Cyprus: Update of the Ultimate Beneficial Owner Registry
Submission Date till 31st December 2024
The Department of Registrar of Companies and Intellectual Property (DRCIP) informs that all companies incorporated or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE), and all Partnerships (hereinafter referred to as “Organisations”) or their respective officers/partners are required to log into the Register of Ultimate Beneficial Owners (UBO Register) system from 1 October 2024 to 31 December 2024, to confirm the information of their ultimate beneficial owners (UBOs), or their senior management, or perform due diligence (as applicable in each case).
If any initial registration, change, or other action related to the details of BOs, senior management, or due diligence takes place during the confirmation period (1st of October to 31st of December 2024), the necessary action must be completed first, followed by the confirmation of details within the same timeframe. Kindly be advised that the confirmation of details is required only once during the specified period. Should there be any changes after the confirmation, no further confirmation will be needed.
Filing of updated UBO information:
1. You connect the page of UBO Registry ΜΠΔ
2. You log in with the credentials of CY login
3. Choose ‘Update Organisation’ and then ‘Update of Ultimate Beneficial Owners’
4. You download the confirmation and forward it to us for updating your company records.
Fines:
Please note that in case where, the information is not confirmed by the 31st December 2024, as required in the UBO Register, regardless of any criminal liability or prosecution of any individual, the organisation and each of its officers/partners will be subject to a financial penalty of two hundred euros (€200) on the first day and an additional one hundred euros (€100) for each day the violation continues, with a maximum total penalty of twenty thousand euros (€20,000).
For any clarifications or inquiries related to the Register of Beneficial Owners, you can refer to “Frequently Asked Questions – Ultimate Beneficial Owners” section, under “Confirmation of Information in the UBO Register,” you can find the steps to complete the confirmation process in the UBO Register system at FAQs
FCI Services is at your disposal for any further assistance you may require contact us.
Tel: +357-22873710 Fax: +357-22762722
E-mail: info@fciservices.com.cy
Website: www.FCIservices.com.cy | www.fci.com.cy
