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.
o 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.
o Notification in relation to the change of the company’s registered office;
o Notification in relation to the transfer of shares;
o 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.