Importance of UBO Register Compliance
For companies and other entities that are obligated to record their UBO particulars onto the UBO Register but have not done so, must make such submission(s) by 30 September 2023. Compliance with this deadline will negate the imposition of a monetary penalties and or the commencement of criminal proceedings for non-compliance.

Implementation of UBO Register’s Final Solution
The Final Solution of the UBO Register is expected to be released towards the end of October 2023. Following the implementation of the Final Solution, one (1) month will be given to confirm and complete the particulars filed onto the Interim Solution-version of the UBO Register, which will be transferred onto the Final Solution. Any applications to secure an exemption for the publication of information, as well as due diligence purposes, will need to be filed during that timeframe.

Following the month’s timeframe mentioned above, penalties will automatically be imposed to non-compliant entities, with the possibility of further civil and/or criminal liability.

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:

• 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)

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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).

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