Due to the recent austerity measures imposed by the Cyprus government Cyprus company compliance has been tightened and therefore all companies have to be up to date on the filing of annual returns. Prior to the implementation of new measures, the Registrar of Companies had a relaxed approach toward compliance matters.
Failure to submit the annual return could result in the Registrar of Companies imposing a fine and in some circumstances being struck off the register or significant delays in obtaining incumbency or other certificates or executing any changes to a Cyprus company.
Annual return filing is regulated by section 118, 120 and 121. According to section 120, an annual return has to be completed within 42 days after the Annual shareholder meeting. Sections 120 and 121 prescribes that any officer in charge is considered guilty of a criminal offence and shall be liable on conviction of a fine. In addition and irrespective of the provisions of a criminal offence, where company fails to comply with AR preparation and filing, the Registrar of Companies may impose thereto an administrative fine not exceeding €8,500.00
In order to ensure all companies are in good standing and able to operate without impediment Eltoma is now ensuring all filings are made up to date. The fee for the submission of annual return is €125.00 and is payable annually.
Payments for the annual levy can be executed through the Registrar’s website, at the following URL:
Users will be capable of executing the following payments:
|€350 up to the 29th of March 2013. (Applicable for companies that haven’t paid for last year or have previously filed for exemption as dormant).|
|€350 up to the 30th of June 2013.|
|€385 from the 1st of July 2013 until the 31st of August 2013.|
|€490 from the 1st of September 2013 until the 30th of November 2013.|
- Levy: renewal of company, to be paid in June every year. Requirement by Company House. Failure to do so results in penalties and in striking off the company from the registry of Company House.
- Corporate taxation: Submission of IR4 and HE32, compulsory requirements by Inland Revenue and Company House. Needs to be done on a yearly basis. In order to submit these forms, book keeping and audit for the company must be done. If the IR4 for a company is not submitted, the company will not be able to request any tax certificates. When the audited accounts are submitted at a later stage, the company pays penalties to Company House and if applicable, interest on the tax amount payable to Inland Revenue.
- VAT registration: for companies that are registered in VAT authorities, they need to submit a VAT report on a quarterly basis. To prepare this form book keeping must be done.
- VIES registration: companies that are selling goods or providing services to EU countries are required to register in VIES. VIES declarations are submitted on a monthly basis.
Once a company is registered in VAT & VIES authorities it must submit its declarations on time. Failure to do so results in the payment of monthly and quarterly penalties.
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