Alert: overdue obligations of Cyprus companies
We would like to alert you on the obligations of the Cyprus companies and to emphasize that non compliance puts the company at risk as it can be automatically struck off from the registry of the Cyprus Registrar; this means that the company -will not be in good standing, – cannot enter into any contract, – or do any business unless it is reinstated. The reinstatement procedure takes about a month to be completed and increases the company’s expenses.
- Pay the annual levy of €350 per annum by end of June every year. If levy is not paid by 30/6 penalties will be imposed as below
- €35 if levy is paid within 2 months after due date
- €140 if levy is paid 2 months after due date
- If levy is not paid within 12 months after due date then the automatic strike off procedure will be initiated by the Registrar
- Preparation of audited financial statements and filing at tax authorities within 15 months from the year end of the financial year
- Filing of annual return with financial statements of previous year at the registrar of companies.
Tax returns up to 2015 if not filed at tax authorities are already overdue and penalties have incurred while legal action against the company and the director can be initiated any moment.
Filing of annual returns of 2016 with financial statements 2015 is already overdue and the registrar may take steps to strike off the company if at least 2015 Annual return with financial statements 2014 are not filed
Furthermore, note that the directors will resign if the company is not in compliance as they are exposed to liability towards the authorities.
If your financial statements are overdue and the preparation of the financial statements is not in process, contact your responsible corporate officer at Globalserve or the director of Accounting & VAT department of Globalserve Consultants Ltd at 00357 25 817181