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.
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