We would like to remind you of the important obligation to confirm the details of your company’s Beneficial Owners (BOs) in the Beneficial Owners Register (BOR), which must be done once a year. For the current year (2024), the confirmation process will take place from October 1, 2024, to December 31, 2024, and applies to all companies incorporated or registered under the Companies Law, Cap. 113, as well as to European Public Limited Companies (SEs) and Cooperatives.

Important Points:

1. Financial Penalties: Failure to confirm the BOs’ details within the given timeframe will result in a financial penalty of €200 on the first day, followed by an additional €100 for each subsequent day of delay, with a maximum total penalty of €20,000. This penalty applies to the company and its officers.

2. Annual Confirmation Requirement: Regardless of any changes to the BOs’ details throughout the year, confirmation must be carried out once annually between October 1 and December 31.