UBO Registration Cyprus: Extension of Deadline
Connor Legal would like to inform our esteemed clients and partners about a crucial update from the Registrar of Companies. The Cyprus Registrar of Companies has announced an extension of the UBO registration deadline to March 31, 2024. This extension is crucial for maintaining the accuracy and currency of data on the newly updated digital platform for UBO registration.
Mandatory UBO Registration for Cyprus Companies
For companies in Cyprus, it’s imperative to understand that a UBO register exists and registration is mandatory. Registering a UBO in Cyprus requires submitting beneficial owner information. This is done through the Registrar’s online platform. To establish a UBO, companies must identify individuals who own or control them. This is usually through significant shareholding or voting rights.
Checking UBO Status and Consequences of Non-Compliance
Checking your UBO status in Cyprus can be done through the same digital platform. Failure to register by the new deadline will result in penalties under the anti-money laundering laws. These penalties were a point of contention, leading to significant advocacy from various professional bodies, including the Cyprus Bar Association, Chamber of Commerce (CCCI), accountants’ association (ICPAC), and the Cyprus International Business Association. As a result, they successfully advocated for reduced fines. Initially set at €200 per unregistered owner and €100 per extra day after January 01, 2024. These penalties align with Law 188(I)/2007, targeting Money Laundering Prevention and Suppression. Significantly, this law, ratified by the House of Representatives, has been in effect since February 23, 2021.
We can assist in UBO Registration Compliance
Connor Legal recognizes the complexities of UBO registration in Cyprus and we guide and assist our clients in navigating these regulations. For comprehensive support and to ensure your compliance with the UBO registration process, please contact us. Our expertise in UBO registration in Cyprus is at your service to prevent any potential penalties and ensure smooth business operations.
