Extension of Registration Deadline for Entities Established or Registered Pre-1974: Register of Ultimate Beneficial Owners
Excellent news by your Cyprus Lawyers advising that the Department of Registrar of Companies and Intellectual Property has issued a critical announcement regarding the extension of the deadline for registering details in the Register of Ultimate Beneficial Owners. This announcement, dated March 29, 2024, carries significant implications for companies and legal entities falling under specific criteria.
Extension of Registration Deadline
The announcement highlights that the deadline for registering details in the Register of Ultimate Beneficial Owners, administered by the Department, has been extended. This extension specifically applies to companies or legal entities that meet the following conditions:
Established or registered before August 14, 1974.
Had its registered office, place of business, or entire property situated in an occupied or inaccessible area.
Has not operated subsequently in the free areas.
Falls under the category of companies as defined in Article 391A of the Companies Law Chapter 113 and Note 2 of Law N.149(I)/1999 Special Provision.
Rationale for Extension
- Kouzalis LLC, lawyers in Cyprus advise that the extension of the registration deadline is attributed to the unique nature of these specific companies and legal entities. This extension provides them with additional time to comply with the registration requirements outlined in the aforementioned laws and provisions.
New Deadline: September 30, 2024
As per the announcement, the new deadline for registering details in the Register of Ultimate Beneficial Owners for the eligible companies and legal entities is September 30, 2024. It is imperative for these entities to utilize this extended period to ensure their compliance with the regulatory framework.
Consequences of Non-Compliance
Cyprus Legal Advisors, G. Kouzalis LLC, informs that the announcement underscores the consequences of non-compliance beyond the extended deadline. Effective from October 1, 2024, entities failing to register their details in the prescribed manner will face administrative and other sanctions. These sanctions will be imposed in accordance with the provisions outlined in the Anti-Money Laundering Law and the Prevention and Suppression of Money Laundering Activities Law 112/21, as amended and currently in force.
Conclusion
In conclusion, the extension of the registration deadline provides a crucial opportunity for eligible companies and legal entities to fulfill their obligations under the regulatory framework. It is imperative for affected entities to take timely action to ensure compliance and avoid the potential repercussions of non-compliance post the extended deadline.
At G Kouzalis LLC, our dedicated team of legal professionals in Cyprus is here to provide you with reliable and expert assistance regarding the compliance and company obligations.. Whether you need legal advice, representation, or support with complex matters, we are committed to serving your needs with integrity and professionalism.