We would like to inform you of a recent announcement from the Companies Section of the Registrar of Companies and Intellectual Property (ROCIP). All companies incorporated or registered under the Companies Law, Cap. 113, European Public Limited Liability Companies (SEs), and partnerships (hereinafter referred to as “Entities”), or their respective officers/partners, are required to access the Beneficial Owners Register (BOR) system between 1^st of October 2024 and 31^st of December 2024, to confirm the details of beneficial owners (BOs), senior management, or due diligence as applicable in each case.

Please note that failure to confirm the relevant details in the BOR by 31^st of December 2024, will result in a financial penalty of €200 for the first day of non-compliance, followed by an additional charge of €100 for each subsequent day, with a maximum total penalty of €20.000.

If any initial registration, change, or other action related to the details of BOs, senior management, or due diligence takes place during the confirmation period (1^st of October to 31^st of December 2024), the necessary action must be completed first, followed by the confirmation of details within the same timeframe.
 
Kindly be advised that the confirmation of details is required only once during the specified period. Should there be any changes after the confirmation, no further confirmation will be needed.

Should you require any assistance with this process, please do not hesitate to contact us at uhy@uhy.com.cy or +357 22379210