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On 21 February 2024, the President of the Republic of Cyprus announced the abolition of the €350 annual fee, which was previously mandated for all companies registered in Cyprus, and on 29 February 2024, the House of Representatives endorsed this decision. This was officially published in the Official Gazette of the Republic on March 15, 2024.

The rationale behind this decision is to provide additional support to businesses across Cyprus. Effective from 2024 onward, this decision reflects the government’s commitment to fostering a more favorable environment for businesses in Cyprus, with the ultimate goal of achieving long-term growth and stability.

Any companies who have already paid for the 2024 annual levy to the Registrar of Companies are eligible to receive a refund of the full amount paid for the year. The refund can be claimed as follows:

· For any payments which were made through JCC, the amount will be automatically refunded to the same card from which the payment was made. No further actions are required by the applicant to this effect.

· For any payments made at the office of the Registrar of Companies, the amount will be returned to the applicant upon submission of a refund request (by using the KE1 Form, which is available online at the website of the Registrar of Companies). The said form has to be accompanied by the FIMAS Authorization form and a copy of the relevant IBAN certificate for the applicant.

It should be lastly noted that any unpaid and outstanding levies relating to the years 2011 up to and including the year 2023 shall remain appliable, due and payable.

For any further guidance regarding this procedure, please do not hesitate to contact Kyriakides, Savvides & Associates Ltd. We are at your disposal to provide clarifications on the procedure and related services.