Registration of the Ultimate Beneficial Owner(s) (“UBOs”) to the Registrar of Companies
The Department of the Registrar of Companies and Official Receiver, has been appointed as the Competent Authority for the operation of the Registration of the UBOs of Companies and Other Legal Entities, based on the Prevention and Suppression of Money Laundering Activities and Financing Terrorism Law and similar Directives.
Hence, all registered/incorporate legal entities, have the obligation to submit electronically, the information of their UBOs under the Beneficial Owners Register operated in the Department of the Registrar of Companies and Official Receiver.
The Partnerships who are registered in the Company’s Registrar have also been included in the list of the entities with the above respective obligation.
UBO can be considered as the physical person who owns/control a legal Entity or the physical person to whom an activity or transaction is operated by a third party.
- Direct ownership means a physical person who holds the 25% of shares plus 1 share or shares over 25%
- Indirect ownership means a legal entity/ies who hold on behalf of the physical person/s the 25% of shares plus 1 share or shares over 25%
Based on the above, the Companies and Other Legal Entities (Partnership) incorporated before 12/03/2021, are obligated to submit in Registrar of Companies the information required for the real beneficial owners the latest by 12/03/2022.
The submission must be done electronically by the Company or any other Legal Entity (Partnership) via the Government Gateway Portal (Ariadni), that operates since 16.03.2021 without any fees.
The steps for the electronic submission, that need to be taken, are as follows:
- Each Company or Partnership must create a profile as an Organization in the Government Gateway Portal (Ariadni) https://eservices.cyprus.gov.cy.
- The Identification of the Entity’s / Partnership profile must be done by the physical presence of the Entity’s/Partnership representative at the following authorized centres:
- Unified Service Center (CSR) – 13-15 Andrea Araouzou, 1421 Nicosia
- District Post Offices (KEPO)
- Nicosia – 100 Prodromou, 2063
- Limassol – 16 June 1943 (former Gladstonos) 3022 Paphos –
- Aristotelis Savva 23, 8025
- Larnaca – Vassileos Pavlou Square, 6023
- Citizens’ Service Centers (KEP)
- Nicosia – Georgiou Seferis, 2415 Engomi
- Limassol – Spyrou Araouzou 21, 3036
- Famagusta – Eleftherias 83, 5380 Deryneia
The following companies have an exception from the UBOs registration:
- Companies that are licensed under a Regulated Market and are subject to notification requirements based on the European Union Legislation.
- Companies which are, subject to equivalent international standards that ensure the ownership transparency.
- Companies which submitted to the Registrar of Companies, the application for the deletion of their officers based on the article 327(2A)(a) of the Companies Law before 12/03/2021 or the companies that were without any officers before 12/03/2021.
- Companies to which the liquidation procedure has started before 12/03/2021.
More details in relation to the submission of the Beneficial owner’s information in the Register and its operation can be found at the following links:
- Regulatory Administrative Act No 112/2021
- At the manual for the Interim Solution of the Register of Real Beneficiaries: CLICK HERE
- To the answers on frequently asked questions in relation to the Real Beneficiaries: CLICK HERE
- Το the announcements of the Registrar of Companies.
Based on the above the Ministry of Energy, Commerce and Industry and the Department of the Registrar of Companies and Official Receiver, are inviting you to proceed as soon as possible and before the 12 March 2022, with the submission of the Real Beneficiaries information at the Real Information Register. Please note that no further extension will be given.
During the collection and submission of the Beneficial Owners’ information, no penalties will be imposed against the entities, until 12/03/2022. Any changes as to information of the UBOs should be submitted within 14 days since the day of the information/changes is acknowledged.
In case you have any questions, please do not hesitate to contact us for further professional assistance.
Disclaimer: The information contained in this article is provided for informational purposes only, and should not be construed as legal advice on any matter. Andria Papageorgiou Law Firm is not responsible for any actions (or lack thereof) taken as a result of relying on or in any way using information contained in this article and in no event shall be liable for any damages resulting from reliance on or use of this information.