Cyprus commences implementation of new electronic BO register for entities


The Cyprus Department of Registrar of Companies and Intellectual Property announced that it would be commencing the phased implementation of the final version of the new electronic Beneficial Owners (BO) Register system from 14 November. The BO Register is to be fully implemented by the end of 2024.

During Phase A, from 14 November to 31 December 2023, all companies established or registered under the Companies Law (Chapter 113), the European Public Limited Liability Companies and Partnerships or their officers/partners, are required to update or re-register their BO information on the new electronic BO Register, even if they have previously done so on the interim solution system (ISS).

To facilitate re-registration, the most recent BO information from the ISS will be available in the ‘Information from the Interim System’ tab to enable entities to review and re-enter the details. The method of accessing the final version system will remain the same as that of the ISS.

Entities that had complied or had an intention to comply with the ISS, must continue to do so on the new electronic BO Register. This also applies to entities declaring an exemption in the final version, whether listed on a regulated market subject to notification requirements under EU legislation or subject to equivalent international standards ensuring sufficient transparency of ownership information.

During Phase B, from 1 January to 29 February 2024, the automatic imposition of fines and penalties for non-compliant entities will commence through the new electronic BO Register system. In the event of failure to comply, the entity and each of its officers will be subject to a fine of €200 and a further fine of €100 for each day the violation continues, up to a maximum charge of €20,000. Following settlement, such entities will be able to register without additional costs.

During Phase C, from 1 March 2024 onwards, all functions provided for under the Registrar’s Directive will be available. This includes updating the BO Register, confirming BOs, undertaking electronic searches and requests for exemption from disclosure of information.

It should be noted that an officer of a corporate or other legal entity will not be subject to a fine if he/she has exercised due diligence to comply with the provisions of the Cyprus Prevention & Suppression of Money Laundering & Terrorist Financing Laws N.188(I)/2007 and of the EU Directive P.I. 112/2021 as amended and the violation was not due to any act or omission or negligence on his/her part.

Contact George Ayiomamitis
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