INTRODUCTION OF ADMINISTRATIVE FINES FOR LATE FILINGS TO THE REGISTRAR OF COMPANIES
As part of the latest amendments to the Cyprus Companies Law, Cap. 113, the Registrar of Companies shall impose administrative fines for certain late filings, effective as from the 18th of December 2019.
In particular, for the late filing of the company’s Annual Return (HE32), the Registrar of Companies shall impose an administrative fine amounting to a fixed penalty of €50,00 plus an additional charge of €1,00 for every day for which the default continues within the first 6 months and then €2,00 for every day thereafter for which the default continues. However, such administrative fine shall not exceed the amount of €500,00 for each default.
The Annual Return (HE32) is always accompanied by the audited financial statements of the company for the previous year. Hence, for a company to avoid the imposition of any administrative fines as stipulated above, it must prepare audited financial statements for all years up to and including the financial year 2018 and file all relevant Annual Returns (for all years up to the year 2019) by the 18th of December 2019.
In addition, effective as from the 18th of December 2019, the Registrar of Companies shall impose an administrative fine for the late filing of certain notifications, amounting to a fixed penalty of €50,00 plus an additional charge of €1,00 for every day for which the default continues, such fine not exceeding the amount of €250,00 for each default. This fine shall be imposed on the late filing of the below notifications:
Notification in relation to a change of the company’s registered office address;
Notification in relation to a transfer of shares;
Notification in relation to the allotment of shares;
Notification in relation to the change of the company’s directors and/or their details.
Same administrative fines shall be imposed for late filings of such notifications relating to partnerships, trade names and overseas companies which have registered a branch in Cyprus, as well as for the late filing of a partnership’s Annual Return.
Senior Associate Lawyer
We are a Law Firm with offices in Cyprus and Malta and a representative office in Shanghai China comprising of more than 80 lawyers, accountants and other professionals who advise, international and local clients.
The Firm has been offering legal and consulting services since 1983 evolving from a traditional law firm to an innovative cutting-edge multidisciplinary law firm combining exceptional expertise in law, tax, vat and accounting.
From its establishment the Firm’s focus has been heavily business oriented and always abreast with the latest global developments and innovations. Drawing from our pool of experienced professionals we provide our clients’ businesses full legal and accounting support on an everyday basis as well as customized solutions in today’s global financial and legal challenges.
We consider ourselves as ‘traditional pioneers’ and our motto is to foresee and anticipate any issues that may potentially impact our clients’ business and to offer effective advice and solutions proactively.
Lawyers’ Limited Company
12 Egypt Street, 1097, Nicosia
P.O. Box 22303, 1520 Nicosia, Cyprus
Tel: + 357 22 55 88 88 – Fax: + 357 22 66 25 00
Civil Partnership, Law Firm
Kinanis Fiduciaries Limited
Suite 20, The Penthouse, 4th Floor, Ewropa Business Centre,
Dun Karm Street, Birkirkara, BKR 9034, Malta
Tel: + 356 27 54 00 24, Fax: + 356 27 54 00 25
Kinanis (China) Limited
China Representative Office
Unit 661, 6/F CIROS PLAZA,
388 Nanjing West Road, Huangpu District,
Shanghai City, 200003, China
Tel: + 86 18 410 072 690
is the service mark through which Kinanis LLC of Cyprus, Kinanis Fiduciaries Limited of Malta, Kinanis, Civil Partnership, of Malta, Kinanis (China) Limited of Cyprus and their affiliated companies are conducting their business each of which is a separate legal entity.
refers to the service mark through which Kinanis LLC of Cyprus, Kinanis Fiduciaries Limited of Malta and their affiliated
companies are conducting business, each of which is a separate legal entity.