Tens of thousands of Cyprus companies are being taken off the register by the Cyprus Registrar of companies for not submitting their annual returns together with their accounts in an effort to bring the register up to date and force Cyprus companies to comply with their obligations. The Registrar progressed in recent years with the deletion of more than 110.000 thousand Companies. The Registrar of companies has started from May 2014 to request all companies to comply with their legal obligations
Cyprus Registrar of Companies
The Company Registrar has said that the large increase in corporate write-offs is due to the sustained efforts for updating the registry so that there only remain companies that comply with the provisions of the Companies Act, in particular with the submission of their annual reports and their financial statements. This adds to the credibility of Cyprus as a financial centre.
Requirements for Companies
Each company which has a share capital needs to prepare and submit to the Registrar of Companies each year an annual report with the corresponding financial statements, as defined in Articles 118 and 121 of the Act. Under the new policy, the names of all the companies that are in the process of deletion are published in the official gazette of the Republic of Cyprus and within three months they could be deleted. In 2016 there were deleted approximately 58 thousand Cyprus companies, in 2015 approximately 10 thousand and in 2014 approximately 30 thousand. In 2017 up to date there were deleted approximately 3 thousand.
Athos Kakofengitis BSc (Hons), Econ., FCA
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