Sanctions list of registrars of legal entities in Cyprus
On 12 April, the US and the UK published a register of individuals who had provided assistance to sanctioned individuals to avoid restrictions imposed on them, and a decision was made to impose sanctions to block bank accounts and assets in Cyprus against such "helpers". The regulator blocked two legal entities providing professional services, as well as related natural persons resident in Cyprus.
For clients of the blocked Cypriot professional service providers, this means that they automatically became "sub-sanctioned" persons - their nominee directors and secretaries provided by these providers were also included in the sanctions lists. In total, some 400 companies were affected by this decision. They faced severe restrictions on their operations, such as a ban on the use of bank accounts and commercial transactions.
In addition, the Cyprus Companies Registration Department is temporarily withholding registration of changes in directors, secretaries and shareholders, pending a response from the Ministry of Finance, which in turn has contacted the legal department for instructions on the matter.
On 8 May, the US handed over to Cyprus an 800-page dossier containing information on Cypriot companies and individuals so that the regulator could review the details and make a national decision. So far, the European Union has not imposed sanctions against the individuals in question, but experts believe it is only a matter of time.
We help avoid the closure of Cypriot accounts, bank deposits and restore operations to companies that have been "taken hostage" by US and UK sanctioned providers. In the last month we have received about 20 applications from concerned businessmen who are concerned about the issue of removing frozen company assets from the Cyprus sanctions lists.
We have helped:
- appoint a new director, secretary, change of registered office;
- go through compliance at the bank;
- document to companies' counterparties that their partners were inadvertently sanctioned for using the services of sanctioned providers.
Come to Intelligent Solution Group and we can help you protect your corporate business from sanctions in Cyprus in 2023. Our specialists:
- prepare and correctly transfer your company to the Intelligent Solution Group;
- provide a director, a secretary, a nominee shareholder and a legal address
- assist in compliance control at the bank;
- open a new bank account in another bank or an account in a payment system for quick payments;
- If necessary, select a new jurisdiction (business relocation).
As a result, you will be able to run your business smoothly and make settlements with your counterparties.