De-Registration of Companies due to Non-Payment of the Annual Special Levy

De-Registration of Companies due to Non-Payment of the Annual Special Levy

By: A.G. Paphitis & Co Law Firm

The Department of the Registrar of Companies and Intellectual Property of the Republic of Cyprus announced that it intends to proceed with the de-registration of companies, pursuant to the provisions of article 327 (2A) (b) of the Companies Law, Cap.113 (“the Law”).

The Registrar of Companies may de-register a company from the register, in case of failure by the company to pay the annual special levy as provided by section 391 of the Law for a period of one year, from the date on which it became payable.

Specifically, those companies that have not paid the Annual Special Levy for any year for the period between 2012 – 2021 (both inclusive), will be published in the Official Gazette of the Republic of Cyprus and after three months from the date of such publication, the companies will be de-registered from the register, according to section 327(3)(c) of the Law, unless in the meantime the company can reasonably justify failure to pay the amount due.

The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.

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