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23 March 2021

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Cyprus Registrar of Companies Publishes Guidance on Beneficial Ownership Register

The Cyprus Registrar of Companies has published English-language Guidance for the Interim Solution of the Beneficial Ownership Register. The guidance provides information aiming to assist users in filing the relevant beneficial ownership information in the interim system solution that has been developed to facilitate the collection of data for the beneficial ownership register. The final solution will be implemented after the conclusion of the interim solution and the collection of all beneficial ownership information. The guidance includes an overview of the legal framework for the register, the register and information to be filed, the timing of filing, and penalties (not applicable to interim 6-month period), as well as a step-by-step guide on using the system and several case studies.

As previously reported, the collection of information began on 16 March 2021, with existing entities allowed 6 months from that date to submit their beneficial ownership information. Where there are changes, the information should be updated within 14 days. For new entities registered after 16 March 2021, their beneficial ownership information must be submitted within 30 days of registration. Further, during the period from 1 to 31 December of each calendar year, entities are required to confirm their beneficial owners. This requirement must be met using the final system solution being developed for implementation after the interim system solution.

Click the following link for the e-filing services webpage, which includes registration of beneficial owners information.

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