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  • March 6, 2025
  • Connor Corporate Services Ltd
late filing fees Cyprus

Late Fees for Filing Financial Statements in Cyprus: What You Need to Know

The Department of the Registrar of Companies and Intellectual Property has announced a significant amendment to the Companies Law, as per the Companies (Amendment) Law 2024, N.18(I)/2024. Published in the Official Gazette of the Republic on March 5, 2024, this amendment sets a maximum cap of €150 on the financial penalty imposed for the late submission of Annual Reports for the years 2021 and onwards.

Updated Fee Structure for Annual Report Submission

Timely Submission

For companies that submit their Annual Report on time, the applicable fees are:

  • €20 for the submission form fee.

Late Submission

If an Annual Report is submitted after the deadline, the fees incurred are as follows:

  • €20 for the submission form fee.

  • €20 as a late filing fee.

  • €50 one-time penalty for late submission.

  • €1 for each additional day of delay, with a maximum cumulative late penalty of €150.

Refund for Overpaid Late Submission Fees

According to the 2024 Amendment Law (N.18(I)/2024), if a company has paid a penalty exceeding €150 for the submission of HE32 after March 5, 2024, they are entitled to a refund for the excess amount.

Refund Process

  • Online Payments via JCC: Any overpaid amount will be automatically refunded to the card used for the transaction, requiring no further action from the applicant.

  • Payments at the Department’s Cashier Office: The excess amount will be refunded to the applicant’s bank account upon submission of the payment receipt and a completed FIMAS authorization form. The applicant must also provide a bank account statement showing the account to be credited. These documents must be submitted to Room 301, 3rd Floor, at the Department of the Registrar of Companies and Intellectual Property.

Key Takeaways

  • The maximum penalty for late filing of Annual Reports is now capped at €150.

  • Refunds are available for payments exceeding €150, with a straightforward process for online and in-person transactions.

  • Companies should ensure timely submissions to avoid unnecessary late fees.

For further assistance on corporate compliance and filing requirements in Cyprus, Connor Corporate Services Ltd is here to help. Contact us for expert advice and support in corporate filings and regulatory compliance.

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