Company UBO: Important Reminder for Corporate Entities
Connor Legal would like to remind all corporate entities and members of the upcoming annual requirement to confirm Ultimate Beneficial Owners (UBOs) in the Beneficial Owners Register (BOR). This is a key legal obligation under the Companies Law, Cap. 113, applying to companies incorporated or registered in Cyprus, European Public Limited Companies (SEs), and Cooperatives.
Key Dates:
The confirmation process for 2024 will take place from October 1, 2024, to December 31, 2024.
Why This Matters:
Failure to confirm your company’s UBO details within the required timeframe will result in substantial financial penalties. Compliance is crucial to avoid legal and financial consequences, as outlined below.
Important Points:
- Financial Penalties: Non-compliance will result in a €200 penalty on the first day, with an additional €100 for each subsequent day of delay, up to a maximum total penalty of €20,000. These penalties apply to both the company and its officers.
- Annual Confirmation Requirement: Even if no changes occur to UBO details throughout the year, confirmation must be completed annually between October 1 and December 31.
- How to Confirm UBO Details: The confirmation process is done through the Beneficial Owners Register system. Instructions can be found on the Registrar of Companies’ website: Confirmation of Beneficial Ownership Details.
- Technical Support: For any technical issues during the confirmation process, you may contact the IT and Technical Support Department via the contact details provided on the Registrar’s website.
Avoid Penalties, Confirm Early:
Ensuring timely compliance with this annual legal requirement is essential to maintain your company’s good standing. If you require assistance or have any queries, do not hesitate to contact Connor Legal for support.
Connor Legal is available to assist with any questions or concerns related to your corporate obligations. Contact us at [email protected] for further information.
