ANNUAL COMPLIENCE OF CORPORATE VEHICLES


ANNUAL COMPLIENCE OF CORPORATE VEHICLES

Annual General Meeting (AGM)

An Annual General Meeting (AGM) must be held by the company every year (considering that not more than 18 months should pass between the first AGM and the following one). It should be noted that the 1st AGM must be held within a time frame of 18 (eighteen) months from the incorporation date of the company (having regards that where a company holds the 1st AGM within 18 months from the incorporation date than there is no need to hold the next AGM during the year of its incorporation or the following year).

The Filing of Annual Return (i.e. Form HE32)

An Annual Return (Form HE. 32) must be filed with the Registrar of Companies by each company operating in Cyprus once a year. The Annual Return Form includes the following major information on the company in question: The shareholders The Capital information The Registered Office The Directors/Officers Liabilities The Secretary It is important to make the filing within the time frame provided by the Law and specifically: the Annual Return (the Form HE 32) must be prepared within 14 days after the AGM and It must be filed with the Registrar of Companies within 28 days from the date when the AGM of the company was held.

The Filing of Financial Statements with Annual Returns

As a rule and a code of practice, a copy of the Financial Statements of the previous year must be filed along with the Annual Return of the current year. Hence, for example for a company to comply with its statutory obligation, the Annual Return for the year 2021 must be accompanied by the financial statements of the company for the year 2020 otherwise the Annual Return will not be accepted by the Registrar of Companies.

SUPPORT IN PREPARATION AND DRAFTING OF FINANCIAL STATEMENTS AND/OR MANAGEMENT ACCOUNTS

How can we assist you

Annual compliance by Cyprus companies and avoidance of penalties and involuntary “strike-off” by companies We arrange annual compliance by companies within the timeframes provided by Law. Our goal is to ensure your company’s compliance with legislation while you are concentrated on the development and operation of your business. We provide support and assistance in the preparation of Financial Statements and their filing as well as with the filing of Tax returns Our services include but not limited to: Filing of financial statements with the Registrar of Companies prepared in accordance with the International Financial Reporting Standards. Preparation of the annual tax returns and its filing with the Income Tax authorities followed the results of the financial statements. We assist in drafting relevant documents and forms and filing them with respective authorities on your behalf within the corresponding deadlines. We keep you informed on the process of filing, and its completion as well as provide you with feedback from the relevant authority and communicate with them on your behalf while ensuring full compliance by your company with the statutory obligations. Note: it is crucially important to admit that all Cyprus companies independent whether are tax residence or not are obliged to prepare and file a tax return with the corresponding authorities and within the time frames provided by relevant legislation.

Criminal liability for non-compliance with statutory obligations

It is a criminal offense if a company does not comply with its legal obligation to prepare and file financial statements and annual returns within the timeframes provided under the relevant law, therefore, the company and its directors may be subject to criminal prosecution for non-compliance with the statutory obligations.


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