The Council of Ministers of the Republic of Cyprus decided on 21 February 2024, to abolish the Annual Levy of €350 payable to the Registrar of Companies (the “Registrar”). The levy was introduced in 2011, on all companies registered with the Registrar as a measure to help the country to overcome the hurdles of the global economic crisis.
The decision is part of the overall plan of the government of Cyprus for stimulating economic growth, attracting investments, setting up businesses and improving the overall competitiveness of the country in the international business scene.
It is expected that the Companies’ Law will be amended so that any references to the Annual Levy are deleted.
