Failure to Submit Annual Returns with the Registrar of Companies

As part of the campaign of the Department of Registrar of Companies and Intellectual Property for the compliance of all registered entities with the obligation to submit annual returns along with audited financial statements, as per the provisions of Sections 118.-122. of the Cyprus Companies Law, Cap. 113, we would like to bring to your attention that the Registrar, acting in accordance with Section 327(6) of the Cyprus Companies Law, Cap. 113, will proceed (with no exceptions) with publication of notice for strike off from the registry, of entities that fail to comply with the provisions of the Law, in connection with the submission of their annual returns.

Furthermore, we would like to remind our clients that, according to the provisions of the Cyprus Companies Law, as amended in 2024, the maximum administrative penalty imposed by the Registrar of Companies for late submission of the Annual Returns with reference date the years 2021 onwards will not exceed the €150 for each violation.

Therefore, the administrative fee for submitting the annual return is as follows:

In case of timely submission (within 28 days from the reference date of the Annual Return):

• €20 fee for the submission

In case of late submission:

• €20 fee for the submission
• €20 penalty fee
• corresponding late submission penalty amounting to €50 (one-time charge) and
• €1 penalty for each date that the violation continues.

In case of late submission the amount payable is caped to €190.

Tassos Yiasemides
Board Member
Head of Global Compliance Management Services (GCMS)
KPMG in Cyprus

Constantinos Mitsingas
Principal
GCMS
KPMG in Cyprus

Georgia Yiangou
Supervisor
GCMS
KPMG in Cyprus