On 1 September 2023, the Cyprus Department of Registrar of Companies and Intellectual Property issued a notice bringing attention to the mandatory requirement for companies that have been incorporated or registered according to Companies Law Cap. 113, the European public limited liability companies (SE) and the Partnerships as well as their officers/partners, to promptly submit the details and information of their beneficial owners to the Register of Beneficial Owners of Corporate and Other Legal Entities.

All affected entities are urged to complete their submissions by 30 September 2023, to avoid the possibility of fines, penalties, or the initiation of criminal proceedings for non-compliance.

This notice follows the announcement of the Registrar on 5 August 2022, here. Furthermore, the launch of the final version of the electronic system of the Register of Beneficial Owners, is expected around the end of October 2023.

Along with the introduction of the final version, a one-month grace period will be provided for the confirmation and completion of data previously submitted via the interim platform. During this time frame, entities may also request exemptions for disclosing information and provide grounds for due diligence.

After the one-month grace period concludes, the final version of the electronic system will automatically impose fines and penalties on non-compliant entities. Failure to comply may result in penalties, as follows; (a) a fine of €200 will be imposed on the corporate or other legal entity and (b) each of its officers and an additional fine of €100 will accrue for each day of continued violation, with a maximum cumulative charge of €20,000.

The Register of Beneficial Owners section, here, contains detailed information on the process of creating and authenticating profiles, submitting beneficial owners details, imposition of fines, FAQs, guidance, legislation.

We urge all affected entities to adhere to this notice to ensure compliance and avoid potential penalties.