As we have reported back in February 2019 some important amendments to the Cyprus Companies’ Law were introduced in December 2018, with some of the measures (such as the abolition of Capital Duty) taking immediate effect, whereas some others coming in to effect later on.
Following from the above, as from 18 December 2019, the Registrar of Companies (the “Registrar”) shall impose an administrative fine for late filing of certain notifications, as analysed below:
- Change of registered address: Any change in the registered address of a company, shall be notified to the Registrar of Companies within fourteen days.
- Particulars of directors and company secretary and related changes: The period within which the said notification is to be sent shall be fourteen days from the event.
- Allotment of shares: Whenever a company makes an allotment of shares, it should notify the Registrar within one month from the date of the relevant resolution. It should be noted that upon expiry of the deadline a Court order is required for the extension of time for the filing of the allotment.
- Transfer of shares: Any transfer of shares shall be notified to the Registrar within fourteen days from the registration of this transfer in its Register of Shareholders.
- Annual Return: The Annual Return must be filed within twenty eight days from the day it is drafted.
The fine for all notifications shall amount to €50 plus €1 for every day for which the default continues, with a maximum of €250 for each default, except for the Annual Return, for which the fine shall amount to €50 plus €1 for every day for which the default continues within the first 6 months plus €2 for every day thereafter for which the default continues, with a maximum of €500 for each default.
