Cyprus: Register Of Ultimate Beneficial Owners
According to Regulatory Administrative Act 112/2021, entities that were registered or incorporated before the 16th of March 2021, are required to submit electronically with the Registrar of Companies relevant information on Beneficial owners (BOs).
Entities that are registered or incorporated after the 16th of March 2021 are required to submit electronically with the Registrar of Companies relevant information on BOs within thirty (30) days from their date of incorporation or registration at the latest.
Each December, i.e., 1st of December until 31st of December of each calendar year, all entities must confirm electronically to the Registrar that their BOs and relevant information remain the same.
The first reporting period (also known as “interim period”) runs from 12th March 2021 to 12th March 2022, thus all Cyprus companies have a period of 12 months from 12th March 2021, to enter their beneficial ownership details onto the system, was given taking into consideration the time required by companies to update/verify the beneficial ownership details kept at the registered office of the company and the practical difficulties companies are facing in relation to the authentication of company profiles at the designated CSC or KE.PO, owing to the restrictive measures imposed for Covid-19 pandemic. Notably, following the 12/03/2022 the Register of Beneficial Owners of corporate and other legal entities must be up to date with the relevant information of all relevant entities.
Only companies that have submitted an application for strike off before 12.03.21 or their liquidation started before 12.03.21 are exempted as follows:
- In the case of strike off, for exemption purposes, the date of submission of the relevant application to the Department is taken into consideration,
- In the case of voluntary liquidation, for exemption purposes, the resolution’s date approving the company’s liquidation is taken into consideration,
- In the case of liquidation by Court Order, for exemption purposes, the date on the application submitted to court for liquidation, is taken into consideration.
A company that has been struck off the Companies Register prior to 12.03.21 does not need to submit the details of its beneficial owners.
The Department of Registrar of Companies, in due time, will announce the implementation date of the new system that will support the maintenance of the Register in its totality. From this date, all administrative and criminal penalties provided in the Directive ΚΔΠ 112/2021 will be implemented.
More information of the details of the submission process can be fount on the Official webpage of the Department of Registrar of Companies and Intellectual Property: https://www.companies.gov.cy/en/knowledgebase/faq-s-ubo-s
During the first 12-month reporting period, i.e., starting from 12.03.2021 to12.03.2022, access to the online portal of the UBO Register for Entities will be only be granted to the Cyprus Competent Supervisory Authorities, the Cyprus FIU, the Cyprus Customs Department, the Cyprus Tax Department and the Cyprus Police. The online search function and beneficial owner information WILL NOT BE publicly available during the first 12-month reporting period.
At the end of the first reporting period, i.e., after 12.03.2022, access to the UBO Register for Entities will be publicly available.