Insider
It is now possible to register in the Register of Real Beneficiaries by the officials / partners of a legal entity. The process of registration in the Register of Real Beneficiaries is possible from today for the cooperatives through the creation of a cooperative profile in “Ariadne”.
In order to facilitate the companies for registration of the data in the Register of Real Beneficiaries, from October 29, 2021, the Ministry of Energy, Trade and Industry (YEEB), the possibility of registration in the Register and by the officials / partners of a legal entity.
At the same time, from October 29, 2021, it is possible to register in the Register of Real Beneficiaries through the creation of a cooperative profile in “Ariadne”.
Until now , a prerequisite for the electronic registration of the real beneficiaries was the creation of the company profile for each company in the Government Electronic Portal “Ariadne”, through identification with physical presence in an authorized identification center (KEP, KEPO or Registrar of Companies).
The new simplified procedure additionally enables the registration of the details of the beneficial owners by the officials or the partners (natural or legal persons) of a legal entity. Therefore, officials or partners of legal entities, provided that they have an identified profile in “Ariadne”, can proceed to the registration of beneficial owners for all companies or cooperatives in which they hold the role of official or partner. In addition, for the first time, it is possible to create a cooperative profile for the purpose of registering, through it, the data of the real beneficiaries.
The Ministry of Foreign Affairs expects that after the publication of this option for creating a profile in “Ariadne”, the flow of companies and other legal entities will increase, which will proceed with the implementation of their obligation to register the real beneficiaries in the Register.
It is reminded that the last date of entry of these data in the Register is March 12, 2022 .
The Minister of Energy, Trade and Industry Ms. Natasa Pileidou states in a statement: “The Republic of Cyprus, utilizing the tools offered by the European Union, implements the Register of Real Beneficiaries in order to enhance transparency, prevent and combat exploitation companies for money laundering and terrorist financing. I call on all companies that have the obligation to proceed with their registration within the time frame that has been set and which expires on March 12, 2022 “, concludes Ms. Pileidou.
It is noted in this regard, that all companies and legal entities that are required to register in the Register, will receive within the next few days a letter from the Registrar of Companies which will be informed in detail about the process and generally their obligations under the law.
For the convenience of the interested parties, the ways of submitting the data of the real beneficiary are analyzed below.
(A) BY AN OFFICER OR PARTNER
(a) When the Officer or Partner is a natural person
A necessary condition is the acquisition of personal e-mail (email) and then the creation of a profile of the natural person in “Ariadne”, which must be identified either through e-banking or by physical presence in the authorized identification centers if the natural person does not have e- banking account.
The identification of the natural person in “Ariadne” is done either with the identity number for Cypriot citizens or with the ARC number for foreigners.
Therefore, the ID number or ARC number must be the same as the one registered in the Companies Register to access the Real Beneficiary system. The identification of a natural person with a passport number does not apply.
Steps :
- Access to the “Ariadne” website: Enter the “username” and the “password” of the natural person who is an official or a partner. Access to the system of Real Beneficiaries: Enter the registration number of the company or cooperative (without the prefix “UN” or “S”) in which the natural person is appointed as an official or partner and wishes to enter the details of the beneficial owner on its behalf company or cooperative.
For example :
Andreas Georgiou is a partner in the cooperative ANDREAS & GIORGOS GEORGIOU.
- Access to “Ariadne”: “Username” and “password” by Andreas Georgiou. Access to the system of Real Beneficiaries: Registration number of the cooperative ANDREAS & GIORGOS GEORGIOU (without the prefix “S”).
(b) When the Officer or Partner is a legal entity
A necessary condition is the creation of a corporate email or cooperative email and then the creation of a corporate profile or cooperative profile in “Ariadne”, which must be identified only by physical presence in the authorized identification centers.
Steps:
- Access to the “Ariadne” website: Enter the “username” and the “password” of the legal entity that is an official or a partner. Access to the Real Beneficiary system: enter the registration number of the company or cooperative (without the prefix “UN” or “S”) in which the legal entity is appointed as an official or partner and wishes to enter the details on behalf of the company or cooperative.
For example :
X Secretarial Limited is a director at A Limited.
- Access to Ariadne: username and password of X Secretarial Limited Access to the PD system: registration number of A Limited (without the prefix “UN”)
(B) THROUGH A COMPANY PROFILE / COOPERATIVE
Necessary condition is the creation of a corporate email or cooperative email and then a corporate profile or cooperative profile in “Ariadne” which must be identified by physical presence only in one of the authorized identification centers.
Steps :
- Access to the “Ariadne” website: Enter the “username” and the “password” of the legal entity for which the data will be registered. Access to the system of real beneficiaries: Enter the registration number of the legal entity (company / cooperative) for which the data will be registered without the prefix “UN” or “S”.
For example :
Company Y Limited.
- Access to “Ariadne”: Username and password of Y Limited. Access to the system of Real Beneficiaries: Registration number of the company Y Limited (without the prefix “UN”).
