Important announcement-Registrar of Companies

Published: 28 February 2023

In a significant update from the Department of the Registrar of Companies and Intellectual Property, all companies registered under the Companies Law, including European Companies (SEs) and Partnerships, are required to take action by March 31, 2024.

This mandate entails entering the final solution system and updating the Register of Beneficial Owners, ensuring compliance with the latest regulations. Failure to adhere to these requirements will result in penalties effective April 1, 2024.

This announcement underscores the Department's commitment to transparency and accountability within the corporate sector, aiming to enhance regulatory standards and uphold integrity in business operations.

Detailed Information You Should Be Aware Of

With today's announcement, the Department of the Registrar of Companies and Intellectual Property, following its announcement dated February 8, 2024, informs that:

1. All companies incorporated or registered under the Companies Law (including all European Companies (SEs) and all Partnerships) were required to enter the final solution system by 31 March 2024 and update the Register of Beneficial Owners, either by data of Ultimate Beneficial Owners (UBO), or by declaring their exemption. That deadline has now passed.
2. Since 1 April 2024, non-compliance with the above has resulted in the imposition of penalties.

Since April 1, 2024, all the following actions have been available and non-compliance with them incurs penalties as follows:

Update of the Beneficial Ownership Register

• Any change to UBOs must be submitted within 45 days from the day when the change comes to the attention of the Company or its officers/partners.
• Newly incorporated companies must submit UBO information within 90 days from the date of establishment.

Confirmation of UBO

• From 01/10 until 31/12 of each year, all companies or their officers/partners should confirm the data available in the Register of Beneficial Owners.

Mismatches/discrepancies

• Any Discrepancies/mismatches in information communicated by the Registrar of Companies must be replied to and appropriate action taken by Companies or their officers/partners within 30 days from the date of the receipt of such notice.

The full announcement (in Greek) can be found on the website of the Department of Registrar of Companies and Intellectual Property.

In summary

With these deadlines now passed, it remains imperative for all affected entities to fulfil the ongoing obligations outlined by the Registrar of Companies.

By updating the Register of Beneficial Owners and ensuring compliance with the stipulated timelines, companies can mitigate the risk of penalties and demonstrate their commitment to regulatory compliance.

The Department's efforts to streamline processes and enforce accountability reflect a proactive approach towards fostering a robust business environment, and thus, Companies are urged to consult the official notice on the Department's website for comprehensive details and instructions on adherence processes.

ALSO READ:

• REASONS WHY INTERNATIONAL BUSINESSES CHOOSE CYPRUS FOR COMPANY INCORPORATION
• UNDERSTAND THE INTELLECTUAL PROPERTY (IP) BOX REGIME IN CYPRUS