All Cyprus companies have an obligation to file to the Registrar of Companies an Annual Return (HE32 form), which must be accompanied by the Financial Statements of the previous year. In this article we will explore the annual returns according to the new legislation.
The Annual Returns are always accompanied by the audited financial statements of the previous year (e.g. the Annual Return (HE32) for the year 2019 will have to be submitted alongside with the audited Financial Statements of 2018).
Due to the new Law N149(I)/2018 the Annual Returns (HE32) for all the years up to and including 2018 need to be submitted until 18 December 2019.
In the case of default, the following administrative fines will be charged:
- For every delayed submission an initial fixed penalty of €50 (fifty euros) will be charged plus
- An additional charge of €1 (one euro) will be imposed for every day that passes the deadline for the first six months and €2 (two euros) for every day later, up to the maximum penalty charge of €500 (five hundred euros).
From 18 December 2019 onwards, Company Annual Returns for 2019 and future years must be submitted to the Registrar of Companies within 28 days from the date of their preparation in order to avoid the new penalties. For example, a 2019 Company Annual Return that has been prepared on 31 December 2019 must be submitted by 28 January 2020.
We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.