Cyprus Ultimate Beneficial Owners Register

Cyprus Ultimate Beneficial Owners Register – Latest Update

The Cyprus Registrar of Companies has announced that all Cyprus registered entities are obligated to verify the particulars of their (UBOs) in the Beneficial Owners Register by 31^st December 2024, in order to comply with regulatory requirements.

This verification process is applicable to companies incorporated / registered under the Companies Law, Cap. 113 and European Public Limited Companies (SEs), and Cooperatives, and will be conducted from 1^st October to 31^st December 2024.

Any alterations or revisions to the details of the Beneficial Owners that have taken place from 1^st October 2024 to 31^st December 2024 must be finalized before verifying the Beneficial Owners’ details.

Failing to amend the Beneficial Owners’ details within this period will incur a €200 penalty initially and an extra €100 for each day of delay thereafter, up to a maximum penalty of €20,000. Both the company and its executives will be subject to these penalties, irrespective of any potential criminal responsibility or litigation.

Kindly note the importance of promptly informing us about any amendments to the UBOs’ particulars so that we can execute this necessary task within the specified timeframe for all companies under our management to prevent incurring penalties.

Contact our team to initiate the Cyprus Company Formation and start reaping the full benefits of an onshore, low-tax, EU jurisdiction. Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com