Extension of time for the submission of beneficial ownership data to the register of Beneficial Owners of Companies and other legal entities

Following previous announcements of both the Department of Registrar of Companies and the Cyprus Chamber of Commerce and Industry, you are informed that according to today’s announcement of the Registrar of Companies, and following efforts by the CCCI, the Department announces that the time of registration of the data of Beneficial Owners in the register of Beneficial Owners of Companies and other legal entities is extended until 31.03.2024 by decision of the Minister of Energy, Commerce & Industry, without any charge.

The proposal concerns all companies registered with the Registrar of Companies, including Public Companies and Trusts.

Based on an opinion of the Attorney General’s Office, the competent ministry is allowed to reimburse the financial charges imposed and collected on those businesses that did not proceed in time to the registration of their data.

The data concerning the Beneficial Owners of companies are the natural persons who have the ultimate ownership or control of the companies. The European Anti-Money Laundering Directive of the European Council provides this obligation.

By law, if a company does not comply on time, it is subject (itself and its directors and secretary, on a personal level) to a financial charge of €200 on the first day, while for each day of the continuation of the infringement it is charged with €100, with a maximum total charge of €20,000 per beneficiary.

PDF Circular – Extension of submission of beneficial ownership data and penalties returns

Embrace the opportunity for potential business collaborations in Cyprus

We would like to inform you that the Cyprus Chamber of Commerce and Industry, on the 6th – 9th of March 2024, will organize a Matchmaking Event (B2B meetings) with the support of the Enterprise Europe Network Cyprus, during the Cyprus Diaspora Forum 2024 in Limassol. 

The Cyprus Diaspora Forum is a unique 4-day event that brings together Cypriot diaspora communities, influential figures from Cyprus’ public and private sectors, media, academia, and civic society. The event aims to recognize and promote the significance of Cyprus’ diaspora while fostering stronger relations through entrepreneurship, innovation, philanthropy, and cultural engagement. 

The EEN Matchmaking Event involves pre-arranged bilateral meetings that give the opportunity to local companies to meet and discuss foreign companies intending to invest in Cyprus. This networking is done in advance through a special platform where local companies are given the opportunity: 

• to promote their cooperation proposal through a short description (sector/category, purpose, characteristics, etc.)
• to foreign companies/organizations looking for innovative business, technology and research projects to invest in Cyprus.

Private meetings for more in-depth discussion take place in a specially designed space at the Cyprus Diaspora Forum. The meetings will take place in a designated area and will be arranged in advance. The event is open to local companies, start-ups, entrepreneurs, research institutions, universities, and other organizations of any field as the Forum covers a variety of different sectors.

The event is open to local companies, start-ups, entrepreneurs, research institutions, universities, and other organizations of any field as the Forum covers a variety of different sectors.

Topics addressed?

• The role of Diaspora
• Hospitality and Tourism
• Health and Wellness
• Media
• Culture and Arts
• Film, TV and Drama
• Sports
• Literature
• Education
• Social Conscience
• International Relations
• Finance
• The Legal Chapter
• Energy
• Shipping Industry
• Real Estate
• Entrepreneurship and the Future of Businesses

Why participate?

• Connect with prominent business professionals, talented Cypriot Diasporans, HNWIs, and foreign investors interested in Cyprus’ growth sectors
• Network with local and international communities eager to engage with Cypriots of the diaspora
• Present your technologies/project ideas/services
• Discuss the development of business, technological and/or research collaborations

How it works?

• Register HERE and publish a business profile to showcase your products, projects, services or business needs to event participants
• Browse the participants’ list and book meetings with companies you are interested in
• Before the event you will receive an Agenda – complete schedule of your meetings during the event

Cost

Participation at the EEN Matchmaking Event (B2B meetings) is free of charge, however it is essential to acquire a ticket for admission to the Cyprus Diaspora Forum.

For Cyprus Diaspora Forum tickets please click HERE. For Free Registration to the EEN Matchmaking Event please click HERE

PDF Circular – Cyprus Diaspora Forum 2024

Public Consultation and Public Presentation by the Department of Environment on the Law Establishing a Greenhouse Gas Emissions Trading System

We would like to inform you that the Department of Environment has announced the commencement of the Public Consultation on the Harmonization Bill entitled “Law Amending the Laws on the Establishment of a Greenhouse Gas Emissions Trading System of 2011, 2012, 2015, and 2020.”

As part of the public consultation, a public presentation will be held on Wednesday, February 14, 2024, at 9:30 a.m. in the multipurpose room at the central building of the Ministry of Finance.
The draft law harmonizes national law with Directive (EU) 2023/959 of the European Parliament and of the Council amending Directive 2003/87/EC. With this amendment, the transport and building heating sectors are integrated into the Emissions Trading System (ETS). The presentation will include the draft harmonization bill and the impact assessment study.

Find the draft Harmonization Bill by clicking here.

For more information regarding the public consultation, the event, and to declare your participation, you may contact Ms. Chrysτalla Papastavrou, Environmental Officer A’ at tel. 22408962 or via email cpapastavrou@environment.moa.gov.cy , and Mr. Philipος Philippou, Environmental Officer, at tel. 22409102 or via email ffilippou@environment.moa.gov.cy .

PDF Circular – Public Consultation and Public Presentation by the Department of Environment

We would like to inform you that the Ministerial Council has approved the new ‘Grant Scheme for the Promotion of Renewable Energy Sources and Energy Efficiency in Residences 2024-25’.

The proposed Grant Scheme includes subsidies for the installation of photovoltaic systems and/or roof insulation in existing residences.

PDF Circular – New Grant Scheme for the Use of Renewable Energy Sources

Το City Unity College Nicosia, ανακοινώνει την παροχή προπτυχιακών και μεταπτυχιακών υποτροφιών για το Εαρινό εξάμηνο 2024, προς όλα τα μέλη και το προσωπικό του Κυπριακού Εμπορικού και Βιομηχανικού Επιμελητηρίου, και μέλη των οικογενειών τους.

PDF – City Unity College Nicosia Scholarships