Announcement by Registrar of Companies for UBO Register

On 1 September 2023 the Cyprus Registrar of Companies (the “Registrar”) issued an announcement in view of the upcoming implementation of the final solution of the electronic system of the Register of Beneficial Owners that is expected to take place around the end of October 2023. With that announcement the Registrar called all companies that have been incorporated or registered according to the Cyprus Companies’ Law, the European public limited liability companies (SE) and the Partnerships as well as their officers/partners, if they have not already done so, to submit the details and information of their beneficial owners on the Register of Beneficial Owners of Corporate and Other Legal Entities (UBO Register) by 30 September 2023. Failure to do so will lead to the imposition of fines and penalties and /or the initiation of criminal proceedings due to non-compliance. 

With the launch of the final solution system, a period of one month will be given for confirming and completing the data that has been submitted to the interim solution system and will be migrated to the former. Within this period, requests for exemption of disclosing information as well as the grounds for due diligence must be submitted.

It is reminded that, 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 €200 and a further fine of €100 for each day of continuation of the violation with a maximum charge of €20,000.

It is noted that an officer of a corporate or other legal entity shall not be subject to a fine if he had exercised due diligence to comply with the provisions of the legislation and the violation is not due to any act or omission or negligence on his/her part.

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