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BRIEFINGS

Register of UBOs of companies and other legal entities

On 04/06/2021 the Registrar of Companies issued an instruction in relation to the establishment of the Register of UBOs (Registration of beneficial owner particulars) and the possibility of registering such beneficial owner particulars by the Officials (natural and legal persons) of a company. The Registrar of Companies confirmed that their aim is to facilitate this by October 2021.

Speeding up the UBO data collection process is an absolute necessity for the Republic of Cyprus since it is a presumption to the European authorities of the Republic's commitment to measures of enhancing transparency, while at the same time it is necessary for the implementation of the European System of the Beneficial Ownership Registers Interconnection System (BORIS).

To this end, and until the public is given the possibility of electronic identification of company officials, the online registration of UBO data may be carried out by the legal entity itself (through the creation of a corporate profile.)

Creation and identification of the profile:

  1. The creation of the profile is done online through the CY Login service of the Ariadne system.
  2. The identification of the profiles of the officials who are natural persons can be achieved either Online via e-banking (through the website of Ariadne) or by physical presence.

In case a natural or a legal person is appointed as an official in many companies, this person will be able to submit in the system the details of the beneficial owners of all the companies in which he serves.

Procedure for the identification of legal persons (companies)

The documents that should be presented are as follows:

  1. Certificate of incorporation of company
  2. Authorisation by the company (required only if the procedure is going to be carried out by a person other than an official of the company), authorising that person to submit the relevant documents on behalf of the company)
  3. Identity of the person presenting the documents (for identification purposes)

Email confirmation of ARIADNE profile registration with a 16-digit code.