Financial Statements of Foreign Branch in Cyprus

The Registrar of Companies has issued an announcement drawing attention to the requirement for overseas companies with a branch in Cyprus to submit audited annual financial statements. According to the Companies Law Ch.113 article 350 all registered foreign companies with a branch in Cyprus are required to submit every financial year the following:

  •       Audited financial statements;
  •       Directors’ report;
  •       Auditors’ report;

As for the Companies that have been registered in one of the EU member states according to the provisions of the relevant EU Directives, they may be (partly) exempt from the aforementioned obligations.

Failure to comply will this requirement will result in the deletion of the foreign company from the register in accordance with article 327 (6) of the Companies Law.