The Cyprus government has introduced a levy of EURO 350 payable by all Cyprus Companies as follows.
A fixed annual levy of €350 is imposed to all companies that are registered in Cyprus.
For Group of Companies the total amount cannot exceed the €20.000.
The levy for the year 2011 (applies for companies incorporated before 31st of December 2010) should be paid up to 31st of December 2011.
The levy for the following years should be paid up to 30th of June of each year. In case that there is delay in the payment of the levy the following penalties will apply:
· Up to 2 months – 10%
· 2 to 5 months – 30%
If the levy is not paid with 5 months then the Company Registrar deregisters the Company. Re-registration of the Company can be made within two years with a payment of €500 annual fee. In case that the re-registration will take place after the period of two years from the date of de-registration the annual fee increases to €750.
Dormant companies are exempted from the levy. A dormant company is defined as a company which
1) does not have any sales / turnover for the year, or
2) does not have/own any asset or its assets are located in the areas not controlled by the Cyprus Republic
If the company is dormant then a certificate of exemption is issued by either a Company Director or the Auditor or the Lawyer. If the company is dormant then please notify as accordingly so as to issue the certificate.
The Companies which were registered within 2011 will pay the annual fee starting with the next year. Thus, Companies registered in 2011 will pay the first annual fee by the 30th of June 2012 and the Companies which will register in 2012 will pay the first annual fee by the 30th of June 2013.
If your company is not in the above list of exempted companies we urge you to transfer the amount to the special client’s account below in order for us to pay on behalf of the company. Please note that funds must be in the below bank account latest by 15th of December 2011 in order for us to be able to make the payment on time. |
GUIDES
