Following previous announcements by both the Department of the Registrar of Companies and the CCCI, please be informed that, according to an announcement by the Registrar of Companies (attached), the Department wishes to draw the attention of companies incorporated or registered under the Companies Law, Cap. 113, to European Public Limited Companies (SE), and to partnerships or their officials/partners who have not yet updated the Register of Beneficial Owners (RBO), to promptly take the necessary actions to update it. Failure or delay in updating the register will result in financial penalties as stipulated/defined in Directive K.D.P. 112/2021, as amended and in force.

The details concerning the Beneficial Owners of the companies who are the natural persons who ultimately own or control the companies, and this specific obligation is provided by the European Council’s Anti-Money Laundering Directive.

According to the law, if a company has not complied within the stipulated time, it (and its directors and secretary, on a personal level) is subject to a financial penalty of €200 on the first day, and €100 for each subsequent day of continued non-compliance, with a maximum total penalty of €20,000 per beneficial owner.

In cases where you encounter any technical issues in submitting your application, it is recommended to contact the Department of IT and Technical Support at: kpanayi@drcor.meci.gov.cy mmenelaou@drcor.meci.gov.cy, aprodromou@drcor.meci.gov.cy for investigation of the matter, providing all the evidence you have at your disposal.

We also remind you that, regardless of any changes in the company’s officials during a year, as a company you have the obligation to confirm the Beneficial Owners of the Company annually, between the dates 1/10/… – 31/12/…. 

PDF Circular – Reminder for updating the Register of Beneficial Owners based on new information.

Following our circular dated July 26, 2024, on the necessity of the Green Transition in Cypriot Businesses, we inform you that the Department of Environment, aiming for further supporting of businesses in adopting sustainable practices, is once again extending the application deadline for the “Grant Scheme for Encouraging the Reduction of Greenhouse Gas Emissions in Businesses.”
The new deadline is set for Monday, September 30, 2024, or until the available budget of €5,000,000 is exhausted (whichever comes first).
Eligible applicants are large and small businesses (SMEs) that meet the eligibility criteria. The maximum grant amounts and support rates are as follows:

(a) Large Businesses: 60% up to €18,500
(b) Medium Businesses: 70% up to €15,500
(c) Very Small/Small Businesses: 80% up to €11,500

Interested parties are advised to carefully review the Scheme’s Implementation Guide, the application form, as well as all announcements posted on the Department of Environment’s website, at the following electronic links:
Greenhouse Gas Emission Reduction (moa.gov.cy)
Scheme Forms

Questions and clarifications can be submitted via email to: supportscheme@environment.moa.gov.cy

PDF Circular – Grants Scheme for Encouraging Reduction of Greenhouse Gas Emissions in Businesses

The Cyprus Chamber of Commerce and Industry would like to inform you that the inaugural edition of the “CII India Mediterranean Business Conclave 2024”, will take place in the city of New Delhi, between the 6th and 7th September 2024. The objective of the Conclave is to deliberate on the need for strategic integration of better trade and economic prospects as well as an open and facilitative environment to encourage business.

To this end, we extend a cordial invitation to any interested companies to join the “CII India Mediterranean Business Conclave 2024”. Your participation would not only underscore the importance of fostering international relations but also provide a platform for meaningful exchanges, advocacy, and networking opportunities.

For more information you can contact the International Relations & Economic Diplomacy Department of the CCCI: Tel. 22 889718 / 22 889706 Email: stavri@ccci.rog.cy / lily@ccci.org.cy or click on the following link: https://ciiindiamediterraneanconclave.com/

PDF Circular – Publication of European Standards – CEN & CENELEC

We would like to inform you that the Cyprus Chamber of Commerce and Industry (CCCI) has signed a Cooperation Protocol with the Hellenic-German Chamber of Commerce and Industry. This partnership aims to foster closer collaboration between the two chambers for the benefit of our members, leveraging the expertise and international connections of both organisations.
The Hellenic-German Chamber, with a history spanning 100 years, offers a wide range of services and activities to support both domestic and international initiatives, through a Global Network of Bilateral German Chambers present in 93 countries, representing over 51,000 member companies worldwide. Specifically, it provides consultancy services for market entry, training seminars on international trade practices, and networking services with investors and business partners.

The goal of this collaboration is to enhance the participation of Cypriot and Greek businesses in international exhibitions and business missions organised by the Hellenic-German Chamber. Participating businesses will have the opportunity to increase their international presence, promote their exports, and establish partnerships with foreign companies.

Here, you will find the Exhibition Calendar for the period 2024-2027, as well as the Business Missions plan for 2024 and 2025, organised by the Hellenic-German Chamber.

Interested businesses can express their preliminary interest in participating in any of the listed Exhibitions/Missions, either through the CCCI or directly with the Hellenic-German Chamber, by selecting the exhibitions that interest them so that further information will be then sent to them for a final decision.

To take advantage of these opportunities, we will keep you continuously informed about the announcements of various exhibitions/missions and will be available to assist you with all the procedural aspects related to your participation.

For more information, you can contact Mr. Michalis Koullouros, CCCI Officer, at tel. 22889748, or via email. m.koullouros@ccci.org.cy

Circular PDF- CCCI Cooperation with the Hellenic-German Chamber

PDF – Missions and Trade Fairs