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.

The new 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.
- €1 (one euro) will be charged for each day of the delay during the first six months.
- €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 HE32 reports were not submitted! Furthermore it is important to highlight that no annual return can be filed without the appropriate Financial Statements.