Registrar of Companies new administrative penalties for late filings

 

As a result of amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the due dates provided by the Law. This change will be effective from 18 December 2019.

In relation to 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 companies which by 18 December 2019 have not yet prepared audited financial statements for all years up to 2018 and as such have not yet filed annual returns for all years up to 2019 will be subject to this penalty.

In addition to the above the Registrar of Companies shall from 18 December 2019 also impose penalties on companies for the late submission of the relevant forms for changes in the following cases: -

(i) directors or secretary

(ii) directors’ occupation and addresses

(iii) registered office address

(iv) allotment and transfer of shares

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

 

Nicosia 30th October 2019

 

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