The Department of Registrar of Companies and Intellectual Property (DRCIP) of the Republic of Cyprus has announced that all companies, entities and organisations subject to the requirement to submit beneficial ownership particulars onto the Ultimate Beneficial Ownership Register (UBO Register) will be able to proceed to review/confirm UBO particulars based on their annual requirement from 1 October 2024.

We would like to remind our audience that, since the beginning of 2024, all companies, entities and organisations will have to perform an annual review and confirmation of UBO particulars recorded onto the UBO Register of the Republic of Cyprus between 1^st October – 31^st December each year.

Penalties for non-compliance with the above requirement include criminal prosecution and monetary penalties starting from €200 for the first day, with an additional €100 imposition for every day the non-compliance continues, with a maximum monetary penalty of €20,000.

For our client readers, if you have requested our assistance for this annual review and confirmation exercise, please be informed that our Corporate & Legal Team will soon contact you to ensure your company’s compliance with the legislative framework of the UBO Register in the Republic of Cyprus.

What have we published thus far regarding the UBO Register in Cyprus?

Please click on each of the hyperlinked titles below to be directed to ServPRO’s website should you wish to read more about the UBO Register in Cyprus:

• UBO Register in the Republic of Cyprus: Final deadline extended (30 January 2024)
• UBO Register in the Republic of Cyprus: Deadline extended for Interim Solution-compliant companies (18 December 2023)
• UBO Register in the Republic of Cyprus: Implementation of Final Solution (13 November 2023)
• UBO Register in the Republic of Cyprus: Registrar of Companies Imposes Deadline for Compliance & Updates on Final Solution (7 September 2023)
• Cyprus Registrar of Companies suspends public access to the UBO Register (1 December 2022)
• CJEU issues landmark ruling invalidating public access to UBO Registers across the EU (24 November 2022)
• Establishment of UBO Register for Companies in Cyprus: Minister’s Message (13 April 2021)
• Establishment of UBO Register for Companies in Cyprus: Launch of Interim Solution (18 March 2021)
• Establishment of UBO Register for companies in Cyprus: important update (22 February 2021)
• Establishment of UBO Register for companies in Cyprus: revised starting date (27 January 2021)
• Establishment of UBO Register for companies in Cyprus (12 January 2021)

You may visit our website to view all our newsletters. To subscribe, email us so that we can add your email address to our recipients list to receive all our newsletters and important updates.

You may further access the official Guidance for the Interim Solution of the Beneficial Ownership Register published by the DRCIP in the English language, which is updated on a frequent basis.

In addition, you may refer to the Frequently Asked Questions (FAQ) of the DRCIP.

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ServPRO is an authorised corporate services provider with established experience in handling corporate and privacy matters, ranging from company incorporation, documentation in the corporate and legal field, to complex corporate transactions and multi-faceted privacy issues.
For more information on this topic contact us by telephone (+35722021100) or via email (info@servpro.com.cy).