16 Oct Confirmation of Ultimate Beneficial Owner information in the Register of UBO
The Department of Registrar of Companies informs that all companies incorporated or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE), and all Partnerships or their respective officers / partners are required to confirm the information of their ultimate beneficial owners (UBOs) or their senior management into the Register of Ultimate Beneficial Owners kept by the Registrar of Companies.
If the information is not confirmed by the 31 December 2024 regardless of any criminal liability or prosecution of any individual, the organisation and each of its officers / partners will be subject to a financial penalty of two hundred euros (€200) on the first day and an additional one hundred euros (€100) for each day the violation continues, with a maximum total penalty of twenty thousand euros (€20,000).