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Cyprus Company Legislation amended and modernized


The new amendments to the Cyprus Company Law took effect on 18 December 2018, having the purpose to make further modernization of the current legal regime. By the introduction of the amendments, late filing penalties are imposed, to encourage the submission of information on companies within specific timelines.

Also, capital duty on the nominal value of the increase of company’s share capital is now abolished, encouraging the incorporation of companies and reducing the cost of doing business and creating prospects for new business and investments in Cyprus. The Registrar of Companies will be stricter in relation to the deadlines prescribed by the Law as certain time restrictions will need to be followed now.

A clarification has been added to the strike-off procedure legislation, stating that before a company is able to proceed with its strike off, it must fulfill its obligations pursuant to the law, submit all of its annual returns, pay all relevant fees regarding keeping the company on the register up to the date of submission, and pay all charges and fines prior to the date of submission of the request for strike off.
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