PK BUSINESS BANNER 01.12.2021 01

Implementation of the Final Solution of UBO Register. Submission by December 31st, 2023


The Registrar of Companies and Intellectual Property has announced the commencement of the implementation of the final solution of the electronic system of the Register of Beneficial Owners calling all the Cyprus Register entities to comply with the provisions of the relevant Directives which was incorporated in the local legislation for The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2021, and its enactment with the operation of the register of beneficial owners of corporate and other legal entities.  

The implementation of the final solution of the electronic system will began on the 14th of November 2023 through https://ubo.meci.gov.cy/ in which all registered of Government Gateway Portal (CyGov/ Ariadni) can login. The final solution of the electronic system of the UBO Registry will be implemented in its entirety within 2024.

Phase A as from 14/11/2023 – 31/12/2023

All companies established or registered under the Companies Law, Cap.113, all European Public Limited Liability Companies (SE) and all Partnerships (hereinafter refer as “Organizations”) or their officers/partners, are invited to enter the system of the final solution and proceed with “Action” (“Έναρξη”) of the Initial Registration, to update and re-register their UBOs, even if they have already done so through the interim solution system. For re-enrolment purposes, the latest information submitted through the interim solution will also appear.

This 1st face will last from 14/11-31/12/2023 and during the said period no fines will be imposed.


Phase B as from 1/1/2024 – 29/2/2024


Fines will be imposed to all organizations or their officers/partners who did not comply as described in Phase A, by submitting the details of their UBOs through the final solution, even if they have already submitted the details through the interim solution system. The fines will be valid as from 1/1/2024 up until the date of the submission. The submission will take place following the payment of the imposed fine. Organizations that have complied in accordance with Phase A during the said time frame, will be able to amend, and re-submit without any financial burden.

Phase C as from 1/3/2024 – onwards

During the Phase C, all actions based on the Directive (Κ.Δ.Π. 112/2021), as amended, will be available as follows:

  • Updating the Register of Beneficial Owners,
  • Confirmation of the details of the Beneficial Owners submitted,
  • Mismatching submitted information,
  • Electronic Search in the Register of Beneficial Owners,
  • Request for exemption from disclosure information,
  • Request to access details of a minor (as submitted with the UBO Registry),
  • Calculation of fines and charged (if applicable) submit without any financial burden.


It is reminded that, notwithstanding the criminal liability or prosecution of any person, in the event of failure to comply, the corporate or other legal entity and each of its officers shall be subject to a fine of two hundred Euros (€200) and a further fine of one hundred Euros (€100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).

For any clarifications or inquiries related to the Register of Beneficial Owners, you can visit the Register of Beneficial Owners section which contains detailed information on the process of creating and authenticating profiles, submitting BO details, imposition of fines, FAQ’sguidancelegislationYou may find relevant announcement here.


The Next Step. What can we do for you? We are at your disposal to provide clarifications on the procedure and related services.

P. Kalopetrides & Co,  Contact us now: This email address is being protected from spambots. You need JavaScript enabled to view it. | +357 22 669017


Newsletter Subscriber

Photos From Office

Office Locations

Head office

2 Christ. Sozos Str. Eiffel Tower, 1096 Nicosia, Cyprus
P.O.Box 21855, 1514 Nicosia, Cyprus

Click here for 2GIS Directions

Click here for Google Maps Directions

District  offices

Limassol / Lemesos
Paphos / Pafos