Based on the announcement issued by the Registrar of Companies on the 10th of November 2023, the Final Solution of the electronic system of the Beneficial Owner Register begins on the 14th of November 2023. The implementation is divided into three phases:
- Period A: 14/11/2023 – 31/12/2023
All the Companies registered under the Companies Law CAP 113, all the European Public Companies SE and all the Partnerships, must submit/ re-registered their Beneficial Owners, even if they have already done so in their interim solution period.
For re-registered purposes, the data already submitted will be shown “Information from Interim Solution” and the users will be able to check and re-register. During this period no fines will be applicable.
- Period B: 01/01/2024 – 29/02/2024
The Companies registered under the Companies Law CAP 113, all the European Public Companies SE and all the Partnerships, that will submit/ re-registered their Beneficial Owners, even if they have already done so in the Interim Solution period, will be imposed fines. After the fine is settled, the above-mentioned organizations will be able to delete/ amend, without the imposition of any further fines.
The organizations that will submit/ re-register their Beneficial Owners within Period A, will be able to delete/ amend, without the imposition of any fines.
- Period C: 01/03/2024 and onwards
During this period the provisions of the Directive Κ.Δ.Π. 112/2014 as amended enter into force:
- Update of the Beneficial Owners’ Registrar
- Confirmation of the Beneficial Owners
- Inconsistency
- Electronic Search on the Beneficial Owners’ Registrar
- Application for the exception of data publication
- Application for access to minor’s data
- Calculation of fines – where applicable.
Please feel free to contact our Team directly for more information or assistance you may need.