Companies registered in Cyprus that do not proceed with the payment of the annual levy of €350 on time will be liable to penalties.

The deadline for the payment is 30/06/2016. If the levy is not paid until 30/06/2016, penalties will be imposed as follows:

• amount due to be paid is €385 if paid between 01/07/2016 – 30/08/2016;
• amount due to be paid is €490 if paid between 01/09/2016 – 30/11/2016;
• amount due to be paid is €500 if paid later than 30/11/2016.

It should be also noted that in case a company does not proceed with the payment of the levy by the 30th of November, the Registrar of Companies will have the right to strike off the company from its register. The company may be re-instated automatically and the Registrar will proceed with the correction in its register if:

• within the period of two years from the date of strike off the amount of €500 is paid;
• after the expiration of two years from the date of strike off the amount of €750 is paid.

Also note that companies with pending levy payments relating to previous years can also pay for these as follows:

• €350 for 2011. Dormant companies are exempted from paying the levy for 2011;
• €490 for 2012. Dormant companies are exempted from paying the levy for 2012;
• €490 for 2013;
• €490 for 2014;
• €490 for 2015.