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INTRODUCTION OF ADMINISTRATIVE FINES FOR LATE FILINGS TO THE REGISTRAR OF COMPANIES

As part of the latest amendments to the Cyprus Companies Law, Cap. 113, the Registrar of Companies shall impose administrative fines for certain late filings, effective as from the 18th of December 2019.

In particular, for the late filing of the company’s Annual Return (HE32), the Registrar of Companies shall impose an administrative fine amounting to a fixed penalty of €50,00 plus an additional charge of €1,00 for every day for which the default continues within the first 6 months and then €2,00 for every day thereafter for which the default continues. However, such administrative fine shall not exceed the amount of €500,00 for each default.

The Annual Return (HE32) is always accompanied by the audited financial statements of the company for the previous year. Hence, for a company to avoid the imposition of any administrative fines as stipulated above, it must prepare audited financial statements for all years up to and including the financial year 2018 and file all relevant Annual Returns (for all years up to the year 2019) by the 18th of December 2019.

In addition, effective as from the 18th of December 2019, the Registrar of Companies shall impose an administrative fine for the late filing of certain notifications, amounting to a fixed penalty of €50,00 plus an additional charge of €1,00 for every day for which the default continues, such fine not exceeding the amount of €250,00 for each default. This fine shall be imposed on the late filing of the below notifications:

  • Notification in relation to a change of the company’s registered office address;
  • Notification in relation to a transfer of shares;
  • Notification in relation to the allotment of shares;
  • Notification in relation to the change of the company’s directors and/or their details.

Same administrative fines shall be imposed for late filings of such notifications relating to partnerships, trade names and overseas companies which have registered a branch in Cyprus, as well as for the late filing of a partnership’s Annual Return.

Author

Panayiotis A. Koussis

Lawyer

p.koussis@pelaghiaslaw.com

OUR FIRM

Our firm Pelaghias, Christodoulou, Vrachas LLC is one of the most established and oldest law firms in Cyprus. We strive for excellence in reaching quality taking our clients objectives personally and aiming to build strong and long – lasting relationships. We consolidate a profound, multi-faceted knowledge of the law with a strong sense of professionalism in delivering results through our powerful team of lawyers.

Our law firm was founded in 1920 by John G. Pelaghias and originally operated in Limassol. In 1950 his son George J. Pelaghias relocated the law firm to Nicosia, where it has been operated since then.

In 1984, Alexandra Pelaghias – Christodoulou joined her father and subsequently became partner in the law firm. In 1992, our law firm grew further when Petros Fr. Vrachas joined the firm which was then reorganised and later renamed to PELAGHIAS, CHRISTODOULOU, VRACHAS LLC.