New administrative fines

11.03.22 / LEGAL
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New administrative fines for late filings, as of 21 April 2020

As of 21 April 2020, the Registrar of Companies and Official Receiver in Cyprus will be imposing new administrative fines, for failure by Cypriot companies to submit certain filings within the deadlines set out in the Cyprus Companies Law, Cap.113.

More specifically, if there is a delay in submitting the below filings, administrative fines will be imposed as indicated in the following table:

FILING REQUIREMENTSTANDARD STATUTORY DEADLINEADMINISTRATIVE FINE (as of 21/04/2020)
Annual Returns (HE32)28 days from the company’s reporting date.€50, one-off fine, plus:   €1 for every day for which the default continues within the first 6 months, plus:   €2 for every additional day thereafter for which the default continues, with a maximum fee of €500 for each default.  
Changes in the registered office (HE2) Changes of director(s) and/or secretary, and/or any change in their details (HE4)14 days from the date of the change.€50, one-off fine, plus:   €1 for every day for which the default continues, with a maximum fee of €250 for each default.
Transfer of shares and/or any change in the details of the registered shareholder(s) (HE57)14 days from the date of entry of the new shareholder(s) and/or of the change, in the register of members.
Allotment of shares (HE12)1 month from the date of the allotment of shares.

EXAMPLE: If the date of drafting of the Annual Report is 2/4/2020, it should be filed within twenty-eight (28) days, that is, by 30/4/2020. If registered on 31/12/2020, the registration is subject to a financial charge of two hundred fifty-six euros (€ 356), calculated as:

€ 50 one-time charge imposed on 1/5/2020
€ 1 X 31 (days) = € 31 for May
€ 1 X 30 (days) = € 30 for June
€ 1 X 31 (days) = € 31 for July
€ 1 X 31 (days) = € 31 for August
€ 1 X 30 (days) = € 30 for September
€ 1 X 31 (days) = € 31 for October
€ 2 X 30 (days) = € 60 for November
€ 2 X 31 (days) = € 62 for December

More examples

Please also note:

  • If the company fails to comply with the timely filing of the Annual Return and respective financial statements, the company and any of its officials responsible for the omission, is liable for committing a criminal offense and, if convicted, is subject to a fine of up to €42.
  • If the company fails to comply with the submission of the Annual Return and financial statements, the Registrar has the right to impose and administrative fine which does not exceed the amount of €8,543. This administrative fine has been abolished as of 21/04/2020.
  • Failure to file the company’s Annual Report and financial statements will result in its strike-off by default from the Registrar.
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