On behalf of all of us at Globalserve, we are truly sorry for any inconvenience this unprecedented situation with Covid-19 has caused and wanted to provide you with an update.
The President of the Cyprus Government, Mr. Nikos Anastasiades together with the Ministers of Health, Finance and Labour announced a series of measures until 30/4/2020 and highlighted that the island is experiencing a state of emergency due to coronavirus.
Following the announcement published on December 9 2019, we would like to remind you that the deadline for submission of annual returns (HE32) of 2019 without penalties is 18/04/2020.
Based on the new legislation, the company's annual report (HE32), is submitted to the Registrar of Companies within 28 days from the date of Annual General Meeting (AGM) which has to be convened once a year and within 12 months from the previous AGM. For example if the previous year AGM was on 31 December 2018 then the 2019 AGM has to be convened by 31 December 2019 and the annual report to be filed before 28 January 2020 with the Audited Financial Statements of the previous year.
Following the enactment of The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act), in the British Virgin Islands, it is required that BVI entities carrying on relevant activities must demonstrate adequate economic substance in the BVI. The BVI entities that do not carry out relevant activities have to inform the authorities accordingly in order to be exempted from substance requirements and avoid penalties too.