Important Notice: New Annual Compliance Requirement for Confirmation of Beneficial Owners

A new compliance requirement has been announced by the Department of the Registrar of Companies and Intellectual Property (DRCIP). Starting this year, from October 1, 2024, until December 31, 2024, and annually thereafter, all companies registered under the Companies Law, Cap. 113, European Public Limited Liability Companies (SEs), and partnerships must confirm the details of their beneficial owners (UBOs).

Why This is Important
Failing to comply with this requirement by the December 31, 2024, deadline will result in significant financial penalties. The initial fine is set at €200 for the first day of non- compliance, followed by an additional €100 for each subsequent day, capped at a maximum of €20,000. It is crucial for organizations to act promptly to avoid these penalties.

Steps for Compliance
To ensure compliance, organizations should review and confirm their BO details within the stated period.

Key Points to Remember
 Confirmation of UBO details must be performed between October 1 and December 31, 2024.
 If an initial registration, change, or other relevant action occurs during this period, the confirmation must be completed as well.
 Once confirmation is completed within the specified timeframe, it does not need to be repeated, even if subsequent changes occur after December 31, 2024.

Our team is here to provide full support in navigating this process, offering complete assistance with documentation preparation and handling the entire confirmation process on your behalf. We offer comprehensive services to ensure your compliance with this new requirement, helping you avoid any potential disruptions or penalties. With our expert support, you can have peace of mind, knowing that risks related to fines and complications are effectively managed.