Ultimate Beneficial Owner (UBO) Register – Final Solution

Further to our article dated 29/10/2023, the Registrar of Cyprus Companies and Official Receiver (RoC) has announced the so-called "final solution'' system following the "intermediate solution'' system regarding the UBO register in order to comply with the European directive for the Prevention and combating of the legalization of income from illegal activities of 2021 (Κ.Δ.Π. 112/2021).

On 14th November 2023, the implementation phase of the final solution of the electronic registration system for ultimate beneficial owners has been initiated. Τhe process is expected to be completed in 2024.

How to comply and stages of implementation

Period A: 14/11/2023- 31/12/2023

Any company registered under the Cyprus Companies Law, the European public limited companies, and partnerships (their officers and/ or partners) are required to enter into the final solution system of the RoC and update and/ or re-register the UBOs, regardless of whether they have already done so