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 previous 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 and including 2019, need to be submitted alongside with the respective audited financial statements until the 18.12.2020.

Also, the amended Law provides for heavier fines in case of delayed submissions.

The following administrative fines will apply for the delayed filing of the annual returns for 2019 onwards:

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. For example, a 2020 company annual return that will be prepared on the 31 December 2020 must be submitted with the Registrar of Companies office by 28th January 2021.