Following recent amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed time frames as provided by the Law. The imposition of the administrative penalties will be effective from 18 December 2019.
Failing to submit the necessary notification within the set time frames the penalties provide the below fine:
- For failing to submit the necessary filings indicated in (A) change of registered office, (B) changes of directors and secretaries, (C) allotment of shares and (D) transfer of shares, penalty to be applied for late filing is €50 with an additional €1.00 for each day of continuation of the delay with a maximum of a total penalty of €250 for each delay.
- We therefore draw your attention to the penalties for the late filing of annual returns forms that apply to companies which have not yet prepared audited Financial Statements for all years up until 2018 and as such, have not yet filed annual returns for all years up until 2019. The applicable administrative fine is €50; with an additional charge of €1.00 for each day of continuation of the delay in the first 6 months, and a further financial charge of €2.00 for each day thereafter with a maximum total penalty of €500 for each delay.
For any questions we are ready to discuss and clarify the above developments with you.