{"id":7502,"date":"2024-04-09T21:00:09","date_gmt":"2024-04-09T18:00:09","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=7502"},"modified":"2024-04-09T21:00:09","modified_gmt":"2024-04-09T18:00:09","slug":"30000-companies-face-fines-for-non-compliance","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=7502","title":{"rendered":"30,000 companies face fines for non-compliance"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/30000-companies-face-fines-for-non-compliance.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Almost 30,000 companies have yet to make updated disclosures about their Ultimate Beneficial Owners (UBOs) and could face hefty fines for non-compliance, MPs said on Tuesday.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-847705166\">\n<div id=\"cypru-806433640\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-4934326947508-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>The House commerce committee again discussed the issue of the UBOs that need to be filed by corporate entities.<br \/>\nUnder a directive issued by the Registrar of Companies, all companies should have filed their updated UBO data by December 31, 2023. Companies not complying would be fined \u20ac200 on January 1, 2024, and \u20ac100 per every continuing day of non-compliance. But\u00a0following a host of complaints by the business community, that deadline was extended to the end of March\u00a0\u2013 which has since elapsed.<br \/>\nCommittee chair Kyriacos Hadjiyiannis (Disy) said that whereas most companies have complied, some 30,000 have not.<br \/>\nHe said parliament had asked the government to summon a meeting with all stakeholders to discuss the matter, but their call fell on deaf ears.<br \/>\n\u201cInstead they [the government] talk among themselves, decide among themselves, make recommendations by themselves,\u201d complained Hadjiyiannis. \u201cThey just want to bark orders and have the economy obey.\u201d<br \/>\nStavros Papadouris, an MP with the Greens, cited data provided by the Registrar of Companies \u2013 showing that of the 202,000 registered companies, 163,000 have filed their updated UBOs.<br \/>\nOf the remaining 39,000, around 10,000 are exempt from declaring their UBOs either because they had filed for deletion from the registry prior to passage of the relevant law or because they are under liquidation.<br \/>\nThat leaves about 29,000 still non-compliant. Papadouris recalled that individuals associated with non-compliant companies \u2013 such as shareholders, directors, administrators \u2013 are all legally liable.<br \/>\n\u201cWe\u2019d like to know what these companies are about, in order to understand what the problem is.\u201d<br \/>\nThe MP also recalled that the maximum fine for such non-compliance can reach \u20ac20,000.<br \/>\nDuring an earlier parliamentary discussion, MPs had urged authorities to come up with a solution fast, so that Cyprus as a whole doesn\u2019t end up getting more bad publicity over the existence of shell companies \u2013 as happened with the release of the Panama Papers.<br \/>\nAt the same time, legislators expressed concern that many small family-owned businesses might be \u201ccrushed\u201d by the severe fines for not stating their UBOs on time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almost 30,000 companies have yet to make updated disclosures about their Ultimate Beneficial Owners (UBOs) and could face fines for non-compliance.<\/p>\n","protected":false},"author":3,"featured_media":7503,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1521,186,5702,2460,33,3719,1776,3,2369,1381,672,26,2459,5576,1594,250,3330,415,5679,1346,3331,5722,1799,1592,1354,5721],"class_list":["post-7502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-1521","tag-business","tag-committee","tag-community","tag-companies","tag-complaints","tag-compliance","tag-cyprus","tag-data","tag-deadline","tag-disy","tag-economy","tag-family","tag-fine","tag-fines","tag-google","tag-google-news","tag-government","tag-law","tag-meeting","tag-news","tag-non-compliance","tag-parliament","tag-registered-companies","tag-release","tag-ultimate-beneficial-owners"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>30,000 companies face fines for non-compliance<\/title>\n<meta name=\"description\" content=\"fines. 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