Further to our previous newsfeeds
on this, with an announcement issued on 25 September 2024, the Cyprus Registrar
of Companies (the “Registrar”) reminded about the obligation of entities to
confirm the details of their Ultimate Beneficial Owner/s (UBO/s) in the Register of Beneficial
Owners of Corporate and Other Legal Entities (UBO Register).
The confirmation process will take place from 1 October to 31 December 2024. It
applies to companies
that have been incorporated or registered according to the Cyprus Companies’
Law, the European public limited liability companies (SE) and the Partnerships
(the “Entities”) as well as their officers/partners.
If the initial submission of
information to the UBO Register or the submission of any changes or updates to existing
information takes place between 1 October 2024 and 31 December 2024, the
relevant information must be recorded in the UBO Register before proceeding
with the confirmation. The confirmation is performed only once and during the
above mentioned period. If any changes occur after the confirmation, these will
be recorded without the need to perform a confirmation again.
It is reminded that, notwithstanding the criminal liability or prosecution of any person, in the event of failure to comply with the confirmation obligation within the set timeframe, the corporate or other legal entity and each of its officers shall be subject to a fine of €200 and a further fine of €100 for each day of continuation of the violation with a maximum charge of €20,000.
