The following which have been put before the Plenary Session of the Parliament for a vote on 10/12/2020, have been voted in favour and are expected to be published in the Official Gazette of the Republic.

The Companies (Amendment) (No. 7) Law of 2020.

With this amending Law, the basic law is amended so that the Republic fulfils its obligations deriving from article 30 of Directive 2013/34 / EU, in combination with articles 14 (f), 16 and 18 of Directive 2017 / 1132 / (EU), regarding the publication of the accounting documents of the companies no later than twelve months from the 9th closing date of their balance sheet.

The Companies (Amendment) (No. 8) Law of 2020

With this draft law, the basic law is amended, so that its provisions concerning the imposition of penalties on companies that fail to submit their annual report to the Registrar of Companies in time to enter into force on April 1, 2021, instead of December 18, 2020.

It should be noted that the new penalty fee will start from €50 and shall continue to increase from the first date of non-compliance at the rate of €1/day for the first 6 months and €2/day thereafter for a maximum penalty of €500.

How S.JERONYMIDES & CO. LLC can help?

• Ensuring the company is compliant with all its statutory obligations within the specified timeframe;
• Submission of the relevant filings on behalf of the company with the Registrar of Companies;
• Application and activation of e-filing codes on behalf of the company;
• Keep you informed regarding the ongoing amendments of the CAP 113 and relevant timeframes;
• Drafting the necessary corporate documents for the approval of the financial statements of the company;
• Preparation and submission of annual returns HE32 with the Registrar of Companies;
• Advising on the corporate governance of the company.