The Cyprus Companies Law has recently introduced new amendments that apply to companies incorporated in Cyprus. With new changes, Cypriot companies should take into account the new deadline for annual report filing as well as new requirements regarding notifications on specific corporate changes (changes in registered address, directors and secretaries, etc.). Companies’ shareholders and directors should consider these changes in order to avoid penalties. If you provide accounting and consulting services, it is recommended that you read our short report on these changes.
With the amendments 149(I)/2018 to the Cyprus Companies Law, there will be new requirements as to the term of notification for specific corporate procedure and its notification. Companies are required to file notifications to the Registrar of Companies as a result of the following changes in a company’s information:
|Subject of notification||Term for Registrar’s notification|
|Notification on allotment of shares||Within 30 days after the final date of the allotment|
|Notification on change of registered address||Within 14 days of such change|
|Notification on transfer of shares||Within 14 days of share transfer|
|Notification on change of director or secretary; details of authorized representatives of overseas companies and address of the overseas company’s place of business in Cyprus||Within 14 days of such change|
|Filing an annual report (HE32 Form)||Before 28 January of the following year|
An administrative fine for late filing is of €50 plus €1 for every day during which the default continues, but in any case not more than €250 for each default.
Late filing of the annual return is subject to an administrative fine of €50 plus €1 per day during the first 6 months, thereafter €2 per day, but no more than €500.
The annual return (form HE32) is the statutory form which companies are obliged to file on an annual basis with the Registrar of Companies. It shall be accompanied with the audited financial statements for a previous year. The annual return consists of information on address of the registered office of the company; situation of registers of members and debenture holders; summary of share capital and debentures; information about members; information on directors and secretaries.
The deadline for filing the annual return (form HE32) for 2019 is 21 April 2020. Companies registered in Cyprus should pay attention about this date, as otherwise defaulting company is subject to the administrative fine. Annual return for 2020 and subsequent years must be filed not later than 28 January 2021 following the reporting year.
Initially the amendments were to enter into force on 18 December 2019, but the date was postponed to 18 April 2020.
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