Cyprus Registrar of Companies – Administrative penalties for Late Filings

Following amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Cyprus Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed timeframes as provided by the Law. The imposition of the administrative penalties will be effective from18 December 2020 (The initial effective date of these penalties was 18 December 2019).

In relation to Cyprus Company’s annual returns, the administrative penalty to be applied for late filing is €50 plus an additional charge of €1 for each day of delay for the first 6 months and thereafter €2 for each day of delay. The maximum penalty for each annual return is €500. Therefore all Cyprus companies which by 18 December 2020 have not yet prepared audited financial statements for all years up to 2019 and as such have not yet filed annual returns for all years up to 2020 will be subjected to this administrative penalty.

Furthermore, from 18 December 2020, the Cyprus Registrar of Companies shall also impose administrative penalties on Cyprus companies for the late submission of the relevant forms for changes in:

• registered address,
• directors,
• directors’ occupation and addresses,
• allotment and transfer of shares.

The administrative penalty for Cyprus companies that shall be applied is €50 plus an additional charge of €1 for each day of delay up to the maximum total penalty of €250 per relevant form.

Change of Cyprus company Directors/ Directors particulars / Change of the companies Registered address/ Allotment and/ transfer of shares:

A Cyprus company must notify the Cyprus Registrar of Companies of any changes regarding its officers or their personal details / registered address/ allotment of shares/ transfer of shares within fourteen (14) days from the date of the change.

As at 18 December 2020, failure to timely notify (within 14 days) the Cyprus Registrar of Companies of any of the above mentioned changes, allows the registrar to impose on the company a late filing fee not exceeding the amount of fifty euros (€50) upon the first day of non-compliance and a further charge of one euro (€1) for every day the failure to comply continues, up to the maximum amount of two hundred and fifty euros (€250).

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