Attention to all business entities in Cyprus! The Cyprus Registrar of Companies has announced a crucial obligation for all registered entities to confirm the details of their ultimate Beneficial Owners (BOs) in the Beneficial Owners Register (BOR). Here’s what you need to know:

🔹 Confirmation Period: October 1 – December 31, 2024
🔹 Who is Affected: Companies under Companies Law, Cap. 113, European Public Limited Companies (SEs), and Cooperatives

If you have had any changes or updates to your BOs during this period, make sure these updates are completed before proceeding with the confirmation.

🚨 Non-compliance Penalties:

• €200 on the first day of delay
• Additional €100 for each subsequent day
• Maximum penalty of €20,000
  This applies to both the company and its officers, regardless of any potential criminal liability.

At Optiplan Constancy Services, we’re here to help our clients through this mandatory process within the specified period, aiming to avoid any penalties. However, remember that the responsibility ultimately rests with the officials and BOs of each legal entity.

🔔 Action Required:

• Promptly communicate any changes in UBO details so we can update the BOR accurately.
• Expect an email confirmation with proof of filing from us. If you haven’t received it by November 30, 2024, please get in touch with our office immediately to avoid penalties.

For any questions, feel free to contact us. Let’s ensure complete compliance together!

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