Measures Introduced by the Cyprus Registrar of Companies to help companies offset the effects of COVID-19
Within the framework of the support package introduced by the Government of Cyprus to support companies and businesses affected by the emergency restrictions imposed to prevent the spread of COVID-19 virus, the Department of the Registrar of Companies of Cyprus (the “ROC”) has announced the following measures on the 23th of March 2020:
- The procedures involving three-month notice publications in the official Gazette, concerning companies that are to be struck off the ROC register, due to the non-compliance to their obligations towards the ROC, is postponed until January 2021.
- The payment of the 350 EUR annual levy is extended until the 31st of December 2020; any late payment penalties of 10% and 30% will not be imposed.
- With the cooperation of the house of representatives (as an amendment to the legislation is required), the introduction of monetary penalties for the late submission of documents to the ROC will be postponed until 2021.
- With regards to the submission of the companies’ Annual Report for 2020, any Annual Report dated between 01/01/2020 – 31/12/2020 may be submitted to the ROC until 28/01/2021 without the payment of any late submission fees. Due to administrative adjustments that need to take place in the ROC system, for this measure to take effect, companies intending to submit their annual returns and are currently overdue, should wait for the publication of a relevant notice by the ROC before making any submissions.