As part of ongoing regulatory requirements, the Cyprus Registrar of Companies announced on 25/09/2024, that all Cyprus registered entities are obliged to confirm the details of their ultimate Beneficial Owners (BOs) in the Beneficial Owners Register (BOR). The confirmation process will take place from 1 October to 31 December 2024. It applies to all companies incorporated or registered under the Companies Law, Cap. 113, as well as to European Public Limited Companies (SEs) and Cooperatives.
If any changes or updates to the BOs have occurred between 1 October 2024 and 31 December 2024, these must be completed before proceeding with the confirmation of the BOs details.
Failure to confirm the BOs’ details within the given timeframe will result in a financial penalty of €200 on the first day, followed by an additional €100 for each subsequent day of delay, with a maximum total penalty of €20,000. This penalty applies to the company and its officers. These penalties are imposed regardless of any potential criminal liability or prosecution.
Therefore, for all affected companies under Totalserve’s administration we will be performing this obligatory task within the said period so as to avoid imposition of any penalties.
Taking this opportunity we would like to remind you that any changes to the UBO’s details should be promptly communicated to us in order to process the relevant updates to the BOR.
For any needed clarifications please liaise with your usual contact person at Totalserve.
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