The Cyprus Department of Registrar of Companies and Official Receiver (ROC) announced amendments to the Cyprus Company Law, particularly to Cap 113.
Changes relate to the new penalties for failure to make statutory filings in the required timeframe, and to the abolition of capital duty payment on a company’s share capital.
- The 0.6% capital duty payable on a company’s share capital doesn't exist anymore.
- New penalties for failure to submit the necessary filings for such actions as allotment of new shares, transfer of shares, change of registered office and change of a company’s officers or their details. The new penalty will be EUR 50 an additional EUR 1.00 charge for each day of delay. The maximum penalty for each delay has been set at EUR 250.
- New penalties for failure to submit company's Annual Return within the timeframe will be EUR 50 an additional EUR 1.00 charge for each day of delay in the first 6 months, and EUR 2.00 charge for each day of further delay. The maximum penalty for delay has been set at EUR 500.