Cyprus Registrar of Companies gets powers to correct its records

Cyprus has been cleaning up its company register after years of backlogs and struck-off companies.

What changed

• Registrar's powers (Law 101(I)/2024): the Registrar can correct, delete or add information in the registers, and the corrected information is treated as valid.
• Confirmations: the Registrar can ask companies to confirm, correct or update their data by post or electronically, within a set deadline.
• Annual returns: in February 2024 Parliament cut the maximum penalty for late annual returns from EUR 500 to EUR 150.
• Later, Law 155(I)/2025: a capital reduction takes effect on the date of the court order; restoration of a struck-off company no longer needs a separate certificate; and certificate types were redesigned.

What to do

Respond on time to any Registrar request to confirm data, and check that each Cyprus company's filings are up to date.

Sources

• Chrysostomides: Cyprus corporate law update, streamlined procedures and key reforms to note
• Harneys: Amendments to the Cyprus Companies Law, additional powers of the Registrar of Companies to update its records
• Eurofast: Easing financial penalties, Cyprus Parliament approves significant amendment