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01-11-2021 13:42

Submission of Beneficial Owner’s (BO) details by the officials/partners of a legal entity and via the creation of a partnership profile in Ariadni

• As from today the officials / partners of a legal entity may submit on the Beneficial Owner’s register the beneficial owner’s details on behalf of their legal entity.

 • As from today the submission of the beneficial owner’s details of a partnership is also possible via the creation of a partnership profile in Ariadni. 

In order to further facilitate the process for the submission of Beneficial Owner’s (BO) details onto the Register, the Ministry of Energy, Commerce and Industry (MECI) announces that as from October 29th, 2021, the submission is also possible by the officials/partners of a legal entity.

In addition, and in respect to partnerships the process is also possible via the creation of a partnership profile in Ariadni.

Until now, a prerequisite for the electronic submission of the BO details on the register was the creation of a corporate profile for each company in “Ariadni”, which had to be authenticated by physical presence in one of the authorized identification centres (KEP, KEPO or Registrar of Companies).

With the new procedure the registration of the BO details is possible via the profile of the official or partner (either natural or legal person) of the legal entity, provided that the said profile is authenticated in “Ariadni”. In this way, an official/partner of a legal entity may submit the BO details on the register for all companies/partnerships in which he/she is appointed as an official/partner.

MECI expects that following this new release, the number of companies and other legal entities complying with their legal obligation to submit their BO details onto the BO Register will increase. It is reminded that the timeline for the submission of the BO details on the Register is March 12th, 2022.

According to the Minister of Energy, Commerce and Industry, Ms Natasa Pilides: “The Republic of Cyprus, is utilizing the tools offered by the European Union, to implement the Register of beneficial owner’s in the aim to enhance transparency, prevent and combat exploitation of companies for money laundering and terrorist financing purposes. I call on all companies that have the obligation to proceed with the submission of their BO details to do so within the time frame set, which expires on March 12th, 2022”.

In this context, all companies and legal entities that have the obligation to submit the relevant details, will receive at their registered office address a notification letter from the Registrar of Companies, informing them in detail about the process and their obligations under the law.

The methods of submission of the BO details onto the Register are as follows:

 (A) BY THE OFFICIAL /PARTNER OF A LEGAL ENTITY

(a)  When the Official or Partner is a natural person

A prerequisite for the procedure is the availability of a personal email and the creation of a natural person profile in ARIADNI, which must be authenticated either via an e-banking account or in the absence of an e-banking account, by physical presence in one of the authorized identification centres.

The identification of the natural person in “Ariadni” is achieved either with the identity number (if Cypriot citizen) or with the ARC number (for foreign residents in Cyprus). Therefore, the ID number or ARC number must be the same as the one registered in the Companies Register in order to obtain access to the BO system. The identification of a natural person via passport number is not accepted.

Steps

1. On the Ariadne website: key in the username and password of the natural person (official/ partner of the legal entity).

2. Οn the BO system: key in the registration number of the company/partnership (without the prefix HE or Σ) in which the natural person is appointed official/partner and on behalf of which the natural person will submit the BO details.

For example:

Andreas Georgiou is a partner in the partnership ANDREAS & GIORGOS GEORGIOU.

1. Access to Ariadne: username and password of Andreas Georgiou 

2. Access to the BO system: registration number of the partnership ANDREAS & GIORGOS GEORGIOU (without the Σ).

(b) When the Official or Partner is a Legal entity

A prerequisite for the procedure is the creation of a corporate or partnership email and following that the creation of a corporate profile or a partnership profile in “Ariadni”, which must be authenticated by physical presence only at one of the authorized identification centres. Following authentication of the corporate profile the following steps must be followed:

 Steps

1. On the Ariadne website: key in the username and password of the official/partner (legal entity).

2. On the BO system: Key in the registration number of the company/partnership (without the prefix HE or Σ) for which the BO details must be submitted by the official/partner (legal entity).

For example:

X Secretarial Limited is a director at A Limited.

1. Access to Ariadne: username and password of X Secretarial Limited 

2. Access to the BO system: A Limited registration number (without HE)

(B) BY CORPORATE OR PARTNERSHIP PROFILE

A prerequisite for the procedure is the creation of a corporate or partnership email and subsequently the creation of a corporate or partnership profile in “Ariadni”, which must be authenticated by physical presence only at one of the authorized identification centres. Following authentication of the corporate profile the following steps must be followed:

Steps:

1. On the Ariadne website: key in the username and password of the company/partnership for which the BO details must be submitted on the BO system.

2. On the BO system: key in the registration number of the company/partnership (without the prefix HE or Σ) for which the ΒΟ data will be registered.

For example:

Company Y Limited.

 1. Access to Ariadne: username and password of Y Limited 

 2. Access to the BO system: Y Limited registration number (without the ΗΕ)

(MG/SCH)