registered companies

Japan sanctions Cyprus-registered firms over alleged Russia support

by
Japan sanctions Cyprus-registered firms over alleged Russia support

Two Cyprus-registered companies, IBEX Shipping and Azia Shipping, have been sanctioned by Japan for allegedly aiding Russia’s invasion of Ukraine. The sanctions target a total of 12 entities and individuals, including the two Cypriot firms, which are registered in central Nicosia. Japanese authorities believe these entities facilitated the arms trade between North Korea and Russia, strengthening Russia’s military capabilities and potentially supporting its war efforts in Ukraine.

30,000 companies face fines for non-compliance

by
30,000 companies face fines for non-compliance

Almost 30,000 companies have yet to make updated disclosures about their Ultimate Beneficial Owners (UBOs) and could face fines for non-compliance.

Probe into suspicious share transfers in spyware affair

by
Probe into suspicious share transfers in spyware affair

The anti-money laundering unit (Mokas) is investigating suspicious transfers of shares in Cyprus-registered companies linked to the Predator spyware affair.

Thousands of companies face hefty fines

by
Thousands of companies face hefty fines

Out of approximately 230,000 registered companies in Cyprus, only 140,000 have updated their records regarding their ultimate beneficial owners (UBOs) as required. Companies that do not comply with this requirement by the extended deadline of March 31, 2023, could face fines starting at €200 on January 1, 2024, and accumulating at a rate of €100 per day of non-compliance, potentially reaching up to €20,000. Many companies have found it difficult to update their UBO information due to various reasons, including the inability to contact UBOs who are in Ukraine or Russia. Additionally, around 70,000 of the 90,000 entities that have not updated their UBO records have filed for deletion from the registry, but tax authorities and banks have not consented to many of these deletions. There has been criticism of the Registrar of Companies for not implementing electronic signatures, which has contributed to inefficiencies. Concerns have been raised about the potential impact of the fines on family businesses, especially given the short time frame until the deadline.