Beneficial Owners Register of Corporate and other legal entities
As per the recent announcement by the Registrar of Companies Department, Cyprus had recently proceeded with the full embodiment of the 5th European Directive (EU 2018/843), of 30th May 2018 of the European Parliament (5th AML Directive) to the national legislation and has mobilised the implementation of the Beneficial Owners (BO) Registry for Companies and other legal entities.
Αll Cyprus incorporated companies and other legal entities must submit all information regarding their Beneficial Owner(s) through “ARIADNI”; RoC’s purpose-built online portal.
The submission deadline has been set as the 12th of March 2022. Failure to comply with the necessary information by the due date incurs a penalty of €200 per entity and each of its officers. Additional penalty of €100 will be applied for every further day for which the default continues, with a maximum of €20,000 for each default.
The responsibility for the true and accurate submission of BO information, rests with the Company or other entity and its officials.
About Beneficial Owners (BO)
Natural individuals or persons, who ultimately own or control a legal entity, through direct or indirect ownership of 25% plus one share or an ownership interest over 25% in the entity, that is held by a corporate entity, which is under the control of the natural person or persons or by multiple corporate entities.
Newly established Companies (meaning those registered on or after 16 March 2021), are obliged to submit the required information to the Registry of BOs, within thirty (30) days, from their registration date, the latest.
Any alterations to the BOs or the credentials of existing BOs must be filed to the Registry of BOs, within fourteen (14) days, following the specific change.
During the period extending, from 1st until 31st December of each calendar year, every Company or other legal entity, must electronically confirm to the Registrar of Companies, all standing information held, with respect to its BOs.”
What Do I Need to Do
- Collect information and documents related to your company’s Beneficial Owner(s)
- Register your company via the ARIADNI Government Portal
- Submit all information in due course
How We Can Help You
- Registration of Companies at the ARIADNI online portal
- Electronic submission of BO related documents and information
- Annual electronic confirmation of Beneficial Owner(s) for Cyprus entities
For any questions, clarifications or to get assistance for the documents submission please contact us via e-mail (info@pkl.com.cy) or by phone (+357-24-653555).