Cyprus: Corporate Measures undertaken by the government in response to COVID-19
As part of the measures taken by the Cypriot government to support companies/businesses affected by the restrictive measures which have been imposed in order to contain the spread of the coronavirus (COVID-19), the Department of the Registrar of Companies and Official Receiver (the “RoC”) has announced the following:
1. The process of publication, in the Official Gazette of the Republic, of the 3-months’ notice prior to the strike-off of companies that fail to comply with their obligations to file outstanding annual returns is suspended until January 2021;
2. The possibility of payment of the annual levy of €350 for 2020 is extended to 31 December 2020, without the imposition of the penalty of 10% and 30%;
3. The implementation of the monetary penalty for late submission of forms to the RoC – for example, for the change of directors and/or secretary (HE4), change of registered office (HE2), transfer of shares (HE57), allotment of shares (HE12), annual returns (HE32) etc. – is postponed to 2021; and
4. The annual returns (HE32) with preparation date from 01/01/2020 to 31/12/2020 may be submitted to the RoC by 28/01/2021, without the imposition of the additional penalty of €20 for late submission.
For further information on this topic please contact
Mrs. Liza Bokova( lbokova@pittaslegal.com ) at SOTERIS PITTAS & CO LLC,
by telephone (+357 25 028460) or by fax (+357 25 028461)
The content of this article is intended to provide a general guide to the subject matter. Specialist advise should be sought about your specific circumstances.
