The announcement refers to the new penalties to be imposed by the Cyprus Registrar for the late submission of the annual report (HE32). The new penalties will come into force on 18/12/2019.

In particular, the company's annual report (HE32), based on existing legislation, it 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.

Therefore, if any delay in submitting the annual report occurs, the new fees/ penalties will incur and which are formulated as follows:

•  Any delay after the date of submission will incur a €50 (fifty euros) once off penalty; and
•  In addition, €1 (one euro) will be charged for each day of the delay during the first six months and then €2 (two euros) for each day of continuation of this breach up to a maximum total of €500 (five hundred euros)

Please note that the annual reports for the years 2018 and earlier will not be subject to the above penalties but note that we cannot file 2019 annual return if the previous years annual reports were not submitted! Furthermore it is important to stress that no annual return can be filed without the appropriate Financial Statements.

*The annual reports that are pending and will not be submitted by 18/12/2019, and those that will be submitted after this date will bear the additional fees/penalties mentioned above.

*No late submission of the annual report (HE32) will be submitted unless the normal fee and the additional fees/penalties have been paid.

You can also view the relevant announcement from the Company Registrar's website (unfortunately is in Greek and no English translation is provided).

https://www.companies.gov.cy/gr/%CE%B2%CE%AC%CF%83%CE%B7-%CF%80%CE%BB%CE%B7%CF%81%CE%BF%CF%86%CE%BF%CF%81%CE%B9%CF%8E%CE%BD/1-%CE%AD%CE%BD%CF%84%CF%85%CF%80%CE%B1-%CF%84%CE%AD%CE%BB%CE%B7/1-%CE%AD%CE%BD%CF%84%CF%85%CF%80%CE%B1-%CE%BA%CE%B1%CF%84%CE%B1%CF%87%CF%8E%CF%81%CE%B9%CF%83%CE%B7%CF%82-%CE%B5%CF%84%CE%AE%CF%83%CE%B9%CE%B1%CF%82-%CE%AD%CE%BA%CE%B8%CE%B5%CF%83%CE%B7%CF%82

For more information, you are requested to contact the accounting and audit departments.