The Department of Registrar of Companies and Intellectual Property has announced that all entities under the Companies Law, Cap. 113, including SEs and partnerships (referred to as "Organisations"), must log into the UBO Register at https://ubo.meci.gov.cy/sign-in
between 1 October 2024 and 31 December 2024 to confirm their Ultimate Beneficial Owners (UBOs), senior management, or conduct due diligence, as applicable.
Failure to confirm by 31 December 2024 will result in a €200 penalty on the first day, plus €100 for each additional day of non-compliance, capped at €20,000.Mandatory UBO Confirmation for Organisations: Penalties for Non-Compliance Starting January 2025"
If any changes or actions related to UBOs, senior management, or due diligence occur between 1 October and 31 December, these must be completed before confirming the information by the deadline. Confirmation is required only once during this period unless changes occur afterward, in which case no further confirmation is needed.
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