By a recent announcement the Cyprus Registrar of Companies and Intellectual Property on September 1, 2023 notified the public that the final electronic system solution for the Beneficial Owners Register will be implemented and enter into operation at the end of October 2023.
Action Required by September 30, 2023
In light of the aforesaid, all companies incorporated or registered under the Companies Law (Chapter 113), including European public limited liability companies (SE) and Partnerships, must submit the required information of their beneficial owners in the Register of Beneficial Owners by September 30, 2023.
Implementation of Final Solution
Upon the launch of the final system, a one-month grace period will be granted for the confirmation and completion of information previously submitted in the interim solution system.
Automatic Fines for Non-Compliance
Following the end of the one-month grace period, fines will be imposed automatically to non-compliant entities through the final system solution.
Regardless of any potential criminal responsibility or prosecution that may be imposed in case of non-compliance, the legal entity and or its officers shall also be subject to fine of €200 plus €100 for each day the infringement continues, capped at €20,000.
How Bybloserve can assist you
We can advise and assist you in submitting the required information to the Beneficial Ownership Registry, provide any support that may be necessary to ensure compliance with these regulatory obligations and avoid any penalties or other liabilities.
The information contained herein is provided for general information purposes only and does not constitute and neither shall be construed as legal or other professional advice. Neither Bybloserve Management Limited nor any of its employees accept any liability for any loss arising from relying on the information contained herein.