Under the latest amendments to the Cyprus Companies Law, Cap. 113, the Registrar of Companies will impose administrative fines for specific late filings, effective from 18th of December 2019.
Notably, for the late submission of a company’s Annual Return (HE32), the Registrar of Companies will impose a fixed penalty of €50, plus an additional €1 for each day the delay continues within the first six months.
Thereafter, this increases to €2 per day. The total fine for each default, however, is capped at €500.
The Annual Return (HE32) must be accompanied by the company’s audited financial statements for the preceding year. To avoid administrative fines, companies should ensure that audited financial statements are prepared for all fiscal years up to and including 2018 and that all relevant Annual Returns (for years up to 2019) are submitted by the 18th of December 2019 deadline.
Additionally, the Registrar will impose fines for late filings of certain notifications, also effective from 18th of December 2019. These fines will consist of a fixed penalty of €50, plus €1 for each day the default continues, with a maximum fine of €250 per default.
The affected notifications include:
Changes to the company’s registered office address
Transfers of shares
Allotments of shares
Changes to the company’s directors and/or their details
The same penalties apply to late filings of notifications related to partnerships, trade names, and overseas companies with branches in Cyprus, as well as to a partnership’s Annual Return.
For more information and how this development may impact your business, feel free to contact us at info@pelaghiaslaw.com.
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