As mentioned in our previous circulars, the Registrar of Companies in Cyprus has proceeded with amending its regulations and has announced that their implementation shall be in force as of 18 December 2019.
These newly introduced regulations and amendments on existing regulations refer to a number of new changes in the submission system, mainly:
- Complete revamp of the electronic submission and forms (over 100 forms have been redesigned), making them more simplified, machine readable and easier to export data from.
- There’s no longer a requirement for an Affidavit for the purposes of registering a company, re-domiciliation or public company registration.
- Creation of new documentation and/or forms for supporting new and existing services.
The announcement also refers to the new fees and penalties system, which shall be imposed by the Registrar of Companies, upon the aforementioned date, in relation to the Submission of HE32 (Financial Statements). To this extent:
- Any delay will impose a once-off penalty of Fifty Euro (€50); and
- One Euro (€1) for each day of such delay during the first six months and Two Euro (€2) for each day of continuation of this breach up to a total maximum of Five Hundred Euro (€500).
Note: Any pending annual reports, not submitted by 18/12/2019, shall be subject to imposition of the above administrative penalties.