Cyprus Registrar of Companies Update

As from 18th of December 2019, the Registrar of Companies will impose administrative fines for late filing of the annual return of each CY company.

The fine shall amount €50 (fifty euros) once off penalty and in addition, €1 (one euro) will be charged for each day of the delay during the first six months and then €2 (two euros) for each day for which the default continues up to a maximum total of €500 (five hundred euros). Such fine not to exceed the amount of €500 for each default.

An important note is that the annual return for the year 2018 and earlier will not be impose to the above fine. Considering the fact, that we cannot file 2019 annual return if the previous years annual returns were not submitted at the Registrar of Companies, each CY company should comply with the new changes in order to avoid penalty fee.   In case that a CY company fails to submit its annual report within a timely manner, no late submission of the annual return will be submitted at the Registrar of Companies unless the fees/penalties have been paid.

For example, the Annual Return for the year 2019 must be accompanied with the financial statements of the company for the year 2018 otherwise the Annual Return will not be accepted by the Registrar of Companies and the company will be in default of its annual obligations. Therefore, if the previous year annual return was on 31/12/2018 then the annual return for the year 2019 must be convened by 31/12/2019 and must be filed within 28 days with the Audited Financial Statements of the previous year.

For more information, please feel free to contact our corporate department.