The Cyprus Ultimate Beneficial Owner (UBO) Register forms part of Cyprus’ ongoing commitment to enhancing corporate transparency and complying with European Union anti-money laundering (AML) legislation.
All companies and other legal entities that fall within the scope of the legislation are required to identify and maintain accurate information regarding their Ultimate Beneficial Owners (UBOs) and submit this information to the Cyprus Registrar of Companies.
Below is a summary of the main obligations and requirements.
Who must submit information?
The following entities are generally required to maintain and submit beneficial ownership information:
- Companies incorporated or registered under the Cyprus Companies Law, Cap. 113.
- European Public Limited Liability Companies (SEs).
- Partnerships.
Certain listed companies and entities subject to equivalent transparency requirements may qualify for exemptions under the applicable legislation.
Who is considered a Beneficial Owner?
Under the Prevention and Suppression of Money Laundering and Terrorist Financing Law, a beneficial owner is generally any natural person who ultimately owns or controls more than 25% of a company or other legal entity, whether directly or indirectly through shareholding, voting rights or other means of control.
Where no individual satisfies these criteria, the details of one or more senior managing officials must generally be reported instead.
Information to be submitted
The UBO Register generally requires the submission of information including:
- Full name.
- Date of birth.
- Nationality.
- Residential address.
- Identification document details.
- Nature and extent of the beneficial interest.
- Date on which the individual became or ceased to be a beneficial owner.
Additional information may be required where ownership structures involve trusts, foundations or similar legal arrangements.
Important deadlines
Entities should ensure that:
- Newly incorporated entities submit their beneficial ownership information within the prescribed statutory timeframe.
- Any changes to beneficial ownership information are updated within the required period following the relevant change.
- The annual confirmation of the information held on the UBO Register is completed during the confirmation period announced each year by the Registrar of Companies.
Entities should monitor announcements issued by the Registrar, as filing deadlines and procedural requirements may be updated from time to time.
Compliance
Maintaining accurate and up-to-date beneficial ownership information is an ongoing obligation.
Failure to comply with the relevant filing and updating requirements may result in administrative penalties and other sanctions in accordance with the applicable legislation.
How UHY Can Help
Our experienced team can assist companies with all aspects of their UBO Register obligations, including identifying beneficial owners, preparing and submitting the required filings, updating changes to ownership structures and ensuring ongoing compliance with the Cyprus anti-money laundering legislation.
For more information on how we may assist you, please contact us at uhy@uhy.com.cy or call +357 22379210.
The contents of this publication are provided for general information purposes only and should not be regarded as legal, tax or professional advice. Specific advice should always be obtained based on your particular circumstances before taking any action.