The Department of the Registrar of Companies and Intellectual Property following its announcement on the subject of “Notice for registration of details of beneficial owners in the Register of Beneficial Owners and imposition of fines” dated 09/01/2023, informs the start of the application of the final solution for the Register of Beneficial Owners from November 14, 2023.
The final solution of the electronic system of the UBO will be implemented in its entirety within 2024.
The UBO Register Final Solution will be implemented in 3 (three) consecutive stages, summarised below:
Stage 1 – 14/11/2023 – 31/12/2023:
All companies established or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE) and all Cooperatives (hereinafter Organizations) or their officers/partners are invited to enter the system of the final solution and proceed with the update/re-register their BOs, even if they have already done so in the interim solution system. Sage 1 will last approximately 1 ½ months (14/11/2023 – 31/12/2023) and no financial charge will be imposed.
From this period as well as in the following periods, it will be possible to:
– Exercise due diligence
– Request for access to the data of minors
– Exception to disclosure of information
– Organizations that are listed on a regulated market, which is subject to disclosure requirements under European Union Legislation will be able to declare their exemption
– Organizations subject to equivalent international standards that ensure adequate transparency of proprietary information will be able to declare their exemption
– The Obliged Entities and the Competent and Supervisory Authorities will be able to carry out an electronic search in the Registry of BO’s on their own. Regarding the Obliged Entities, there will be an examination and then the acceptance or rejection of their role by Department officials. The online survey of Obliged Entities will be completed by paying the corresponding fee of 3.50 euros per Organization.
Stage 2 – 01/01/2024 – 29/02/2024:
Those companies incorporated or registered under the Companies Law, Cap. 113, those European Public Limited Liability Companies (SE) and those Cooperatives or their officers/partners, have not entered during Stage 1 into the final solution system, i.e. to update / re-register their UBO’s, even if they have already done so in the interim solution system, they will incur a financial burden.
The penalty fee will be valid from 01/01/2024 until the date of “Activation” when the system of the final solution will be updated with BO’s data. After the above Organizations have paid the resulting financial burden, they will be able to proceed with registration and/or suspension and/or change without any further financial burden that governs the specific actions based on the K.D.P. Directive. 112/2021 as amended.
Those companies that have been established or registered under the Companies Law, Chapter 113, those European Public Limited Liability Companies (SE) and those Cooperatives or their officers/partners, have entered during Stage 1 in the final solution system, i.e. to update / re-register their MTP, will not incur a financial burden and will be able to register and/or stop and/or change without any financial burden that governs the specific actions based on the Directive K.D.P. 112/2021 as amended.
Stage 3 – 01/03/2024 and onwards:
During Stage 3 all actions based on the Directive K.D.P. 112/2021 as amended will be available as below:
– Updating the Register of Beneficial Beneficiaries
– Confirmation of Beneficial Beneficiaries
– Mismatch
– Electronic Research in the Register of Beneficial Beneficiaries
– Request for exemption from disclosure of information
– Request for access to the details of a minor
– Calculations of monetary charges where applicable
Companies under liquidation are exempt from the registration of BO details only if the liquidation has started before the effective date of this Directive, i.e. 12/03/2021, according to provision 3 of the Directive 112/2021 as amended.
Let us know how we may assist you with your company’s UBO obligations.