The Registrar of Companies, Irene Mylona-Chrysostomou, considers the compliance rate of companies in Cyprus with the legal obligation to update the special Registry with the names of their beneficial owners (owners) to be very high.
The deadline for registering names in the Registry without a fine ended on 31st March, and from 1st April, companies that did not comply were fined, with the fine increasing on a daily basis.
Speaking recently on the Morning Schedule, the Registrar of Companies stated that by 31st March, 165,000 companies out of a total of 210,800 registered companies had complied and registered the names of their beneficial owners.
Approximately 50,000 companies have not complied, but a significant percentage of these are in the process of being deleted.
Another 6,500 companies had requested their deletion in advance and will not be penalised financially.
The fine amounts to €200 per company that did not comply by 31/3.
An additional €100 is also imposed for each day that non-compliance continues. The total fine for companies or their officials can reach up to €20,000.
