The Registrar of Companies in Cyprus has introduced new penalties for the late submission of the Company’s Annual Return (HE32), effective from the 18 December 2019.

All Cyprus companies are required by law to file their Annual Return with the Registrar of Companies in Cyprus, together with Company’s audited financial statements of the previous year.

Penalties for Annual Returns for all years up to 2018 inclusive

Annual Returns for all years up to 2018 inclusive, should be submitted to the Registrar of Companies asap. No new penalties will be imposed.

Penalties for Annual Returns for 2019 and future years

HE32 for the year 2019, accompanied by 2018 audited financial statements shall be submitted on or before 28 January 2020. Any delay in submitting the 2019 Annual Return will result in the following additional penalties:

  • €50 one-time penalty plus
  • €1 for each day of delay during the first six months and then €2 for each day after the first six months, up to a maximum total of €500

Example 1: If the Cyprus Company had to submit its annual return of 31 December 2017 accompanied by the audited financial statements of the year 2016, by 28 January 2018 and it did not do so, then, there will be a total charge of €40. No additional penalties will be imposed.

Example 2: If the Cyprus Company had to submit its annual return of 31 December 2019 accompanied by the audited financial statements of the year 2018, by 28 January 2020 and it did not do so, then, there will be a charge of €20, plus a penalty of €20 and then an additional penalty of €50 and €1 per day of delay, during the first six months and then €2 for each day of delay after the six months, up to a maximum of €500.

Further to the above amendments, since Cyprus Companies’ Annual Returns can only be submitted to the Registrar of Companies, accompanied by the audited financial statements of the previous year, it is important that all audited financial statements up to the year 2018 inclusive are prepared.