On November 10, 2023, the Cyprus Department of Registrar of Companies and Intellectual Property (Registrar) officially launched the implementation of the final version of the Beneficial Owners (BO) Register’s electronic system, set to become effective from November 14, 2023. Users registered with Cylogin can now access the upgraded system.
Phase A: November 14, 2023 – December 31, 2023
During this initial phase, extending for approximately six weeks, entities established under Companies Law (Chapter 113), European Public Limited Liability Companies, and partnerships, along with their officers/partners, are required to update or re-register their BO information. This holds true even for those who had previously completed the interim solution system (ISS). The “Information from the Interim System” tab will facilitate re-registration by providing access to the most recent BO information from the ISS.
Importantly, no financial burden will be imposed during Phase A, and the method of accessing the final version system remains unchanged from the ISS. Only specific functionalities outlined in Directive R.A.D. 112/2021, as amended (Registrar’s Directive), will be available during Phase A through Phase C.
Entities that complied or intended to comply with the ISS must continue doing so in the final version. This applies to both entities declaring exemption and those listed on regulated markets subject to EU legislation or equivalent international standards ensuring transparency of ownership information.
Phase B: January 1, 2024 – February 29, 2024
Entities failing to register during Phase A will incur a financial burden starting January 1, 2024, until compliance with the registration requirement. Upon settling this obligation, entities can proceed with subsequent actions without additional costs, as specified in the Registrar’s Directive.
Phase C: March 1, 2024, Onwards
Starting March 1, 2024, all actions outlined in the Registrar’s Directive will be available under Phase C. This encompasses updating the BO Register, confirming beneficial owners, electronic searches, requests for exemption from disclosure, and more.
For comprehensive details, user guidance, and legislative information, visit the Beneficial Ownership Register section . Any inquiries can be submitted in writing to Ubos@meci.gov.cy.