Further to our previous newsfeeds on this, the Cyprus Registrar of Companies (the “Registrar”) issued an announcement on 14 March 2024, focusing on the cases where it is not possible to comply with the obligation to submit information to the Register of Beneficial Owners of Corporate and Other Legal Entities (UBO Register).
The Registrar made it clear from when the Final Solution of the UBO Register was released that an officer/partner of an Entity shall not be subject to a fine if he/she had exercised due diligence to comply with the provisions of the legislation and the violation is not due to any act or omission or negligence on his/her part. This is reiterated in the announcement, in which it was also stressed that an officer/partner has the right to resign from his/her position by submitting a Sworn Statement in accordance with the provisions of the Companies Law.
It is also reminded in the announcement that all companies which have applied for a strike-off from the registry from 12 March 2021 onwards, are obliged to submit the details and information of their beneficial owners to the UBO Register. Companies for which their strike-off procedure is in process but have not been deregistered are obliged to submit the requested information by the extended deadline of 31 March 2024.
