Foreign Company (Branch) In cyprus and UBO

[MarkusCostigan]

Do foreign companies that have established a presence (branch) in Cyprus have to disclose the UBO like regular companies?

Thank you.

 

[mraleph]

MarkusCostigan said:
Do foreign companies that have established a presence (branch) in Cyprus have to disclose the UBO like regular companies?

Thank you.
Click to expand...

Quite unfortunately 🙄 but as an EU member country, UBO registry in Cyprus is established per AMLD/5 and public regarding certain data sets. Thus, a branch must declare its foreign entity UBO with possible exemptions.

There are Cyprus CSPs that certainly may assist you with the matter - @CyprusLaw and @CyprusLawyer101 whose posts in another thread I read.

 

[MarkusCostigan]

It seems that overseas companies do not have to disclose the UBO, because the branch is not actually a separate legal entity.

I. Which entities are liable to submit information

All:

• companies incorporated or registered under the Companies Law, Cap. 113;
• European public limited liability companies (SE); and
• partnerships,

unless covered by the exemptions below, are liable to disclose beneficial ownership information in the UBO Register.

Companies currently undergoing a liquidation or strike off process, which commenced on, or following, 12 March 2021 (being the date on which the interim system solution of the UBO Register was implemented), are included in the scope of the term “companies” above, and are thus obliged to make the relevant disclosure.
Overseas companies which have established a place of business (branch) in Cyprus, are outside the scope of the relevant regulations.

Pursuant to the AML Law and the directives issued by the Registrar of Companies, the following are exempt from the obligation to disclose beneficial ownership information in the UBO Register:

• companies which are listed on a regulated market that is subject to disclosure requirements under European Union law; and
• companies which are subject to equivalent international standards that ensure sufficient transparency of proprietary information.

 

[mraleph]

MarkusCostigan said:
It seems that overseas companies do not have to disclose the UBO, because the branch is not actually a separate legal entity.

I. Which entities are liable to submit information

All:

• companies incorporated or registered under the Companies Law, Cap. 113;
• European public limited liability companies (SE); and
• partnerships,

unless covered by the exemptions below, are liable to disclose beneficial ownership information in the UBO Register.

Companies currently undergoing a liquidation or strike off process, which commenced on, or following, 12 March 2021 (being the date on which the interim system solution of the UBO Register was implemented), are included in the scope of the term “companies” above, and are thus obliged to make the relevant disclosure.
Overseas companies which have established a place of business (branch) in Cyprus, are outside the scope of the relevant regulations.

Pursuant to the AML Law and the directives issued by the Registrar of Companies, the following are exempt from the obligation to disclose beneficial ownership information in the UBO Register:

• companies which are listed on a regulated market that is subject to disclosure requirements under European Union law; and
• companies which are subject to equivalent international standards that ensure sufficient transparency of proprietary information.

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You're right - for the reasons of Saturday evening a branch became subsidiary ns2

Anyway, let's Cypriotic CSPs reply to thread.

 

[MarkusCostigan]

This is the searchable data of overseas companies:

Name (history)
Address (history)
Directors, secretaries and authorised persons (history)
Charges and mortgages (post year 2000 registrations)
Overview of all filed documents

Two questions:

1) is it possible to use nominees for Directors, secretaries and authorised persons?

2) Are the names of shareholders and directors of the main company shown in the Overview of all filed documents?

 

[CyprusLaw]

MarkusCostigan said:
This is the searchable data of overseas companies:

Name (history)
Address (history)
Directors, secretaries and authorised persons (history)
Charges and mortgages (post year 2000 registrations)
Overview of all filed documents

Two questions:

1) is it possible to use nominees for Directors, secretaries and authorised persons?

2) Are the names of shareholders and directors of the main company shown in the Overview of all filed documents?
Click to expand...

You are correct re the branch, as things stand branches are exempt.

1. Yes this is common in Cyprus.

2. No, the main signatories of documents filed are the directors and the secretary.