Important Cyprus Company Compliance Update

Due to the recent austerity measures imposed by the Cyprus Government Cyprus company compliance has been tightened and therefore all companies have to be up to date on the filing of Annual Returns. Prior to the implementation of new measures, the Registrar of companies had a relaxed approach toward compliance matters.

Failure to submit the Annual Return could result in the Registrar of Companies imposing a fine and in some circumstances being struck off the register or significant delays in obtaining incumbency or other certificates or executing any changes to a Cyprus company.

Annual Return filing is regulated by section 118, 120 and 121. According to section 120, an annual return has to be completed within 42 days after the Annual Shareholder Meeting. Sections 120 and 121 prescribes that any officer in charge is considered guilty of a criminal offence and shall be liable on conviction of a fine. In addition and irrespective of the provisions of a criminal offence, where company fails to comply with AR preparation and filing, the Registrar of Companies may impose thereto an administrative fine not exceeding €8,500.00

In order to ensure all companies are in good standing and able to operate without impediment Eltoma is now ensuring all filings are made up to date. The fee for the submission of Annual Return is €125.00 and is payable annually.


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