The Cyprus Department of Registrar of Companies and Official Receiver announced on 18th December 2019, that the imposition of a charge on the late submission of forms, as set out in the Companies Law, is postponed from the 18th December 2019 until the 21st April 2020.
Following that date, the Department of Registrar of Companies and Official Receiver will apply the relevant legislation and proceed with the imposition of a financial charge. The arrangement concerns the registration of forms HE2, HE4, HE12, HE57 and HE32 for Domestic Companies, Σ2 & Σ5 for Partnerships, EE2 for Trade Names and AE8, AE5 & AE6 for Foreign Companies. All businesses that have pending submissions in the Registrar’s office are therefore encouraged to complete and submit the relevant forms before 21st April 2020.
The financial charge applies only to the services which on the basis of the Companies Law, will be communicated to the Registrar after 21st April 2020.
The above calculation applies only in case the last expected date for submission (date of change or reporting/drafting of annual report and time period permitted by Law for submission) of a form to the Department comes after 21st April 2020.
For example, the submission of an HE32 form with drafting date 31st December 2019, pursuant to the Companies Law, will have to be submitted by 28th January 2020, in order not to have any charge applied to it. If submitted on 29th January 2020, it will have a €20 submission fee applied to it and an additional financial charge of €20. But the submission of an HE32 form with drafting date 31st December 2020, pursuant to the Companies Law, will have to be submitted by 28th January 2021 in order not to have any charge applied to it. If submitted on 29th January 2021, it will have a €20 submission fee applied to it and an additional financial charge of €50 and €1 for each day of delay in the first six months, and €2 for each day of continuing the delay up to the maximum amount of €500.
Another example would be an HE4 form with date of change 15th April 2019, which will only have a €20 charge applied to it if submitted on 15th April 2020. However, an HE4 form with date of change 15th April 2020 being submitted on 30th April 2020, for instance, would have the financial charge of €50 and €1 for each day of delay applied additionally to the €20 submission fee.