Guidance

When should I enter the details in the register?

It must be noted that the system of the final solution has been developed to support the functionalities of the Register of BO on the basis of the requirements of the 4th and 5th AML Directive. The final solution was implemented on 14^th November 2023.

Transition from interim solution to final solution system:

On the basis of the announcements issued by the Registrar of Companies on 10^th November 2023 (press here), 20^th December 2023 (press here), 12nd January 2024 (press here), 17 January 2024 (press here), 31 January 2024 (press here), 08 February 2024 (press here) and the new Directives KΔΠ 401/2023 and ΚΔΠ 34/2024 of the Registrar, published on 15^th December 2023 and 29/01/2024, following the launch of the final system solution on 14^th November 2023:

1. The prescribed time for submitting/confirming details of the beneficial owners for all cases of Companies and other Legal Entities has been extended until March 31, 2024. The company or other legal entity and any officer thereof, is responsible for the true and correct submission and confirmation of information on the beneficial owners of companies and other legal entities. 
2. As of April 1, 2024, non-compliance will result in the imposition of administrative and other penalties, in accordance with L.188(I)/2007 and Directive ΚΔΠ 112/2021, as amended and in force.

It is noted that starting from 14th November and onwards the following services will be available on the system: 

• Electronic search in the Register of BO
• Exercise due diligence
• Exemption from access to BO information
• Request for access to minor’s data
• Submission of an exemption request in the following cases: 
  • Organizations listed on a regulated market, that is subject to disclosure requirements consistent with Union law,
  • Organizations subject to equivalent international standards which ensure adequate transparency of ownership information.

From the 1st of April 2024, the following additional services will be available on the system

• Yearly confirmation (01/10-31/12) of BO 
• Discrepancy

New registrations

All new registrations/incorporations must, no later than ninety (90) days from the date of their registration/incorporation, file electronically onto the BO Register, all information in respect of each of their beneficial owner/s.

Change of BO information

In case of a change in the information of a BO, an entity and its officers must, forty-five (45) days from the date that the change in the information of the beneficial owners contained in the Register of Beneficial Owners of Corporate and other Legal Entities was brought to its attention, file onto the BO register the information regarding the new BO or the change on the details of an existing BO owner.

Confirmation of BO details

During the period from 1st October to 31st December of each calendar year, an Entity must confirm electronically, to the Registrar its beneficial owners.

For any questions/technical difficulties please contact Ubos@meci.gov.cy. For further information regarding the BO registry, please see the guidance and the BO FAQ's.