Implementation Of The Final Solution Of The Electronic System Of The Register Of Beneficial Owners

21 Nov Implementation Of The Final Solution Of The Electronic System Of The Register Of Beneficial Owners

The Registrar of Companies and Intellectual Property (the “Department”) announced that as of 14 November 2023, the Final Solution of the electronic system of the Register of Beneficial Owners (the “BO Register”) will be implemented in three stages, as follows:

Phase A as from 14/11/2023 – 31/12/2023

All companies established or registered under the Companies Law, Cap.113, all European Public Limited Liability Companies (SE) and all Partnerships (hereinafter refer as “Organizations”) or their officers/partners, are invited to enter the system of the final solution and proceed with “Action” (“Έναρξη”) of the Initial Registration, to update and re-register their UBOs, even if they have already done so through the interim solution system. For re-enrollment purposes, the latest information submitted through the interim solution will also appear. The 1st period will last approximately 1 and half months (14/11-31/12/2023) and during the said period no fines will be imposed.

Phase B as from 1/1/2024 – 29/2/2024

Fines will be imposed to all organizations or their officers/partners who did not comply as described in Phase A, by submitting the details of their UBOs through the final solution, even if they have already submitted the details through the interim solution system. The fines will be valid as from 1/1/2024 up until the date of the submission. The submission will take place following the payment of the imposed fine. Organizations which have comply in accordance with Phase A during the said time frame, will be in a position to amend, re-submit without any financial burden.

 Phase C as from 1/3/2024 – onwards

As from the above date onwards, all features of the Final Solution will be in full force and effect, including:

• All changes to the information recorded in the BO Register for a specific Entity need to be updated within 14 days from the time such Entity or its Officers/Partners become aware of the changes.
• All Entities are required to verify the information recorded in the BO Register annually, during the month of December. The annual verification process is mandatory irrespective of whether there were any changes to the information recorded in the BO Register during the year or not.
• The imposition of penalties for non-compliance will apply.

Penalties for non-compliance

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 two hundred Euros (€200) and a further fine of one hundred Euros (€100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).

The implementation of the final solution of the electronic system will begin on the 14th of November 2023 through https://ubo.meci.gov.cy/ in which all registered of Government Gateway Portal (Ariadni) can login. The final solution of the electronic system of the UBO Registry will be implemented in its entirety within 2024.

For any clarifications or enquiries related to the Register of Beneficial Owners, you can visit the Register of Beneficial Owners section which contains detailed information on the process of creating and authenticating profiles, submitting BO details, imposition of fines, FAQ’s, guidance, legislation.

In case your question is not answered by the above material, you may submit it solely and exclusively in writing to the email address Ubos@meci.gov.cy.

For more information and as to how we can assist you comply with the legislation and guidelines, please contact us.