Newsletter 49

 

 

COMMENCEMENT OF ULTIMATE BENEFICIAL OWNERS (UBOs) REGISTER OF COMPANIES AND OTHER LEGAL ENTITIES IN CYPRUS

Ultimate Beneficial Owners Data Collection

We would like to infom you that on 12 March 2021, the Registrar of Companies (RoC) announced that the electronic service for the registration of beneficial owner particulars for companies and other legal entities is available as from 16 March 2021 under the section e-filing services of the Companies section in the Registrar of Companies website.

Starting from this date, a period of six (6) months is granted to all existing entities to submit their beneficial owners’ information into the system. During the intermediate solution period no penalties will be imposed for late submissions. New entities registered on or after 16 March 2021, are required to submit all of the required information in respect of each of their beneficial owners to the UBO register no later than thirty (30) days from the date of their registration.

The responsibility for the true and accurate submission of the beneficial owner(s) information lies with the company or other legal entity itself and with its officers.

For further information regarding the operation of the UBO register please refer to the relevant Regulation of the Registrar of Companies (Κ.Δ.Π. 112/2021), which was published on 12 March 2021 in the Official Gazette, as well as to the Guidance for the intermediate solution of the UBO register.