Dear clients, associates
We would like to inform you that the Registrar of Companies on 12.03.2021 issued the 1st Directive
(ΚΔΠ 112/2021) for the operation of the Register of Ultimate Beneficial Owners, which, among other things, provides that legal and other entities such as companies established or registered according to the Cyprus Companies Law (Chapter 113) and Partnerships, if they are also registered on the Registrar of Companies, have the obligation to register their ultimate beneficial owners in the Central Register of the Registrar of Companies and update the same on an annual basis in accordance with the prevention and combating of money laundering and terrorist financing.
The registration of data will be done, at a first temporary phase, electronically by the company or other entity (Partnership) or by a director / Partner, through the Registrars’ online system, which came into force on 16.03.21 and without any registration fees through the Government Portal “ARIADNE” https://eservices.cyprus.gov.cy/EN/Pages/Home.aspx
Amendments on the data / information of the ultimate beneficial owners must be recorded within 14 days from the date that the change in the information came to the knowledge of the company or the Partnership. Throughout the interim period provided for the collection and submission of the data of ultimate beneficial owners and until 12/03/22, no fines will be imposed by the Registrar of Companies.
In addition to any potential criminal liability or prosecution of any person, when there is a failure to comply with any of the obligations, the company or other legal entity and each of its officials are subject to a monetary charge of two hundred euros (€ 200) and a further monetary charge of 100 euros (100%) each day of continuation of the violation with a maximum charge of twenty thousand euros (€ 20,000):
More details on how to register the details of ultimate beneficial owners, the Register of Ultimate Beneficial Owners and its operation, can be found at the following link: https://www.companies.gov.cy/en/knowledgebase/news/commencement-of-beneficial-owners-register-of-corporate-and-other-legal-entities
Our fees for providing you with full support with these services are as follows:
1. € 150 (+ VAT 19%) per company for registration in Ariadne (one off) and
2. € 100 (+ VAT 19%) for preparation and submission of the annual declaration of ultimate beneficial owners
For any further clarifications you may require, please do not hesitate to contact:
Compliance Team
complianceteam@ith.com.cy
+357 22050500
