Cyprus Companies: Penalty for Annual Return
All Cyprus Companies have an obligation to submit their Annual Returns (HE32) to the Registrar of Companies Department on an annual basis.
The House of Representatives recently voted for the penalty for the late submission of the Annual Returns (HE32) to the Registrar of Companies to be reduced. The maximum penalty was €500.00 and will now be reduced to €150.00.
Company Law Amendment: Elimination of the obligation to submit Audited Financial Statements
All Companies registered in Cyprus have the obligation to keep accurate accounting records to prepare and submit to the Registrar of Companies a copy of their annual Audited Financial Statements.
The House of Representatives recently introduced amendments to the Cyprus Company Law, Cap. 113, reducing the scope of this obligation. These have been introduced by the Companies (Amending) (No. 2) Law of 2022, passed on the 9th of June 2022.
UBO Registry
As a measure to enhance transparency in transactions and operations of companies and other legal entities in Cyprus, in early 2021, the government of Cyprus amended the Law for the Prevention and Suppression of Money Laundering Activities to implement the 5th EU Anti-Money Laundering (AML) Directive.
The amended legislation introduced the requirement to establish Registers of Ultimate Beneficial Owners. For companies and other legal entities incorporated or registered in Cyprus, the authority responsible to establish and maintain this Register is the Registrar of Companies in Cyprus.
Following the latest updates from the Registrar of Companies, all Cyprus companies must notify the Registrar and provide information as to their Ultimate Beneficial Owners.
Annual Levy 2022
Every company registered with the Registrar of Companies in Cyprus, must pay an annual fee of three hundred and fifty euros (€350) by 30th of June of each year of its operation.
The deadline for the payment of the Annual Levy for Companies registered in Cyprus this year is the 31st of December 2022.
Should you wish to find out more, contact our team at info@paraschou.com.cy.