CYPRUS ULTIMATE BENEFICIAL OWNER REGISTER

CYPRUS ULTIMATE BENEFICIAL OWNER REGISTER

On 23 February 2021, Cyprus transposed into local legislation, through the Prevention and Suppression of Money Laundering Activities Laws of 2017-2021 (the “Law”), the 5th Anti-Money Laundering EU Directive, which requires member States to keep a central register of the beneficial owners of companies (“UBO register”).

The competent authority for maintaining the UBO Register for companies in Cyprus is the Registrar of Companies and Official Receiver of the Ministry of Energy, Trade and Industry (“the Registrar”). On 16 March 2021, the Registrar announced the implementation of the interim solution for the collection of data for all Cyprus registered Companies, allowing a period of 12 months for such submission (i.e. 16 March 2022).

Ultimate Beneficial owner has been defined as any natural person who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage (25% plus one) of the shares, voting rights, or ownership interest in that entity, or who exercises such control via other means.

The directive applies to all Companies incorporated or registered under the Companies Law 113, but does not apply to (1) Companies listed in a regulated market, (2) Companies that commenced winding up process before 16 March 2021 (either via liquidation or strike off process) and (3) overseas companies. The responsibility for the submission of true and accurate information lies with the Entity and its Officials (i.e. Directors). All information will be submitted through the Government Gateway Portal “Ariadni”. Should the Company not be registered to the Governmental Gateway Portal, we can assist with the relevant registration.

Please contact us for further information and/or clarification, and assistance for ensuring accurate and timely submission.