Cyprus introduced penalties for late filing of particular notifications and returns

Cyprus introduced penalties for late filing of particular notifications and returns 20.11.2019

Amendment to the Cyprus 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 of Companies enters into force on 18 December 2019.

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 December 2019 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.

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 2018 and previous years is 18 December 2019. Annual return HE 32 for 2019 must be filed before 26 January 2020. 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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