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The Registrar of Companies and Intellectual Property invites all companies incorporated or registered under the Companies Act, Cap. 113, all European Public Limited Liability Companies (SEs) and all Partnerships or their officers/partners to enter the Beneficial Ownership Register system by 31 March 2024 and to take the following actions:
[*]Registration of Beneficial Owners. [*]Declaration of their exemption in accordance with Article 3(1) (a), (b) of Directive KD112/2021, as amended and in force. [*] Exercise of the right of Due Diligence where and when applicable.
Further, the Registrar clarifies that. [*]Companies that have registered a delisting application prior to March 12, 2021 are exempt from the requirement to register the information of Beneficial Owners. [*]Companies which are in the process of deregistration and this has not been completed either because they are not in compliance with their obligations to the Department or to other Departments/Services are required to register the details of Beneficial Owners within the prescribed time limit, i.e. by March 31, 2024. [*]Turkish-owned companies, pursuant to Note 2 of Special Provision 149(I)/1999 and 391(A) of Corporations Chapter 113, are required to register the information of the Beneficial Owners within the prescribed period, i.e., by March 31, 2024. [/LIST]
Finally, it is emphasized that as of April 1, 2024, the fines and other penalties shall take effect in accordance with the provisions of the Prevention and Combating of Money Laundering Act and Directive KD112/2021, as amended and in force.
(NG/AF/MS)
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