Variation of the penalties for the submission of the Annual Reports at the Registrar of Cyprus Companies

The Department of the Registrar of Companies and Intellectual Property has issued an announcement regarding the Companies (Amendment) Law 2024, L.18(I)/2024, published in the Official Gazette of the Republic on March 5, 2024 (the “Law”). In accordance with this Law, the maximum financial penalty for late submission of Annual Reports, starting from the year 2021, will not exceed the amount of €150 per violation.

The registration fees for Annual Reports will be as follows:

  1. Timely registration:
    • €20 being the fee for the form
  2. Overdue registration:
    • €20 being the fee for the form
    • €20 as a surcharge
    • Additional monetary charge for overdue registration, at the total amount of €50 initially and €1 for each day the violation persists, capped at a maximum of €150.

As stated in the Law, the parties who paid for the submission of the HE32 of 2023 starting from March 5, 2024, are eligible for a refund if their fine exceeds the amount of €150.

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