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  • Nov 21, 2019

Penalties for not submitting the annual HE32 forms

All Cyprus companies should be up to date with their Audited Financial Statements on time.

 

We would like to inform you about the recent announcement form the Registrar of Companies in relation to the submission of the annual HE32 forms.

 

Every year, the audited financial accounts of each company must be submitted along with the HE32 form to the Registrar of Companies by 14 January of the year following the year of the previous submission of the annual report (e.g. the annual report (HE32) of 2019 should be submitted by 14/01/2020 together with the audited financial statements for the year 2018).

 

The announcement issued by the Registrar of Companies, will come into force on 18/12/2019, and fees/penalties will be imposed by the Registrar for the late submission of the annual report ( HE32).

 

Specifically, as of 18/12/2019 there will be penalties for late submissions as follows:

-EUR50 once off penalty

-In addition EUR1 will be charged for each day for the first six months and then EUR2 for each day that payment is delay, up to max EUR500.

 

If for example the date of drafting the annual report is 31/12/2017, then the deadline to submit this at the registrar of companies was due until 28/01/2018, i.e. within 28 days from the date of drafting the annual report.  If this was submitted before 18/12/2019 then the penalty will be €20.  If this is submitted after 18/12/2019 then there will be a penalty of €50 plus €1 for each day.  For example, if the annual report was drafted 31/12/2017 and was submitted on the 20/12/2019, then the penalty will be €50 plus €1 for the one day delay.

 

In relation to the forms HE4 and HE2, the applicant has 14 days to submit the forms at the registrar of companies from the date of drafting.  In other words, if HE4 from is dated 4/12/2019 it must be submitted until 18/12/2019.  If this is submitted on 20/12/2019 then the penalty will be as follows:

-€20 for submission of the form;

-€50 penalty for late submission;

-€1 penalty for one day delay;

 

We are ready to provide to you our assistance in respect of the subject matter.