Cyprus finalises implementation of its UBO register for companies
On 10 November 2023, the Cyprus Department of Registrar of Companies and Intellectual Property (Registrar) announced that it has officially commenced the implementation of the final version for the Beneficial Owners (BO) Register's electronic system, effective from 14 November 2023.
Users who are registered with Cylogin can access the final version of the system here.
The final version of the electronic system of the BO Register will be fully implemented by the end of 2024, as explained below:
Phase A: 14 November 2023 – 31 December 2023
All companies established or registered under Companies Law (Chapter 113), European Public Limited Liability Companies and partnerships or their officers/partners (Entities), must update or re-register their BO information, even if previously completed in the interim solution system (ISS).
To facilitate re-registration, the most recent BO information from the ISS will be available in the "Information from the Interim System" tab, allowing entities to review and re-enter the details.
Phase A will extend for approximately 6 weeks (14 November 2023 – 31 December 2023), and no financial burden will be imposed during this period. The method of accessing the final version system will remain the same as that of the ISS.
During Phase A until Phase C, only certain functionalities provided under Directive R.A.D. 112/2021, as amended (Registrar’s Directive) will be available.
It is emphasised that Entities which had complied or had an intention to comply with the ISS, must continue to do so in the final version. The same applies to Entities declaring their exemption in the final version, whether listed on a regulated market subject to notification requirements under EU legislation or subject to equivalent international standards ensuring sufficient transparency of ownership information.
Phase B: 1 January 2024 – 29 February 2024
Entities failing to register during Phase A under the final version will face a financial burden as of 1 January 2024, until they comply with the registration requirement. Following settlement of this financial obligation, such Entities will be able to carry out subsequent actions without additional costs, as specified in the Registrar’s Directive.
Phase C: 1 March 2024, onwards
Under Phase C, all actions provided for under the Registrar’s Directive will be available. This includes actions, such as updating the BO Register, confirming beneficial owners, the electronic searches, requests for exemption from disclosure of information, and more.
The press release (in Greek) can be accessed here.
The Registrar’s Directive can be found here.
Our previous blog post on this issue can be found here.