Amendments to Cyprus's Company Law

Amendments have been announced from the Cyprus Department of Registrar of Companies and Official Receiver (‘ROC’), on December 2018, in relation to the Cyprus Company Law Cap 113. Penalties were introduced, by the above mentioned amendments, relevant to the failure of making statutory filings in the required period and in addition abolishing the capital duty payment on company’s authorized share capital.

Abolition of Capital Duty Payment

The Cyprus Department of Registrar of Companies and Official Receiver (‘ROC’) has abolished the previous capital duty payment (0.6%) on a company’s authorized share capital on the incorporation and also on subsequent authorized share capital increases.

Penalties for late filings

Penalties will be imposed, by the Cyprus Department of Registrar of Companies and Official Receiver (‘ROC’), as from 18th of December 2018, for failure of submission of the necessary filings for the following actions within the period stated by the Law:

1) Allotment of new shares

2) Transfer of shares

3) Change of registered office

4) Change of company’s officers or other details

Penalties:

· €50; and

· €1.00 additional charge for each day of delay. (Max. penalty for each delay € 250)

Furthermore, penalties will be imposed by the Cyprus Department of Registrar of Companies and Official Receiver (‘ROC’), on companies for failure to submit their annual return within the period stated by the Law:

· €50; and

· €1.00 additional charge for each day of delay for the first six months; and

· A further €2.00 charge for each day of further delay. (Max. penalty for delay€ 500)