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Amendments to Companies Law in Cyprus - Annual Licence Fee
Area(s) of Practice: Корпоративное и коммерческое право

On 26 August 2011 the Cyprus House of Representatives enacted a number of amending laws affecting all Cyprus companies.

Pursuant to an amendment to the Cyprus Companies Law, Cap. 113 a fixed annual levy (annual licence fee) of Euro 350 is imposed on each company.

This levy will not apply to:
(i)         dormant companies;
(ii)        companies that do not own any assets;
(iii)       companies which own property in that part of the territory of Cyprus which is under Turkish occupation.

The levy is payable by 31 December 2011 in relation to this year, and by 30 June in respect of each subsequent year.

Late payment of the levy will give rise to the following penalties:
(i)         in case of up to 2 months delay - 10% penalty;
(ii)        in case of a delay between 2 to 5 months - 30% penalty.

Non-payment of the levy may result in a deregistration (strike-off) of a company by the Cyprus Registrar of Companies. If a company is re-instated within a 2-year period from its strike off a fixed penalty of Euro 500 (in addition to the outstanding amount of the levy) is imposed. The fixed fee will be increased up to Euro 750 where a company is re-instated after the 2-year period.

In case of a group of companies, which means the holding and subsidiary Cyprus companies, the levy is capped at Euro 20.000.
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