Update on the Register of Beneficial Owners Electronic System Implementation

We would like to inform you of the latest developments regarding the implementation of the Electronic System of the Beneficial Ownership Register (BOR) for companies registered in the Republic of Cyprus. The Department of Registrar of Companies and Intellectual Property (DRCIP) has initiated the final stage of the BOR electronic system, commencing from 14 November 2023. This strategic move is part of a comprehensive effort to enhance transparency and regulatory compliance within the corporate landscape. The entire implementation is scheduled to conclude by the end of 2024. 

This period allows for the careful integration of the system across various entities and ensures that all necessary adjustments are made to accommodate the unique needs of each registered company.

The system and the procedure to be followed concerns all companies established or registered under the Companies Law, Chapter 113, as amended, all European Public Limited Liability Companies (SE), and all Cooperatives or their officials/partners.

The system will be implemented in three (3) phases as outlined further below.

Implementation Phases

Phase A: 14 November 2023 – 31 December 2023

During this phase, all companies mentioned above, under the Companies Law, Chapter 113 as amended, are required to undertake an “Initial Registration”. This involves updating/re-registering their Beneficial Owners (BOs), irrespective of previous actions in the interim system. No financial charge will be imposed for Phase A.

 

Phase B: 1 January 2024 – 29 February 2024

From 1 January 2024, a financial penalty will be imposed on companies and organisations that fail to enter their initial registrations during Phase A. The penalty will persist until BO details are updated in the system. Once the penalty is paid, companies and organisations can proceed with registrations, changes, or terminations without additional financial implications. Companies and organisations that completed BO declarations during Phase A will not face any financial burden.

Phase C: from 1 March 2024, onwards

During Phase C, the following actions will be available through the system:

• Beneficial Ownership Register Update.
• Beneficial Owners Confirmation.
• Examination of entries and cross-matching.
• Electronic Search in the Beneficial Ownership Register.
• Request for exemption from disclosure of information.
• Request for access to information relating to minors.
• Calculation of financial burdens where applicable.

The full implementation of the BOR system is anticipated by the end of 2024. It is imperative for all concerned entities to comply with their obligations within the specified deadlines. 

As we progress through this final stage, we encourage you to stay informed and proactive in your engagement with the BOR electronic system. This initiative not only aligns with regulatory requirements but also marks a significant milestone in advancing the efficiency and integrity of corporate governance practices in the Republic of Cyprus.

 

Should you have any questions, concerns, or require additional information about the ongoing implementation, please do not hesitate to reach out to us. We are committed to providing the necessary support and guidance to ensure a smooth and successful transition for your company.

Disclaimer

The information provided above offers a general overview of the advantages of establishing a business in Cyprus. Should you require specific guidance or consultation regarding relocating your business to Cyprus, incorporating a company in Cyprus, or any other related matters, please do not hesitate to contact us at info@antonioulegal.com.