The Department of the Registrar of Companies and Intellectual Property announced that as of 14 November 2023, the Final Solution of the electronic system of the Register of Beneficial Owners (the “Register”) will be implemented gradually, as follows:
Period A (14 November 2023 to 31 December 2023):
During Period A, all Companies registered as per Companies Law, Cap. 113, all European Companies (SE) and all Partnerships (altogether the “Entities”) or their Officers/ Partners (as the case may be) will need to verify the information submitted with the Register during the Interim Solution or update it if changes have occurred in the meantime. No penalties will be imposed during this period.
Period B (1 January 2024 to 29 February 2024):
On 1 January 2024, the imposition of penalties in connection with any Entities that have not verified or updated the information as required during Period A will commence.
Specifically, non-compliant Entities and their Officers/ Partners will be subject to:
- A one-off penalty of two hundred euros (€200) will be imposed on 1 January 2024; as well as
- a further penalty of one hundred euros (€100) for each day thereafter with a maximum total penalty of twenty thousand euros (€20,000).
Period C (1 March 2024 onwards):
All features of the Final Solution will be in full force, including:
- All changes to the information reported with the Register for a certain Entity need to be updated within 14 days from the time such Entity or its Officers/ Partners become aware of the changes.
- All Entities are required to verify the information submitted with the Register annually, during the month of December. The annual verification process is mandatory irrespective of whether there were changes submitted to the Register during the year or not.
How can we assist you?
Altus Citadel is CYSEC licenced corporate services provide who can assist you with corporate and privacy matters, ranging from company incorporation, documentation in the corporate and legal field, to complex corporate transactions and multi-faceted privacy issues. If you required assistance with the submission of your company’s information, feel free to contact us at: marketing@altuscitadel.com.
