All Cyprus companies are required to submit once in every calendar year an Annual Return to the Registrar of Companies pursuant to Article 118 of the Cyprus Companies Act, Cap113, accompanied with the audited financial statements of the previous year.

Please note that due to COVID-19, the deadline of 18th December 2019 for the submission of all outstanding Annual Returns has been extended up to the 18th December 2020, pursuant to an amendment to the Cyprus Companies Act Ν38(Ι)/2020.

In case of non-compliance with the this obligation, the following administrative fines shall be imposed for every delayed submission:

• an initial fixed penalty of €50 plus;
• a charge of €1 for every additional day for the first six months after the deadline;
• a charge of €2 for every day onwards with a maximum capped penalty of €500.

Failure to comply renders the company and every officer responsible for this omission criminally liable and subject to a fine.

For more information or assistance you may contact George Economides at george.economides@economideslegal.com