“There is a large number of companies in Cyprus, around 94,000, which we are in the process of striking off from the registry,” Spyros Kokkinos said in a telephone interview last week. These companies have failed to submit their accounts for the years 2003 to 2009, as the law provides.”.
Kokkinos said “several thousands of these companies requested more time to comply” while in a roughly equal number of cases of companies, which failed to submit their accounts, their creditors, including banks, tax authorities, and the social insurance department, requested that no action be taken against them as they are in the process of collecting their dues and in some cases courts have issued related orders.
The company registrar said he did not immediately have the exact number of the companies which may get an extension. According to the department’s website, on September 30 the number of registered companies in Cyprus was 253,441.
Kokkinos said that the department has not initiated any action yet against companies, which failed to pay a €350 annual fee introduced in 2012, adding that he has not received any information so far on whether companies which regularly pay the fee are facing the risk of being struck off for not submitting their accounts.