Measures taken by the Registrar of Companies to assist Cyprus companies

Mar 31, 2020

Measures taken by the Department of Registrar of Companies and Official Receiver to assist Cyprus companies.

Following the restrictive measures imposed by the Government of Cyprus to confine and limit the spread of the Coronavirus (COVID-19) pandemic, the Department of Registrar of Companies and Official Receiver announces the following to support businesses affected.

1) Submission of Annual Reports Due –

The procedure for compliance purposes regarding the filing of any outstanding annual reports is postponed and the official gazette of the Republic will not proceed with any publications for a period of (3) months’ notice prior to the deregistration/strike off of non-complying companies is suspended until January 2021.

2) Payment of the Annual Levy –

For the payment of the annual levy of €350.- for the year 2020, companies granted an extended period which allows for an effect payment up to the 31/12/2020, without any addition penalties.

3) Penalty on late submission of documents to the Department –

Monetary penalty shall not be imposed for any late filing of statutory forms to the Department as this process is postponed until 2021.

4) Submission of 2020 Annual Report to the Department –

With reference to the annual reports between 01/01/2020 to 31/12/2020 may be submitted to the Department until 28/01/2021 (included), without the imposition of the charge/fee of €20 on late submission. Due to the adjustments that need to be made to the Registrar of Companies system, it is recommended that the Companies intending to late submit the Annual Report 2020 now, should await a new announcement from the Registrar of Companies and to exclude the possibility for monetary penalty fee.

For further information on this topic, please contact Mr. Yiannis M. Theoti at J. ZENONOS & ASSOCIATES LLC, 80 Athinon, Akinita Ieras Mitropoleos, 3040 Limassol, Cyprus.

Email: [email protected], T.: +357 25 312 580, F.: +357 25 312 560