Cyprus introduced penalties for late filing of particular notifications and returns

Cyprus introduced penalties for late filing of particular notifications and returns 23.12.2019

On 18 December 2019 the Registrar of Companies of Cyprus has announced that the date of entry into force of amendment of Companies Law Cap. 113 (Law 149(I)/2018) which establishes penalties for late filing of notifications of company’s particular corporate procedures and returns with the Registrar has been changed from 18 December 2019 to 18 April 2020.

The documents to be filed with respect to some corporate procedures, their filing timeframes and penalties for late filing are as follows:

Corporate procedure Notification/report filing timeframe Penalty
Transfer of shares 14 days from the date of transfer 50 euro for the late filing + 1 euro per each day, but not exceeding 250 euro in total
Change of director or secretary 14 days from the date of change 50 euro for the late filing + 1 euro per each day, but not exceeding 250 euro in total
Change of registered office 14 days from the date of change 50 euro for the late filing + 1 euro per each day, but not exceeding 250 euro in total
Allotment of shares 1 month after completion of allotment 50 euro for the late filing + 1 euro per each day, but not exceeding 250 euro in total
Filing of annual return (form НЕ 32) 28 January of the following year 50 euro for the late filing + 1 euro per each day during first 6 month and 2 euro per each day after, but not exceeding 500 euro in total

The attention must be paid that if there are any annual returns (form HE 32) pending by 18 April 2020 new penalties will be imposed on a company. Furthermore, annual return HE 32 for 2019 cannot be accepted by the Registrar if the same annual returns for previous periods are still pending. Similarly, annual return HE 32 cannot be accepted in case of late filing unless the penalty is fully paid.

As 18 April 2020 is an official public holiday in Cyprus, the actual date on which the penalties will start to be applied is 21 April 2020.

It must be taken into account that annual return (form HE 32) must be filed together with audited financial statements for previous periods (if they have not been filed before). For example, annual return (form HE 32) for 2019 must be filed together with financial statements for 2018.

Filing term of annual return (form HE 32) for 2019 and previous years is 21 April 2020. Annual return HE 32 for 2020 must be filed before 28 January 2021. In the same manner, annual returns for periods next to 2020 must be filed before 28 January of the following year.

Tags: offshores, cyprus

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