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Annual Charge for the year 2012 for Cyprus Companies

6/6/2012

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As from 2011 all registered Cyprus companies are obliged to pay an annual charge of Euro 350 in order for the companies to be in good standing and to remain in the register of Cyprus companies at the Registrar of Companies.

For Cyprus companies which belong to a group of companies the total amount of annual charges of such companies cannot exceed Euro 20.000, therefore the cap of Euro 20.000 can only apply where over 57 Cyprus companies are within in a group.

Time limits for payment of the charge
The Companies have an obligation to pay the annual charge by 30th June of each year. For the year 2012 the deadline for the payment of the annual charge is set for 30th June 2012.

Who is obliged to pay
Companies registered in 2011 or earlier are obliged to pay the charge of Euro 350 for the year 2012 by 30th June 2012. For example, a company registered on 25th April 2009 has an obligation to pay the charge of Euro 350 by 30th June 2012.

The obligation for payment commences on the year subsequent to the year of incorporation.

Companies registered in 2012 and after are obliged to pay the charge of Euro 350 annually by 30th June of the following year. For example, a company registered on 16th March 2012 shall be obliged to pay Euro 350 by 30th June 2013 and thereafter Euro 350 by 30th June of each subsequent year.

Exemptions to the obligation for payment of the annual charge
Subject to the discretion of the Registrar of Companies, the annual charge of Euro 350 shall not apply to the following companies:

• Companies with neither assets nor turnover; or
• Companies with assets but no turnover; or
• Companies with turnover but no assets; or
• Companies with assets in the occupied areas, i.e. not controlled by the Republic of Cyprus.

Examples of companies that do not have to pay include shelf companies and holding companies with no income arising from their holding activity.
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