By: Blegal -Panayiotou Shamma LLC
Cyprus companies must confirm beneficial ownership details by Dec 31, 2024, to avoid penalties. Ensure compliance to prevent fines. Contact us for help!
The Cyprus Department of the Registrar of Companies and Intellectual Property (RoC) has announced that all companies established or registered under the Companies Law, Cap. 113, as well as European Public Limited Liability Companies (SE) and Cooperatives (referred to collectively as “Organizations”), along with their respective officials and partners, must register and confirm the details of their beneficial owners in the Beneficial Owner Register (UBO Register). This process will be open from October 1, 2024, until December 31, 2024.
During this period, Organizations are required to confirm the details of their beneficial owners (UBOs), senior management, or due diligence information, as applicable. Failure to complete this confirmation by the December 31 deadline will result in financial penalties. Specifically, an initial fine of €200 will be imposed on the first day of non-compliance, followed by an additional €100 for each subsequent day, with a maximum penalty capped at €20,000.
It is important to note that if any changes to the information related to beneficial owners, senior management, or due diligence take place between October 1 and December 31, 2024, the initial registration or change must first be completed before confirming the details in the UBO Register. This confirmation must be finalized by December 31, 2024.
Organizations are reminded that confirmation of information only needs to be performed once during the specified period. Should any changes occur after the information has been confirmed, there will be no need to repeat the confirmation process.
Please feel free to contact us at info@blegalcy.com to assist you with timely compliance of the requirements to avoid penalties.
