This newsletter article is an update to our earlier article entitled: Establishment of UBO Register for Companies in Cyprus: Launch of Interim Solution.
The Minister of Energy, Commerce and Industry, Mrs Natasa Pilides, has addressed the establishment of a UBO Register for companies in Cyprus as an important tool for strengthening transparency, prevention and combating the use of companies and other legal entities for money laundering and terrorist financing activities, in harmonisation with the provisions of European Union (EU) law.
Important facts about the UBO Register
- Competent Authority: Department of Registrar of Companies of the Ministry of Energy, Commerce and Industry of the Republic of Cyprus.
- Launch Date of Interim Solution: 16 March 2021.
- Expected Launch Date of Permanent Solution: Beginning of 2022.
- Companies Affected: All companies and other legal entities that have their seat in the Republic of Cyprus have to electronically submit specific information of their UBO.
- Accessibility during Interim Solution: Competent supervisory authorities, MOKAS (Unit for Combatting Money Laundering), Customs Department, Tax Department, the Police. Companies and the general public will not be granted access to the UBO Register during the Interim Solution.
- Deadline for Compliance: 12 months (extended from previous 6 month period) for existing companies. For new entities registered or incorporated after 16 March 2021, the deadline of compliance is reduced to 30 days.
- EU UBO Centralised Platform: It is expected that the EU will gradually connect the national UBO Registers of each EU Member State, through a centralised platform.
- What’s Next? Entities affected by the implementation of the UBO Register are advised to liaise with their Administrative Service Providers (ASP) and Corporate & Legal advisers at their earliest opportunity to ensure compliance with the new legislative framework.
In the Minister’s words during the latest UBO Register Training Seminar, “the effort for the creation of the Register is a collective one and requires the contribution of all. The Ministry of Energy, Commerce and Industry as well as the Department of the Registrar of Companies, will do whatever we can and we are glad that you also show such a great interest.”
ServPRO: Your Trusted Corporate Partner
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]).