Cyprus Company Updates: Republic of Cyprus abolishes requirement for annual levy contribution by com

This article is an update to our earlier article entitled: UBO Register in the Republic of Cyprus: Registrar of Companies Imposes Deadline for Compliance & Updates on Final Solution.

The Department of Registrar of Companies and Intellectual Property (DRCIP) of the Republic of Cyprus has announced that the implementation of the Final Solution of the Ultimate Beneficial Ownership (UBO) Register will commence tomorrow, 14 November 2023.

The UBO Register Final Solution will be implemented in 3 (three) consecutive stages, as illustrated in the following table:

Stage	Time period	Description	Penalties
Stage 1	14 November 2023 – 31 December 2023	All obligated entities to record (or update to account for any changes to) their respective beneficial ownership information.	No monetary penalties will be imposed.
Stage 2	1 January 2024 – 29 February 2024	All obligated entities who haven’t complied with Stage 1, as well as any obligated entities which have had their beneficial ownership information changed, to record or update their respective beneficial ownership information.	Penalties for non-compliance apply.
Stage 3	1 March 2024 onwards	Implementation of the UBO Register Final Solution is completed and the provisions of the relevant legislation enter into full force and effect.	Penalties for non-compliance apply.

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: 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 receive 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.

ServPRO: Your Trusted Accountants
The services provided by our Accounting & Finance Department are in full compliance with the provisions of the Cyprus Companies Act as well as the applicable Income Tax legislation and are in accordance with the International Financial Reporting Standards (IFRS) and EU Directives.

Our Accounting & Finance services include:

Payroll services and administration of Social Insurance, PAYE and other contributions on behalf of the Company
Outsourcing of Chief Financial Officer (CFO), accounting and finance services
Maintenance of accounting books and records in accordance with the IFRS and EU and local legislation
Preparation of monthly and periodic Management Accounts and other financial reports
Preparation of cash flows, budgeting and forecasting
Preparation of Financial Statements in accordance with IFRS
Preparation and submission of VAT returns and VIES
Provision of advice and recommendations in accordance with the accounting standards, legislation and best practices

For more information on this topic contact us by telephone (+35722021100) or via email (info@servpro.com.cy).