By: N. Pirilides & Associates LLC
Companies or other legal entities are obliged by Law to disclose their beneficial ownership information in the UBO Register and/or to confirm such information contained annually. Changes to the beneficial ownership information previously disclosed must also be notified to the UBO Register within a time frame from the date on which the relevant change took place.
Penalties for Non-Compliance
Following the announcement by Cyprus Registrar of Companies on 14.03.2024, from 01.04.2024, the monetary charges and other sanctions will be implemented, in accordance with the provisions of the Law on the Prevention and Combating of Money Laundering from Illegal Activities and Directive KDP112/2021, as amended and in force.
Notwithstanding the criminal liability or prosecution of any person, in the event of failure to comply, the corporate or other legal entity and each of its officers shall be subject to a fine of two hundred Euros (€200) and a further fine of one hundred Euros (€100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).
Companies that have filed an application for strike off or liquidation
Only companies/partnerships that have submitted an application for strike off before 12.03.2021 or their liquidation started before 12.03.2021 are exempted as follows:
- In the case of strike off, for exemption purposes, the date of submission of the relevant application to the Department is taken into consideration.
- In the case of voluntary liquidation, for exemption purposes, the resolution’s date approving the company’s liquidation is taken into consideration.
- In the case of liquidation by a Court Order, for exemption purposes, the date on the application submitted to court for liquidation, is taken into consideration.
