Tag: corporate services

registration of ultimate beneficial owners Cyprus companies

Registration of beneficial owners data to avoid imposition of fines

Posted on | by [email protected]

The Department of the Registrar of Companies and Intellectual Property, following its announcement on the Functioning of the Register of Beneficial Owners in the interim solution, and in view of the imminent implementation of the final solution of the electronic system of the Register of Beneficial Owners, which is expected around the end of October 2023, invites all companies incorporated or registered under the Companies Law, Chapter 113, the European public limited liability companies (SE) and Cooperatives as well as their officers/partners, if they have not already done so, to register the details of their beneficial owners in the Register of Beneficial Owners of Companies and other legal entities maintained by the Department, in order to avoid the imposition of a monetary burden and/or the initiation of criminal proceedings due to non-compliance. The deadline is on 30th of September 2023.

In addition, following the start of the final solution, a period of one month will be granted for confirmation and completion of the information that has been registered in the system of the interim solution and will have been transferred to the final system by all entities. During this period, requests for information release exemptions should be filed along with reasons for exercising due diligence.

It is pointed out that, at the end of the one-month period, the automatic imposition of fines through the final solution of the electronic system of the Register of Beneficial Owners for the non-compliant companies will begin.

It is reminded that, regardless of the criminal responsibility or prosecution of any person, in case of non-compliance the company or other legal entity and each of its officials are subject to a fine of two hundred euros (€200) and a further fine of one hundred euros (€100) for each day of continued infringement with a maximum total charge of twenty thousand euros (€20,000).

Our firm has extensive expertise on the matter and would be pleased to assist your organization to meet its compliance requirements.

For further inquiries and assistance, please contact us and we will get back to you.

Tax incentive expenditure

TAX INCENTIVES FOR EXPENDITURE ON RESEARCH, DEVELOPMENT AND INNOVATION

Posted on | by techlink

On 18 May 2022, the government approved a tax deduction of 20% for legal entities and individuals investing in research, development and innovation, in a campaign to support the growth and competitiveness of Cyprus as a business and technology hub.

The tax deduction would be valid for three years, starting from tax year 2022. This is the second pillar of incentives followed by the incentives for headquartering being part of the scheme to attract foreign investments and businesses to Cyprus.

Following the recent geopolitical developments as well as other global factors, Cyprus has been experiencing an influx of high-tech and other companies which choose the island as a base for their operations or for relocating a part of those together with the respective human capital.

Cyprus is an emerging hi-tech jurisdiction, and such initiatives are likely to produce long term tangible results, assisting in both the island’s prosperity as well as that of the investors located here.