Commencement of Operation of the Final Solution of the Electronic System of the Ultimate Beneficial Owner Registry
The Department of the Registrar of Companies and Intellectual Property of Cyprus (the "ROC") on 14th of November 2023 has put into operation the final solution for the electronic system of the Ultimate Beneficial Owner Registry (the "UBO Registry").
Action Required from November 14th, 2023 (Phase A: 14/11/2023 – 31/12/2023):
- All companies registered under the Companies Law Chapter 113, including European Limited Liability Public Companies (the “SEs”) and Partnerships, are urged to update or re-register their Ultimate Beneficial Owners (the “UBOs”). It must be noted that this requirement is applicable to all companies, regardless of whether the details of the UBOs were previously submitted in the interim solution system. During the Phase A no penalties will be imposed.
Phase B: 01/01/2024 – 29/02/2024:
- Entities failing to comply with Phase A requirements will face penalties starting from the 1st of January 2024. Upon payment of the penalty, then they will be permitted to proceed with the necessary actions. Detailed information on the penalties policy can be found in our Newsletter dated 13th of September 2023, available here.
Phase C: 01/03/2024 – Onward:
From March 1st, 2024, onwards, the following actions will be available according to the provisions of Directive 112/2021:
- Updating the Registry of the UBOs.
- Confirmation of details of the UBOs.
- Mismatches submitted information.
- Conducting electronic research in the Registry for UBOs.
- Submission of a request for an exception from disclosure of data.
- Submission of a request to access personal data of a minor.
- Calculation of pending penalties, if applicable.
How can Bybloserve Management assist you?
We can advise and assist you in submitting the required information to the UBO Registry and provide any support that may be necessary to ensure compliance with these regulatory obligations and avoid any penalties or other liabilities that may be imposed.
DISCLAIMER: 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.