Amendment Levy 2013: – The annual levy of €350 is obligatory for all the Cyprus Companies regardless as to whether they are active or dormant. Prior to this amendment, the dormant Companies and the Companies not having any assets were exempted from payment. The annual levy is payable from the year of incorporation. Prior to the amendment, the Companies were exempted from annual levy in the year of their incorporation. If the levy is not paid until 30th of June 2013, it will result in automatic penalties.
- There will be a penalty of 10% if the levy is paid within two months after due date.
- If the levy is not paid within five months of due date the penalty will be 30%.
- If the levy is not paid within five months passed due date, the Registrar of Companies will remove the company from the Registrar.
- If a return of the company to the Registrar is effected within two years after the removal, a government fee of €500 is payable.
- Re-registration after two years carries a government fee of €750.
Amendment Levy 2012 –The second amendment, which passed earlier this month, stipulates that Cyprus companies that were exempted from the €350 levy in 2012 are now also liable to pay. Payment for previously exempted 2012 companies is due 29 March 2013.
Specifically, the new amendments to the relevant law remove the conditions that had previously exempted certain companies. The exemptions had applied for the year of incorporation, dormant companies and companies with no assets. Failure to pay this levy on time results in automatic penalties by the Registrar, while in the event of non-payment within a certain timeframe, the company is automatically stricken off from the Registry. Reinstatement is then possible at a fee.
- Companies that stated dormant in 2012 have to pay €350 until 29/03/2013
- Companies being registered in 2012 have to pay €350 until 29/03/2013
- Companies that have not informed about dormant status in 2012 or pay the levy have to pay now €500.
Important Note: Cyprus Companies that are registered in the Cyprus Company Registrar before the year 2011 pay levy of 350 Euro for the year 2011. Any companies that have been registered during the year 2011 at the Cyprus Company Registrar do not have to pay levy for the year 2011, this exemption is also for the companies that have stated dormant.