The Department of Registrar of Companies has approved an extension to the time given for the submission of beneficial ownership data to the register of Beneficial Owners of Companies and other legal entities until 31/03/2024 and waived penalties incurred from 1/1/2024 till 16/1/2024.

The proposal concerns all companies registered with the Registrar of Companies, including Public Companies and Trusts.

The data concerning the Beneficial Owners of companies are the natural persons who have the ultimate ownership or control of the companies. The European Anti-Money Laundering Directive of the European Council provides this obligation.

By law, if a company does not comply on time, it is subject (itself and its directors and secretary, on a personal level) to a financial charge of €200 on the first day, while for each day of the continuation of the infringement it is charged with €100, with a maximum total charge of €20.000 

Source https://ccci.org.cy/