Cyprus Companies on the Brink of Forced Strike-Off

As we have reported several times in the past (click here for our most recent newsfeed) the Cyprus Registrar of Companies (the Registrar) has become much stricter for what concerns the late submission of various documents which should be included in the corporate file of a company, including the Annual Returns with the accompanying financial statements. So far notices were sent for overdue Annual Returns.

However, recently notices were sent by the Registrar even for Annual Returns which were submitted in the past, back when the system was manual, irrespective of the fact that at the time there was no indication of any issue with the particular Annual Returns. It seems that now that everything included in the hard files of registered companies is digitalized in order to appear in the online system of the Registrar, some conflicts were identified which prevent the system in accepting those Annual Returns.

As a result notices were sent out by the Registrar for a huge number of cases, asking for the (re)submission of Annual Returns, the submission of related sets of financial statements and other associated information. Many of those notices relate to years way back, something which makes the effort to retrieve information and accounts very difficult. The notice given is for six months and failure to comply with it will result in the Registrar striking the relevant companies off its registry.

It is advisable to check with your corporate service providers in Cyprus whether such a notice was received for your Cyprus company/ies or the company/ies that you manage on behalf of clients. Alternatively you can check directly at the Registrar’s online system by clicking here. It is important to point out that all you can see online is that a notice has been sent out, without specifying for which matter or year.

We are at your disposal for any further information or clarification you may require on this matter or on any other issue related to Cyprus entities and for checking further any specific cases.



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