Corporate changes on Cyprus

November 28, 2019

As of 18/12/2019, further penalties shall apply with regards to the submission of the following Notices to the Department of Registrar of Companies and Official Receiver:

• Notice of change of Registered Address (HE 2): Every submission beyond the time-frame prescribed by the law, shall be burdened with a fixed penalty in the amount of €50,00 plus €1,00 for each day of delay with a cap penalty in the amount of €250,00.
• Notice of change of Officers (HE 4): Every submission beyond the time-frame prescribed by the law, shall be burdened with a fixed penalty in the amount of €50,00 plus €1,00 for each day of delay with a cap penalty in the amount of €250,00.
• Notice with regards to the Allotment of Shares (HE 12): Every submission beyond the time-frame prescribed by the law and up to the date of the submission of the Court Application, shall be burdened with a fixed penalty in the amount of €50,00 plus €1,00 for each day of delay with a cap penalty in the amount of €250,00.
• Notice with regards to the Transfer of Shares (HE 57): Every submission beyond the time-frame prescribed by the law, shall be burdened with a fixed penalty in the amount of €50,00 plus €1,00 for each day of delay with a cap penalty in the amount of €250,00.

IMPORTANT NOTES:

• The above penalties relate to changes the time-frame for the submission of which (prescribed in accordance to the provisions of the Law) is from 18/12/2019 onwards. As regards changes the time-frame for the submission of which (prescribed in accordance to the provisions of the Law) preceded 18/12/2019, the standard fees for delayed submission shall apply (from €20,00 to €40,00).

As per the policy of our law firm, where our law firm undertakes to proceed with the submission of any corporate change on behalf of Clients, we require all our Clients to provide us with the relevant and/or supporting information /documentation in a timely and orderly manner and, in any event, within the time prescribed time-frame (to be determined at the time of providing the Client with a quotation); our law firm reserves the right to apply a surcharge in case the Client fails to provide all requested information /documentation within the prescribed time-frame.