By way of a recent development and announcement by the official website of the Registrar of Companies, three exemptions will be applied to the obligation to register and disclose the beneficial owner of companies. These exemptions apply to actions listed below which were taken before 12/03/2021 as follows:
- Application to strike off the company, where the relevant date is the date of submission of the application to the Registrar;
- Voluntary liquidation, where the relevant date is the date of the Resolution approving the liquidation of the company;
- Liquidation by court order, where the relevant date is the date of submission of the application for liquidation with the court.
Any companies that had received a letter by the Registrar instructing them to register their beneficial owners’ details were requested to ignore it.
Moreover, the Registrar announced that in the following two cases, the obligation to record the beneficial owner, still remains on the Companies, as follows:
- Companies without officials after 12/03/2021; and
- Companies that have applied for strike off (Art. 327 (a) Companies Law Cap.113) after 12/03/2021.
We note that the timeframe for submission of beneficial owners’ details has been extended to 12th March 2022, as mentioned also in our last month’s article (https://solsiduslaw.com/attorney-generals-opinion-on-disclosure-of-beneficial-owners-of-partnerships/).
For any clarifications or assistance with registration beneficial owners’ details with the Registrar of Companies, feel free to speak to Tatiana Marchuk or Chara Paraskeva at [email protected]