Payment of 350 euro Annual Registrar Fee for Cyprus Companies

2013-02-14

Payment of 350 euro Annual Registrar Fee for Cyprus Companies, for the Year 2012

service

In accordance with the Companies (Amending) (No.3) Law of 2012 (Law No.190(I)/2012) and the Companies (Amending) Law of 2013 (Law No.6(I)/2013) all exceptions are abolished and the annual fee should be paid to the Registrar of Companies by all companies registered in Cyprus. In particular, companies are obliged to pay the annual fee during the year of their registration and irrespective of whether they are dormant or have no assets or have assets which are located in areas not controlled by the Republic of Cyprus.

The annual fee should be paid to the Registrar of Companies no later than the 30th June of each year.

Penalties for delay in payment:
If the fee is paid within 2 (two) months of the due date a penalty of 10% is imposed which is increased to 30% if the fee is not paid within 5 (five) months of the due date.

Striking off in case of non-payment:
If the fee and applicable penalties for late payment are not paid by 30th November, then the Registrar of Companies shall proceed to strike off the company in accordance with the relevant provisions of the Cyprus Companies Law.

A company which is struck-off may be reinstated within 2 (two) years by the Registrar of Companies upon payment of the amount of €500. In such case the reinstatement will be automatic and the Registrar shall re-enter the company in the Registry.

In case the company is not reinstated within 2 (two) years from the date on which it was struck-off, the Registrar shall again make the relevant entry in the Registry and reinstate the company but the amount payable for this shall be €750.