Annual levy alert
In line with government measures in response to COVID-19, an extension has been given on the payment of annual levy payable to the Registrar of Companies, amounting to €350 per company, from 30th June to 31st December 2020, without any additional charges.
In the case where the new deadline stated above is not met, a penalty of 40% will be imposed and the fee to be paid will be €490 from 1st January onwards.
Aside from the above provision, should a company fail to settle the annual levy, the Registrar of Companies may strike off the company from the register without notification, in accordance with the provisions of the Cyprus Company Law.
However, in the event of automatic strike-off, a company may be reinstated if:
- within the period of two years from the strike-off, the amount of €500 is paid, or
- with the expiration of two years from the strike-off, the amount of €750 is paid.
Please get in touch with our team, in case you would like any assistance on this matter