The Cyprus Registrar of Companies office announced the amendments of the Companies Law Cap. 113, regarding the administrative fines for the filing of the below application forms to the Registrar, with enforcement on the 18th of December 2019:
- allotment of shares (HE12);
- change of registered office (HE2);
- changes to the particulars contained in the company's register of directors and secretaries (HE4);
- transfer of shares (HE57); and
- annual return (HE32)
Failure to submit the necessary application/notification within the set time frames provided by the Companies Law (Cap. 113), the penalties provide the below fine:
- Failure to submit the necessary filings indicated in points 1 – 4 above: €50 fixed amount; plus an additional €1.00 for each day of continuation of the delay with a maximum of a total penalty of €250 for each delay.
- Failure to submit the necessary filing indicated in point 5 above: €50 fixed amount; plus an additional €1.00 for each day of continuation of the delay for the six first months and an additional €2.00 for each day thereafter with a maximum total penalty of €500 for each document.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.