Recently there was an amendment of the Company law – Law117(I)/2011 in which all the registered companies to the Cyprus Department of the Registrar of Companies are obliged to pay an annual levy of 350€ according to the following process.

–         Existing registered companies, according to the provision of the law are obliged to a compulsory payment of a levy of 350€ until the end of 31st of December 2011 latest.

–         Existing registered companies, with each year that follows are obliged to pay the above levy on the 30^th of June 2012 latest.

–         Newly registered companies are not obliged to pay the above levy at registration time.

–         In the case of companies that are ιn the same Group of companies the total amount of the companies fees may not exceed of the amount of 20,000€ and this amount shall be apportioned between the companies equally.

–         In the case of a company, where the levy is not paid within the prescribed period above and if the levy is paid within two months from the due date, a penalty of 10% is payable which is increased to 30% if the levy is paid within five months from the due date.

–         Notwithstanding the provisions of the above paragraph, If the levy is not paid within the five months period, the Cyprus Registrar of Companies will remove the company from the registry (this will restrict the company from filing any legal documents or able to request any certificates).

–         A company may be able to return to the Company registry within two years with the payment of a levy of €500 and thereafter with the payment of a levy of €750.

–         Furthermore the above provisions of this article shall not apply in the case of a dormant company or companies or group of companies that do not have any property or if the company holds assets that are located in unregulated areas of the Republic, at the discretion of the Registrar of companies.