A period of 6 months, starting from the 16th March 2021, will be given to all existing entities to submit their Beneficial Owner’s (BO) data onto the system of the Registrar of companies and Official Receiver and to declare the details of their actual beneficiaries.
In the event of a change in the information of a company, its directors must update the electronic record within fourteen (14) days of the change.
Thereafter, and after all the information is registered, each company should confirm its data in the system in the period between 1 and 31 December of each year.
If companies and their officials do not comply with the instructions and do not register their details, they will pay a penalty.