Following the enactment of the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)/2007 on 18/02/2021 (the “Amending Law”), every company and/or other legal entity incorporated in Cyprus is required to maintain adequate information about its ultimate beneficial owners (the “UBOs”) and this information needs to be submitted to central registry operation of real beneficiary companies and other legal entities (the “Register”). The Registrar of Companies has been appointed as the competent authority for the maintenance of the Register.
The aim of this Amending Law and how one should register UBOs on the Register is for a more adequate way to provide company transparency and generally for a faster and smoother approach to a more online-based system.
Creation and identification of the profile:
In order to obtain access to the e-system of beneficial owners each company must create a corporate profile in the Ariadni system.
Companies will be given the option to have the details of their UBOs submitted by the officials of the company (director/secretary), either natural or legal person. The official will also be in a position to submit the relevant UBO details for all the companies in which he acts as an official. The date of implementation will be announced in due time and relevant guidance will be published.
Identification of legal persons (companies):
Various documents should be submitted by the legal person at a designated Citizens Services Center after arranging a relevant appointment.
For more information and/or assistance please do not hesitate to contact us.