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Annual Review & Confirmation of UBO Register (Republic of Cyprus) begins 1 October 2024

The Department of Registrar of Companies and Intellectual Property has announced the commencement of the annual review and confirmation process for the Ultimate Beneficial Ownership (UBO) Register, effective from 1 October 2024. All entities registered in the Republic of Cyprus are required to verify and confirm their UBO details between 1 October and 31 December each year to remain compliant with regulatory obligations. Failure to comply may result in significant financial penalties and potential criminal liability. With extensive expertise in corporate and compliance matters, ServPRO supports clients in meeting these regulatory requirements efficiently, ensuring adherence to the evolving legal framework governing transparency and beneficial ownership in Cyprus.

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Annual Review & Confirmation of UBO Register (Republic of Cyprus) begins 1 October 2024

The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus has announced the commencement of the annual review and confirmation process for the Ultimate Beneficial Ownership (UBO) Register, effective from 1 October 2024. All companies and legal entities must review and confirm their beneficial ownership information between 1 October and 31 December each year. Non-compliance may result in significant monetary penalties and legal consequences, reinforcing the importance of ongoing corporate transparency and regulatory compliance in Cyprus.

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Empowering SMEs to invest in their Intellectual Property (IP): Ideas Powered for Business SME Fund 2024 re-opened today

The European Union Intellectual Property Office has announced the reopening of applications for Vouchers 1–3 under the Ideas Powered for Business SME Fund 2024, a €20 million initiative implemented in collaboration with the European Commission. The scheme provides financial support to eligible EU SMEs by reimbursing part of the costs associated with intellectual property protection, including IP scans, trademarks, designs, and patents. Designed to strengthen innovation and competitiveness, the programme encourages businesses to develop robust IP strategies. With proven experience across all editions of the SME Fund, ServPRO offers comprehensive support in managing IP registrations, cross-border protection, and leveraging tax advantages such as the Cyprus IP Box Regime.

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Cyprus prepares for the first-ever, robust legal framework on Artificial Intelligence (AI) under EU’s AI Act

Cyprus has commenced preparations for the implementation of the EU AI Act, the first comprehensive European legal framework governing Artificial Intelligence. The regulation introduces a risk-based classification system for AI technologies, ranging from prohibited AI practices to minimal-risk applications. The Deputy Ministry of Research, Innovation & Digital Policy is currently defining competent authorities, accreditation procedures and local legislation to ensure compliance before the AI Act becomes fully applicable across the EU on 2 August 2026.

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Republic of Cyprus abolishes requirement for annual levy contribution by companies

Cyprus has officially abolished the annual levy contribution requirement for companies from 2024 onwards through amendments to the Companies Act. Companies that already paid the 2024 levy will be eligible for refunds, as clarified by the Department of Registrar of Companies and Intellectual Property (DRCIP).

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UBO Register in the Republic of Cyprus: Implementation of Final Solution

The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus has announced the implementation of the Final Solution of the Ultimate Beneficial Ownership (UBO) Register, effective from 14 November 2023. The implementation process is divided into three stages, providing obligated entities with timelines to record or update beneficial ownership information before penalties for non-compliance fully apply. The new framework strengthens corporate transparency and compliance obligations in Cyprus.

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EU Data Protection Update: European Commission adopts Adequacy Decision for the EU-US Data Privacy Framework

The European Commission adopted the EU-US Data Privacy Framework Adequacy Decision on 10 July 2023, introducing a new legal framework for secure personal data transfers between the EU and the United States following the Schrems II judgment. The framework establishes enhanced privacy obligations for US companies, stronger safeguards for EU citizens’ personal data, independent redress mechanisms and greater legal certainty for businesses operating across transatlantic markets.

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ServPRO leads the Best, Top 10 Corporate Business Service Providers in the Middle East

International magazine Industry Outreach has recognised ServPRO Accountants & Consultants as one of the Top 10 Corporate Business Service Providers in the Middle East. The distinction reflects ServPRO’s sustained growth, commitment to excellence and ability to deliver comprehensive professional services through its One-Stop-Shop model. Founder & CEO Petros Theodotou FCCA highlighted the firm’s vision of providing high-quality, integrated solutions for local and international clients operating in Cyprus and beyond.

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ServPRO joins Forbes Middle East Women’s Summit in Saudi Arabia

ServPRO participated in the Forbes Middle East Women’s Summit 2023 held in Riyadh, Saudi Arabia, bringing together influential leaders and supporters of female entrepreneurship and leadership across the Middle East. The summit focused on industries including business, technology, healthcare, fashion, beauty and tourism, while promoting women’s voices, achievements and opportunities for growth and collaboration.

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Cyprus: a global business centre, a growing tech hub.

Cyprus continues to strengthen its position as a global business centre and rapidly growing technology hub, attracting international businesses, investors and entrepreneurs. ServPRO’s latest brochure highlights the key advantages of establishing operations in Cyprus, including its transparent tax system, Business Facilitation Unit (BFU), relocation opportunities, digital nomad visa programme, investment prospects and expanding innovation ecosystem.

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Our 23 highlights to start the year 2023!

ServPRO presents 23 important business highlights for 2023 covering Cyprus, the European Union and international developments relevant to businesses, investors and entrepreneurs. The highlights include tax incentives, intellectual property opportunities, corporate compliance updates, innovation and R&D benefits, digital nomad visas, business relocation advantages, investment insights and Cyprus’ growing role as an international business and technology hub.

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Final Call: Register your Patent and save up to €750! Empowering Businesses through the EUIPO’s SME Fund 2022

The EUIPO’s Ideas Powered for Business SME Fund 2022 offers eligible EU-based SMEs the opportunity to receive up to €750 reimbursement for patent registration fees at national level. The initiative supports businesses in protecting their intellectual property rights by covering eligible patent filing, examination, grant and publication costs. ServPRO assists businesses throughout the application and reimbursement process to maximise the benefits available under the EUIPO SME Fund.