COMPANIES ANNUAL LEVY

On the 21st of December 2012 the Cyprus Parliament passed a Law regarding the special levy on all companies registered in Cyprus.

Law 190(I)/2012 amended the Law 117(1) of 2011 on Company Law by which introduced the annual levy on Cyprus Companies for the amount of €350 per annum, either the company is dormant or not.

Penalties:

In case the amount is not paid by 30th of June the penalties go as follows:

  • 10% penalty is imposed from 1/07 until 31/08 and the amount is increased to €385.
  • 40% penalty is imposed from 1/09 until 30/11 and the amount is increased to €490.
  • From 1/12 and for the next two years the penalty is increased to €500.
  • If the amount is not paid within the next two years, the amount will be increased to €750.

See below the amount that must be paid to the Registrar of Companies for the past 5 years.

  • 2011 – €350
  • 2012 – €500 until the 30/09/2015. From the 1/10/2015 onwards the amount increases to €750
  • 2013 – €500 until the 31/12/2015. From the 1/1/ 2016 onwards the amount increases to €750
  • 2014 – €500 until the 31/12/ 2016. From the 1/1/2017 onwards the amount increases to €750
  • 2015 – €385 until the 31/8/2015. From 1/09/2015 until the 30/11/2015 the amount will be €490 and from 1/12/2015 until the 31/12/2017 the amount will be €500. From the 1/1/2018 onwards the amount increases to €750.

Striking off from the Registrar of Companies’ record:

Despite the above provisions, in case a company will not comply with the payment of the levy and any penalties which might occur, the Cyprus Registrar of Companies without notification will strike off the company from its record in accordance with the provisions of the Cyprus Company Law. However the company may be reinstated automatically and the Registrar will proceed with the correction in its record if:

  • within the period of two years, from the struck off the amount of €500 is paid;
  • after the expiration of two years, from the struck off the amount of €750 is paid;

Notes:

Companies which are registered after the 30th of June do not pay the annual levy for the year of registration. The annual levy payments start from next year onwards.

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