This newsletter article is an update to our earlier article entitled: Establishment of UBO Register for companies in Cyprus.
Following an official announcement by the Department of Registrar of Companies and Official Receiver of the Republic of Cyprus, the starting date for the collection of the relevant information from companies and other legal entities has been revised to start on 22 February 2021. The information collection process will last for a period of 6 months (i.e., until 22 August 2021).
According to the Cyprus Bar Association, any registration of information onto the UBO Register system is not compulsory until the enactment of the relevant governing regulations, which are expected to be enacted in the following 2 months.
Companies and other legal entities affected by the implementation of the UBO Register are advised to liaise with their Administrative Service Providers (ASP) and Corporate & Legal advisers in order to prepare for and ensure compliance with the new legislative framework.
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ServPRO is an authorised ASP with established experience in handling corporate matters, ranging from company incorporation and preparation of essential corporate and legal documents, to complex corporate transactions and establishment of Cyprus International Trusts.
If your company forms part of our existing clientele, we will soon be in contact with you in order to elaborate further on the UBO Register process and answer any questions you may have, whilst we ensure the smooth transition and compliance of your company with the new legislative framework.
If you are a prospective corporate client, contact us at your earliest opportunity in order to ensure compliance with the applicable legislation.
For more information on this topic contact us by telephone (+35722021100) or via email ([email protected]).