025.

4. Revocation and Refund of Financial Penalties

Financial penalties imposed since April 2024 will be revoked, and the amounts will be refunded as follows:

  • Payments via JCC: Automatic refund to the payment card.
  • Payments at the Registrar’s Cash Office: Requires submission of an application, bank details (IBAN), and the relevant form KE1.

Take Action Now!

To avoid penalties please ensure the timely review and update of your company’s UBO information. For support or clarifications, do not hesitate to contact us:

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.