All Cyprus companies have an obligation to file to the Registrar of Companies office an annual return (HE32), which should be accompanied by the audited financial statements of the preceding year.

According to the Companies Law Cap. 113 as amended by law no. 149 (I)/2018, the annual returns for all the years up to 2019, should had been submitted alongside with the respective audited financial statements until the 18th December 2020.

The Registrar of Companies office has extended the time of application of the following administrative fines which would had been applied for the delayed filing of the annual returns for 2019 onwards which would have applied as of the 18th December 2020 to the 1st April 2021.

We would also like to underline that the amended Law provides for heavier fines in case of delayed submissions.

For each delayed submission, an initial fixed penalty amounting to €50 (fifty euro) will be charged plus an additional charge of €1 (one euro) which will be imposed for every day that passes the deadline for the first six months and €2 (two euro) for every day forth, up to the maximum penalty of €500 (five hundred euro) per annual return.

Note: Annual returns must be submitted to the Registrar of Companies office within 28 days from the date of their preparation to avoid the new penalties.