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Certified Public Accountants | Statutory Auditors & Tax Advisors in Cyprus
Annual levy
Guide to the Cyprus company annual levy.

Annual levy Cyprus company guide

What is the annual levy

The annual levy is a yearly flat fee of €350 a Cyprus company must pay to the Registrar of Companies by 30 June of each year ref. Cap. 113 §391. Non-payment will initially result in the company being prevented from submitting and requesting any kind of certificates. Subsequently, the Cyprus Registrar of Companies may decide to apply the law and strike-off (i.e. deregister) the company ref. Cap. 113 §327 if the company does not settle its annual levy dues within one year from the due date.

Yearly fee

€350

2024 deadline

30 Jun 2024
Check your company annual fee status

Annual fee statement

Enter a company name in full or in part and click "Check." On the screen of the Department of Registrar, click on the name of the company for which you want to inquire about the status of annual levy payments. On the following screen, click on the tab "Statement of Annual Company Fee," which lists all the years for which annual levy was paid.

Deadlines and penalties

Standard payment due: €350 if settled by 30 June

Late payments:
€385 if made between 1 July and 31 August
€490 if settled between 1 September and 30 November
Companies that fail to clear their dues by 30 November face the risk of deregistration

Payment options

The levy is payable to the Registrar of Companies.

The easiest method to settle the annual fee is by using your accountant. You can also make the payment with a debit/credit card online through JCCsmart (for years 2018 and onwards), DRCOR eFiling (exclusively for years 2012-2017), via bank transfer, in cash, or by cheque.

  • Your accountant

    Perhaps the most logical and practical way to handle your annual levy payment is by entrusting it to your accountant, which is a smart decision. This method streamlines the process, guarantees accuracy, and should not cost you anything extra.

    Your accountant will take care of all the paperwork, make sure the documentation is accurate, ensure prompt payment, provide ongoing support, and ensure you never miss the deadline.

  • JCCsmart

    JCC Payment Systems Ltd is the primary processor of card transactions in Cyprus, as well as the main online platform for making payments to local suppliers, merchants, organizations, and government institutions using a debit/credit card.

    The settlement of the annual levy from 2018 onwards can be completed through JCCsmart

  • Bank transfer

    Remittance of the due amount can be made via TARGET 2 to the account of the General Government Account at the Central Bank of Cyprus on behalf of the Registrar of Companies and Intellectual Property
    IBAN: CY53001000010000000006001023
    BIC/SWIFT: CBCYCY2NFBU

  • DRCOR eFiling

    DRCOR eFiling is the official website of the Department of Registrar. Payments can be made only for the years 2012 - 2017 and require prior registration with the Cyprus government gateway (Ariadne). The website also allows checking the current status of all paid/unpaid amounts of annual levy on any Cyprus company.

  • Payments abroad

    Payments can be made to the Cyprus Embassy on behalf of the Registrar of Companies and Intellectual Property in the account N.14.01.04.1.00.206

  • Cash or cheque

    A check from a Cyprus bank and cash payments are acceptable means of payment at the cashier's office at the Registrar of Companies located on the ground floor of Xenios Building at the corner of Makariou III Ave & Karpenisiou Str, 1427 Nicosia. The payment must be accompanied by the annual levy application form.

Benefits of timely payment

Ensuring timely payment of the annual fee is not just about avoiding penalties. It is also about:
  • Maintaining your company's good standing and reputation in Cyprus.
  • Streamlining company-related processes and documentation which might require a clean financial record. Many banks and financial institutions in Cyprus often require up-to-date certificates from the Registrar of Companies, indicating that all fiscal obligations, including the annual levy, have been met.
  • Regular and timely payments show a commitment to local regulations and fiscal obligations. This can instill confidence in regulatory bodies and reduce the likelihood of audits or unnecessary scrutiny.
  • Proactively addressing financial obligations means one less thing to worry about. It ensures that you are free from last-minute rushes or the stress of accumulating penalties, allowing you to focus on your core business.

Frequently Asked Questions (FAQ)

Q.1 – When is the 2023 annual levy deadline?
The last date for payment without penalties was 30 June 2023.
Q.2 - What happens to a company that does not pay?
If a company does not settle its annual fee and any associated late charges by 30 November, it may be delisted from the Registrar of Companies, rendering it defunct. To regain its good standing status, the company must undergo a reinstatement procedure, which entails settling the outstanding levy, late charges, and incurring some additional penalties and administrative fees
Q.3 – Do dormant companies pay annual levy?
A dormant company is one that has no activities and does not own any assets. The €350 fee is payable by all registered limited liability companies, regardless of whether the company is active or dormant.
Q.4 – My company was incorporated after 30 June.
Only registered Cyprus companies are liable to pay the annual levy. Therefore, a company incorporated in the second half of the year will commence payments in the following year, and a company dissolved before 30 June will not have any obligations for the current year.
Q.5 – Is there a limit on the amount for group companies?
Yes, the total fee for companies belonging to a group is capped at €20,000 ref. Cap. 113 §391(1)b.
Q.6 - When was the fee introduced and why?
Introduced in 2011 under the Companies Law Cap. 113, the €350 fee was part of the fiscal consolidation measures aimed at supporting the Cypriot economy. The funds collected through this levy contribute to the country's financial stability and development.
Q.7 - Which companies can be exempted from the paying?
Only newly incorporated companies and certain group companies are exempt.
Q.8 - Is there a possibility that the annual fee might be abolished?
Yes, there is a chance that the company annual levy may be abolished. The House Commerce Committee is currently considering the possibility of gradually reducing and ultimately abolishing this levy, with plans that extend up to 2026. However, the decision is subject to legislative processes and potential challenges, as some MPs are concerned about the constitutionality of reducing state revenues.

The outcome will depend on the political and legislative developments surrounding this issue.