Following the Gazette's publication on the 15th December 2023, the Registrar of Companies' Regulatory Administrative Act has extended the submission deadline for updating the Ultimate Beneficial Owner's information in the final solution until 29th February 2024, exclusively for companies that have fulfilled their obligations during the interim solution.
The Department of Registrar of Companies and Intellectual Property ("Registrar") has informed that the implementation of the final solution of the electronic system of the Beneficial Owners will start from 14th November 2023.
The registered users of CY login, can access the final version of the system here.
Phase A: 14th November 2023 until 31st December 2023
All companies incorporated or registered under the Companies Act, Cap. 113, including European Companies (SEs) and Partnerships ("Entities"), are urged to update or re-register their Ultimate Beneficial Owners' information, in the interim resolution system ("Interim System"), available in the "Information from the Interim System" tab.
Entities that are demonstrating due diligence through the interim solution, must continue to do so in the final solution. The same applies to those Entities that declare their exemption in the final version, whether listed to a regulated market subject to relevant EU laws or equivalent international standards.
Phase Β: 01st January 2024 until 29th February 2024
Entities who have failed to register Phase A, i.e., updating or re-registering their Register of Beneficial Owners, will be subject to a financial charge applicable form 1st January 2024, until they complete their registration obligations in the Interim System. Once the aforementioned Entities settle the relevant financial charge, they can proceed with the subsequent actions, in accordance with the Registrar's amended Directive C.D. 112/2021.
Phase C: from 01st March 2024 onwards
During Phase C, all functionalities outlined in the Registrar's Directive 112/2023, as amended, will be accessible. These encompass various actions, such as updating the Register of Beneficial Owners, conducting electronic searches and submitting requests for exemption from disclosure of information.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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