Strike-off procedure
A Cyprus Company may be struck off the Register either by a request of the directors or shareholders or involuntarily by the Registrar of Companies.
1. Strike-off procedure initiated by the directors or shareholders
The directors or shareholders of a Cyprus company can apply to the Registrar of Companies and request to be struck off the Company’s Registry.
Provided that the company has no assets or liabilities, this is the most efficient way, in terms of time and fees and expenses, to “close” a Cyprus company.
2. Strike-off initiated by the Registrar of Companies
The registrar can strike off a company if it has failed to submit annual returns or pay the annual levy.
According to announcements issued by the Registrar, as from 29.09.2014 all Companies which have not filed their annual returns will receive notification that the annual returns are overdue and failure to comply within 30 days will result removal from the Register of Companies.
If the company fails comply, a notice will be published in the official government Gazette of Cyprus notifying the intention to strike off the company from the Registry. If no objections are submitted (usually by Creditors) and the Company continues not to comply, within 90 days from the date of publication in the Gazette, the Registrar will strike-off the Company from the Registry.
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Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law.
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