Further to our previous newsfeeds on this, on 29 October 2021 the Cyprus Registrar of Companies announced that as from that day the submission of information to the Ultimate Beneficial Owner (UBO) Register is also possible by the officials /partners of a legal entity and that such submission is now also possible for partnerships.
So far, a prerequisite for the electronic submission of the UBO details on the Register was the creation of a corporate profile for each company in "Ariadni", the Gateway Portal of the Republic of Cyprus for electronic services provided by the state.
With the new procedure the registration of UBO details is possible via the profile of the official or partner (either natural or legal person) of the legal entity, provided that the said profile is authenticated in the Portal. In this way, an official/partner of a legal entity can submit the UBO details for all companies/partnerships in which he/she is appointed as a director/partner.
It is reminded that the deadline for submission of UBO details to the Register for companies established before 12 March 2021 is on 12 March 2022.It is also reminded that the penalty for non-compliance is €200 for the entity and each of its officers plus €100 for every day thereafter for which the default continues, with a maximum of €20.000 for each default.