We would like to bring to your attention the updated rules which relate to the payment of an annual levy by all companies registered in Cyprus.

1.  Time Limit

As from June 2011 all companies registered with the Registrar of Companies in Cyprus (the “Registrar”) have to pay by 30th June of every year, an annual levy of €350,00 (the “Levy”) in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry.

2.  Penalties for late payment and non-payment of the Levy

(a)        In relation to the 2011 levy, the Registrar does not impose any penalty irrespective of when this is paid.

            (b)        From 2012 onwards the penalty imposed is as follows:-

- for any delay of up to two (2) months, a 10% penalty on the amount of the Levy; and

- for any delay of between two (2) and five (5) months, an additional penalty of 30% (i.e. total penalty 40%).

(c)        If a company does not comply with its obligations to pay the Levy the Registrar can strike off the company from the register.

(d)       Consequently, the amount due for unpaid annual levy is €490,00 for each year from 2012 to 2016.

3.  Changes made to exemptions

            (a)        For groups of companies there is a limit of €20.000,00 per year.

            (b)        The Levy is also payable in respect of the year of registration for all new companies.

4.  Payment

Please forward your remittance for the 2017 Levy by 1st June, 2017 to the following account, net of charges. Please also ask your bank to specify for which company the payment is made:-

 THEMIS PROFESSIONAL SERVICES LTD-Clients A/c

 Hellenic Bank Public Company Ltd (106)

 15, Demosthenis Severis Avenue

 1080 Nicosia

 A/C No: 106-01-398345-01

 IBAN: CY35 0050 0106 0001 0601 3983 4501

 SWIFT CODE: HEBACY2N

 5.  Companies exempted from the obligation to pay the Levy

Companies under liquidation are exempt from the obligation to pay the Levy.

6.  Invoicing

No invoice is issued by us in relation to the payment of the Levy this being an indirect tax. We settle this on behalf of the Company with the Registrar of Companies who issues the necessary receipt.