Amendments to Penalties for Late Submissions
- November 4, 2019
- Posted by: Elias Christofi & Co Ltd
- Category: Corporate & Fiduciary Services
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Starting from the 18th of December 2019, the Registrar of Companies will enforce amended fines for late filings.
- If the filing of the annual return is late, there will be a fine of €50 plus €1 for each day that passes by for the first 6 months. After the first 6 months, this fine will increase to €2 every day. The maximum fine will not exceed €500. This is a recent amendment to the Cyprus Companies Law Cap. 113 (Law 149(I)/2018). Therefore all companies which by 18 December 2019 have not yet prepared audited financial statements for all years up to 2018 and as such have not yet filed annual returns for all years up to 2019 will be subjected to this administrative penalty.
- Late notification for the allotment of shares. There is a deadline of 1 month to submit the filings. The fine for this is €50 plus €1 for each day that passes by. The maximum fine is €250 (which comes with a court order also).
- Late notification for the change of the registered address of a company. There is a deadline of 14 days to submit the filings. The fine for this is €50 plus €1 for each day that passes by. The maximum fine is €250.
- Not notifying the registrar on time of a transfer of shares. There is a deadline of 1 month to submit the filings. The fine is €50 plus €1 for each day that passes by. The maximum fine is €250.
- Late notification of any changes concerning the company’s register of directors and secretaries. There is a deadline of 14 days to submit the filings. The fine is €50 plus €1 for each day that passes by. The maximum fine is €250.
- Late notification by an overseas company to the Registrar in relation to inter-alia, changes made to the company’s directors and secretary, change of the address of the overseas company’s place of business within the Republic and any changes made to submitted information regarding its authorized representatives. There is a deadline of 14 days to submit the filings. The fine is €50 plus €1 for each day that passes by. The maximum fine is €250.