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Companies registered with the Department of Registrar of Companies and Intellectual Property (DRCIP) of the Republic of Cyprus have an obligation to pay an annual fee (frequently referred to as annual levy) of €350 by 30th June each year, throughout their lifecycle.

Companies must therefore settle their annual levy obligation for the year 2023 by 30 June 2023.

The annual company levy obligation arises by virtue of Section 391 of the Companies Act (Cap. 113) which provides for the following levy increases in cases of delayed payment:

10% increase in cases where the annual levy is paid within 2 months after 30th June (i.e., until 31st August) which leads to a total payment of €385; and

30% increase in cases where the annual levy is paid within 5 months after 30th June (i.e., until 30th November) which leads to a total payment of €490.

Companies forming part of a wider group of companies, for which the total payable annual levy doesn’t exceed €20,000 may complete and submit the application for annual levy settlement by equally distributing the sum amongst the group companies.

Let us know how we may assist you with your company’s annual levy obligations.

Annual Levy: Payment Methods

Companies have a variety of payment methods to settle their annual levy obligations:

DRCIP online: e-service for annual levy years 2012-2017, inclusive;

JCC: JCCsmart website for annual levy years 2018 onwards;

By Hand & By Post: by completing the Annual Fee Form using these submission tips;

Remittance: addressed to the Central Bank of Cyprus Swift Code CBCYCY2NFBU via TARGET 2 on credit to the General Government Account No. CY53001000010000000006001023 on behalf of the DRCIP; and

Embassy of the Republic of Cyprus: by payment to an Embassy of the Republic of Cyprus in the applicant’s country in the account N.14.01.04.1.00.206 on behalf of the DRCIP.

Having difficulties? Contact your designated ServPRO team members to facilitate the payment process for you and your team.

Section 391A Exemption

Companies falling within Section 391A of the Companies Act, which have been registered with the DRCIP before 14 August 1974 and had their registered office address or place of business or company assets in occupied or inaccessible areas, which are no longer active, or don’t possess any assets other than those located in areas outside the control of the Government of the Republic of Cyprus, are not obligated to settle any annual levy fees.

The procedure for these companies involves the completion and submission of Form HE67 (Form for non-filing of annual reports and non-payment of annual fee) and sending the same by hand/post.

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ServPRO is an authorised Administrative / Corporate Service Provider with established experience in handling corporate matters, ranging from company incorporation and preparation of essential corporate and legal documents, to complex corporate transactions and the establishment of Cyprus International Trusts.