Nov 12

Cyprus Companies Law, Cap. 113 New Administrative Fines

Pursuant to legislative amendments to the Cyprus Companies Law, Cap. 113 (“the Law”) coming into force on 18.12.2019, the Registrar of Companies and Official Receiver will impose new administrative fines for the late submission of the following filings:

  1. Company’s annual report (HE32)

Any annual report accompanied by the audited financial statements of a company that shall be belatedly submitted, is subject to the imposition of the below administrative fines:

  • One-off fine of €50, plus
  • Daily fine of €1 during the first 6 months and thereafter €2 for each additional day the infringement continues up to a maximum fine of €500.
  1. Changes in registered office (HE2)

HE2 form needs to be filed within fourteen (14) days from the date of the change of a company’s registered office.

The administrative penalty that shall be applied is:

  • One-off fine of €50, plus
  • Daily fine of €1 for each day of delay up to the maximum total penalty of €250.
  1. Changes in Directors, Directors’ particulars (HE4)

HE4 form needs to be filed within fourteen (14) days from the date of the changes regarding a company’s Directors.

The administrative penalty that shall be applied is:

  • One-off fine of €50, plus
  • Daily fine of €1 for each day of delay up to the maximum total penalty of €250.
  1. Allotment of shares (HE12)

HE12 form needs to be filed within one (1) month from the date of allotment of shares.

The administrative penalty that shall be applied is:

  • One-off fine of €50, plus
  • Daily fine of €1 for each day of delay up to the maximum total penalty of €250.
  1. Transfer of shares (HE57)

HE57 form needs to be filed within fourteen (14) days from the date of the transfer of shares.

The administrative penalty that shall be applied is:

  • One-off fine of €50, plus
  • Daily fine of €1 for each day of delay up to the maximum total penalty of €250.

For any further assistance, please do not hesitate to contact us.

NOTE: On 6.12.2019, The House of Representatives decided to extend the deadline for late filings from 18.12.2019 to 18 April 2020. Since 18 April 2020 coincides with the Greek Orthodox Easter weekend, administrative fines will be imposed as of 21 April 2020.