• Emily A. Georgiades, Esq.

Cyprus Annual Corporate Filings: Changes Due to COVID-19.

The Cyprus Companies Law, CAP 113 (Law 149(I)/2018) was amended with effect on 18 December 2019 to include an administrative fine for late filing. Accordingly, all companies are required to file an annual return with the Cyprus Corporate Registrar consisting of form HE32 (which gives up-to-date information on the company structure including shareholders, directors and shares), along with tax filings such as the audited financials for the previous year.

As of 18 December 2019, the Registrar of Companies in Cyprus has introduced new penalties for the late submission of the Company’s Annual Return form HE32.

Delays in submitting the 2019 Annual Return (and any Annual Return thereafter) will result in the following penalties:

A one-time penalty of €50; plus €1 for each day of delay during the first six months and then €2 for each day after the first six months, up to a maximum total of €500.

The amended legislation provided that form HE32 for the year 2019, be accompanied by the 2018 audited financial statements and shall be submitted on or before 28 January 2020.

Effect of COVID-19

For this year’s filing (i.e. 1 January 2020 to 31 December 2020, along with the audited financials for 2019), it has been announced that due to the disruption COVID-19 has caused, the 31 December 2020 deadline has now been extended to the 28 January 2021, without incurring any penalties.

Furthermore, if any monetary penalties are owed to the Cyprus Registrar of Companies, they are being postponed to 2021.

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