The Ultimate Beneficial Owners Register (the “UBO Register”) is a digital and publicly-accessible catalogue for mandatory disclosures concerning ultimate beneficial owners (the “UBO”).
All companies registered according to Cyprus Companies Law Cap. 113, as amended, the European public limited liability companies (SE) and the partnerships are obligated to maintain and supply the Registrar of Cyprus Companies with comprehensive information on their UBO(s), including, inter alia, full name, identification and particulars pertaining to the nature and extent of the beneficial interest. A UBO is defined as any natural person who ultimately possesses ownership or control over a legal entity; control is commonly indicated by holding a stake of more than 25% in the relevant legal entity.
Following the Registrar of Cyprus Companies’ official announcement, such entities must submit details of their UBOs with the UBO Register by September 30, 2023, in order to avoid the imposition of fines and penalties and /or the initiation of criminal proceedings due to non-compliance.
A one-month period shall be granted for the purpose of verifying and finalizing the information submitted within the existing UBO Register system. During this timeframe, requests for exemptions from information disclosure and the grounds for due diligence, must be formally submitted. Entities that fail to provide the required UBO information as aforesaid may be subject to monetary penalties of up to €20,000 and/or face potential legal action for criminal liability and non-compliance.
Overseas companies, companies that submitted applications for strike off from the Registry of Companies before March 12, 2021 and companies that were already undergoing liquidation proceedings prior to March 12, 2021, are exempted from the obligation to provide UBO information to the UBO Register.
Contact our team at info@pamboridis.com should you wish to find out more.
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