The Department of the Registrar of Companies and Intellectual Property of Cyprus announced its intention to strike off all registered Cyprus companies that have defaulted on payment of the annual levy for any year prior to 2022.
The Registrar of Companies has the power to strike off the Register any company registered in Cyprus that has failed to pay the annual corporate levy of €350 pursuant to section 327 (2Α)(b) of the Cyprus Companies Law, Cap. 113. The law confers the power to the Registrar of Companies to proceed with striking off in relation to a company in case of nonpayment of the annual levy for a period of one year from the date that it became due.
Cyprus companies which failed to pay the Annual Levy for any year between 2012 – 2021 will be subject to this measure. A list of these companies will be published in the Official Gazette of the Republic of Cyprus and after the passage of 3 months from the publication date, the company will be struck off the Registry.
Companies that are struck off the Register are dissolved, however, may be reinstated through an administrative process within 2 years or a judicial process within 20 years.
Where a company is dissolved, all property and rights whatsoever vested in or held on trust for the company immediately before its dissolution (not including property held by the company on trust for any other person) shall, subject and without prejudice to any order which may at any time be made by the Court for reinstatement, be deemed to be bona vacantia and shall accordingly belong to the Republic of Cyprus, and shall vest and may be dealt with in the same manner as other bona vacantia accruing to the Republic of Cyprus.