INTRODUCTION OF ADMINISTRATIVE FINES FOR LATE FILINGS TO THE REGISTRAR OF COMPANIES AND OFFICIAL RECEIVER
On the 18th of December 2019 the Registrar of Companies and Official Receiver of Cyprus has announced that the date of entry into force of the amendment of Companies Law Cap. 113 (Law 149(I)/2018) which imposes administrative fines for late filing on certain corporate procedures with the Registrar of Companies and Official Receiver has been postponed from the 18th December 2019 to the 18th of April 2020.
It has been noted that the 18th of April 2020 is a public holiday and thus the date of application of the imposition of the administrative fines, is set to be the 21st of April 2020.
In particular, the administrative fine for the below listed late filings shall amount to €50 plus €1 every day onwards counting from the day the deadline was exceeded and shall not exceed €250 for each default.
Notification in relation to the allotment of shares;
It is further clarified that, in the event that the approval of the court is required granting its relief in case of non-submission of the required documents for the allocation of share within the specified deadline, the above fine shall be imposed until the day of filing the requested relief from the court.
Notification in relation to the change of the company’s registered office;
Notification in relation to the transfer of shares;
Notification in relation to the change of the company’s directors and or their details.
In the event of late filing of the company’s annual return (HE32), the Registrar of Companies and Official Receiver shall impose an administrative fine amounting to €50 plus €1 for every day onwards counting, up to 6 months from the day that the deadline was exceeded. Following the 6 months, the Registrar of Companies and Official Receiver shall impose an extra fine of €2 for every day onwards counting. This fine however, will not exceed the amount of €500 for each default.
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.
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.