The Cyprus Registrar of Companies has yesterday announced that from the 18th of December 2019, in accordance with the Companies Law, Chapter 113, Law 149(I)/2018, the enforcement of a monetary charge to late fillings will apply.
When does a Monetary Charge apply?
The Cyprus Registrar of Companies clarifies that the monetary charge has effect ONLY to services which in accordance with the Companies Law, Chapter 113 will be notified after the 18th of December 2019.
The Cyprus Registrar of Companies was kind enough to provide examples.
Example 1:
If HE32 (Annual Return) is to be submitted with date of composition the 31st of December 2017 then in accordance with the Companies Law, Chapter 113 the said HE32 (Annual Return) should be submitted until the 28th of January 2018 in order to avoid the monetary charge. If the said return is submitted any day after the 28th of January 2018 then the total fee will be €40 (under old charging regime) .
Example 2
If HE32 (Annual Return) is to be submitted with date of composition the 31st of December 2019 then in accordance with the Companies Law, Chapter 113 the said HE32 (Annual Return) should be submitted until the 28/01/2020 in order to avoid the monetary charge. If the said return is submitted any day after the 28th of January 2020 then the total fee will be €20 and in addition €50 plus € 1 per day until submission (as per Law 149(I)/2018).
Example 3
If you have to submit HE4 (change of director and secretary particulars) and you file it on the 20/12/2019 the levy will be €20 Only (under old charging regime).
Example 4
If you have to submit HE4 with date the 15th of December 2019 (change of director and secretary particulars) and you file it on the 30/12/2019 the levy will be € 20 and in addition €50 plus €1 per day until submission (as per Law 149(I)/2018).
What are the new monetary charges imposed by Law 149(i)/2018 impose?
€50 one off fee | Always |
€1 per day with a maximum of €250 | For the first 6 months |
€2 per day with a maximum of €500 | After the first 6 months |
What forms do they apply?
As previously discussed the Registrar used forms in a prescribed form to communicate with them the various information relating to the businesses they supervise. The monetary chargers apply to Companies, Partnership, Trade Names and Foreign Companies registered with the Registrar of Companies.
Companies
On late submission of :
- (HE4) Any change of director, secretary or their particulars thereto
- (HE2) Any change to the registered office
- (HE12) Allotment of shares
- (HE57) Forms to transfer shares
- (HE32) The annual return
Partnerships
On late submission of :
- (S2) Change of Place of Business
- (S2) Appointment, retirement of a Partner or change of particulars
- (S5) the Annual Return
Trade Name
On late submission of:
- (EE2) the change of the place of business of a natural or legal person
- (EE2) the change of the owners particulars
Foreign Company
On late submission of:
- (AE8) the change of the place of business address
- (AE5) the appointment of an officer or change of the particulars thereto
- (AE6) the appointment of an approved representative or changes to particulars thereto
Personal thoughts
The announcement comes at a welcome time when the Cyprus business community was gearing towards whipping the slate clean and attempting to submit everything before the deadline in order to avoid the hefty fines. The manner in which the new announcement was made find me in particular satisfaction since it is a testament to the introduction of digital technology and innovation on the part of the government. To read the Greek announcement please visit the Registrar ‘s website.

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Harris Sharpe
Author - Photographer
For many years he has worked and devoted his skills and efforts towards building a successful career as a leading executive. From humble beginnings, his aim has always been to yield results; with a keen focus to attention to detail and client satisfaction. His experience has always been varied and not specific, at times he preferred it. With that in mind, he has dealt with CySEC on licensing and ongoing regulation, international private equity and credit fund managers, NASDAQ and NYSE listed companies occasional millionaires as well as self-made millionaires. His passion though is difficult transaction work organizing and deploying people for a common goal. Harris enjoys reading and studying the Cyprus law and sharing that information on this website.