As from 2011 an annual levy of €350 payable to the Registrar of companies is introduced for all companies incorporated in Cyprus. For groups of companies, the maximum levy is fixed at €20.000.
For 2011, the levy is payable by 31 December 2011. The levy for 2012 onwards is payable by the 30 June of each year.
In case the levy is not paid within the prescribed period, if the levy is then paid within two months from the due date, a penalty of 10% is payable which is increased to 30% if the levy is paid within five months from the due date. If the levy is not paid within five months, the Registrar of Companies will remove the company from the registry (something which is expected to restrict the company from filing documents or requesting the certificate from the Registrar’s Office). For reinstatement of the company to the registry the following are due: €500 if the reinstatement is within two years from the strike-off date, or €750 if two years have elapsed from the strike-off date.