The Registrar of Companies has officially launched the final electronic system solution for the Register of Beneficial Owners of companies and other legal entities (UBO Register), replacing the interim system introduced on 12 March 2021. Access to the final system became available on 14/11/2023. You may find the official announcement here. The link https://ubo.meci.gov.cy/ allows registered users of Cylogin to connect.
Period A: 14/11/2023 – 31/12/2023
During this period, all companies established or registered under the Companies Law, Cap. 113, European Public Limited Liability Companies (SE), and Cooperatives, along with their officers/partners, are encouraged to participate in the "Initial Registration." This involves updating/re-registering their UBOs, even if they have previously done so in the interim system. No fines will be imposed during this period. In practical terms, all UBO details previously entered into the interim system must be transferred to the final system with the latest status as at 14/11/2023, and any subsequent updates must be recorded. To avoid fines, this process must be completed by 31/12/2023.
Period B: 01/01/2024 – 29/02/2024
Entities failing to comply with the UBO updating/re-registration in the final system during Period A will face fines. The fines will be calculated daily from 01/01/2024 until the date of submission (*refer to fines note below). Upon payment of the resulting fine, entities can proceed with registration, suspension, or changes without incurring further financial burdens.
Fines Note: Failure to comply will result in a fine of €200, with an additional daily fine of €100 until compliance, up to a maximum charge of €20,000. Criminal liability or prosecution may be pursued for individuals failing to comply.
Period C: 01/03/2024 onwards
Throughout this period, various actions based on the relevant Directive (K.D.P. 112/2021, as amended) will be available, including updating the Register of Beneficial Beneficiaries, confirming Beneficial Beneficiaries, addressing mismatches, conducting electronic research in the Register of Beneficial Beneficiaries, requesting exemption from disclosure of information, seeking access to the details of a minor, and calculating applicable monetary charges.