Deadline to Submit the Beneficial Owners Data to the Register of Beneficial Owners

On 1st of September 2023, the Department of Registrar of Companies and Intellectual Property announced that;

“All companies that have been incorporated or registered according to Companies Law Cap. 113, the European public limited liability companies (SE) and the Partnerships as well as their officers/partners, if they have not already done so, to submit the details and information of their beneficial owners on the Register of Beneficial Owners of Corporate and Other Legal Entities by September 30, 2023, in order to avoid the imposition of fines and penalties and /or the initiation of criminal proceedings due to non-compliance.

In addition, with the launch of the final solution system, one (1) month period will be given for confirming and completing the data that have been submitted to the interim solution which will be migrated onto the final solution, from all entities.

It is highlighted that, at the end of the one (1) month period, the automatic imposition of fines and penalties for the non-compliant companies will commence through the final solution of the electronic system of the Register of Beneficial Owners.

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 further information please contact us via email at info@zambartaslegal.com or via telephone +357 22262108.