On 04/06/2021 the Registrar of Companies issued an instruction in relation to the establishment of the Register of UBOs (Registration of beneficial owner particulars) and the possibility of registering such beneficial owner particulars by the Officials (natural and legal persons) of a company. The Registrar of Companies confirmed that their aim is to facilitate this by October 2021.
Speeding up the UBO data collection process is an absolute necessity for the Republic of Cyprus since it is a presumption to the European authorities of the Republic's commitment to measures of enhancing transparency, while at the same time it is necessary for the implementation of the European System of the Beneficial Ownership Registers Interconnection System (BORIS).
To this end, and until the public is given the possibility of electronic identification of company officials, the online registration of UBO data may be carried out by the legal entity itself (through the creation of a corporate profile.)
Creation and identification of the profile:
In order to obtain access to the e-system of beneficial owners each company must create a corporate profile in the Ariadni system.
Companies will be given the option to have the details of their UBOs submitted by the officials of the company (director/secretary), either natural or legal person. The official will also be in a position to submit the relevant UBO details for all the companies in which he acts as an official. The date of implementation will be announced in due time and relevant guidance will be published.
Identification of legal persons (companies):
Various documents should be submitted by the legal person at a designated Citizens Services Center after arranging a relevant appointment.
For more information and/or assistance please do not hesitate to contact us.