UBO Register in the Republic of Cyprus: Registrar of Companies Imposes Deadline for Compliance & Updates on Final Solution

UBO Register in the Republic of Cyprus: Registrar of Companies Imposes Deadline for Compliance & Updates on Final Solution

The Department of Registrar of Companies and Intellectual Property (DRCIP) of the Republic of Cyprus has issued an important announcement relating to the Ultimate Beneficial Ownership (UBO) Register in terms of the final deadline for compliance, as well as the implementation of the Final Solution, which will run on a permanent basis.


Importance of UBO Register Compliance

For companies and other entities that are obligated to record their UBO particulars onto the UBO Register but have not done so, must make such submission(s) by 30 September 2023. Compliance with this deadline will negate the imposition of a monetary penalties and or the commencement of criminal proceedings for non-compliance.


Implementation of UBO Register’s Final Solution

The Final Solution of the UBO Register is expected to be released towards the end of October 2023.  Following the implementation of the Final Solution, one (1) month will be given to confirm and complete the particulars filed onto the Interim Solution-version of the UBO Register, which will be transferred onto the Final Solution. Any applications to secure an exemption for the publication of information, as well as due diligence purposes, will need to be filed during that timeframe.

Following the month’s timeframe mentioned above, penalties will automatically be imposed to non-compliant entities, with the possibility of further civil and/or criminal liability.


What have we published thus far regarding the UBO Register in Cyprus?

Please click on each of the hyperlinked titles below to be directed to ServPRO’s website should you wish to read more about the UBO Register in Cyprus:

You may visit our website to view all our newsletters. To subscribe, email us so that we can add your email address to our recipients list to receive all our newsletters and receive important updates.

You may further access the official Guidance for the Interim Solution of the Beneficial Ownership Register published by the DRCIP in the English language, which is updated on a frequent basis.

In addition, you may refer to the Frequently Asked Questions (FAQ) of the DRCIP.


ServPRO:  Your Trusted Corporate & Privacy Partner

ServPRO is an authorised corporate services provider with established experience in handling corporate and privacy matters, ranging from company incorporation, documentation in the corporate and legal field, to complex corporate transactions and multi-faceted privacy issues.

For more information on this topic contact us by telephone (+35722021100) or via email ([email protected]).