Pursuant to the new legislation N. 149(I)/2018, all outstanding Annual Returns of Cyprus Companies (“HE32”) need to be submitted until the 18th December 2019. This includes, all the years up to and including 2018.

In case of non-compliance with the above regulation, the following administrative fines shall be imposed. For every delayed submission an initial fixed penalty of €50 will be imposed, plus an additional charge of €1 per day for every day after the above deadline for the first six months and €2 for every day onwards. The maximum capped penalty to be imposed for non-compliance is €500.

Furthermore, and as from the 18th December 2019 onwards, the Annual Returns of all Cyprus companies for 2019 and for the following years, must be submitted to the Registrar of Companies within 28 days from the date of their preparation in order to avoid the above penalties. i.e. a 2019 Annual Return that has been prepared on the 31st December 2019 must be submitted by the 28th January 2020.

For more information or assistance you may contact the Head of Corporate and Banking Department, Melina Dionysiou at [email protected]