CYPRUS. New fees & penalties for the late submission of the annual report (HE32)

We would like to inform you of an important announcement issued by the Registrar of Companies, which will come into force on 18/12/2019 and concerns new fees/penalties of the Registrar of Companies.

The announcement refers to the new fees/penalties to be imposed by the Registrar for the late submission of the annual report (HE32). In particular, the company's annual report (HE32), based on existing legislation, is submitted to the Registrar of Companies by 14 January of the year following the year of the previous submission of the annual report (e.g. the annual report (HE32) of 2019 should be submitted by 14/01/2020 together with the audited financial statements for the year 2018).

Therefore, if any delay in submitting the annual report occurs, the new fees/ penalties will incur and which are formulated as follows:

•           any delay will incur a €50 (fifty euros) once off penalty; and

•           In addition, €1 (one euro) will be charged for each day of the delay during the first six months and then €2 (two euros) for each day of continuation of this breach up to a maximum total of €500 (five hundred euros)

There are, of course, transitional provisions for the years 2018 and earlier. These annual reports should be submitted by 18/12/2019. Otherwise, the new fees/penalties mentioned above will apply (e.g. the annual report (HE32) 2018 should be submitted by 18/12/2019 together with the audited financial statements for the year 2017, the annual report (HE32) 2017 should be submitted with the audited financial statements for the year 2016.

You can also view the relevant announcement from the Company Registrar's website (unfortunately is in Greek and no English translation is provided).

In any case this can be viewed onhttp://www.mcit.gov.cy/mcit/drcor/drcor.nsf/All/799462D222F468D4C2258368002C7A78?OpenDocument

The annual reports that are pending and will not be submitted by 18/12/2019, and those that will be submitted after this date will bear the additional fees/penalties mentioned above.

No late submission of the annual report (HE32) will be submitted unless the normal fee and the additional fees/penalties have been paid.

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