Following an announcement by the Government on the 21st February 2024, the Department of the Registrar of Companies and Intellectual Property announced that in accordance with the Companies (Amendment) Law 2024, N.25(I)/2024, which was published in the Official Gazette of the Republic on March 15, 2024, the annual levy of companies registered in the Registry of the Registrar of Companies, is abolished from 2024 onwards.
By this act, the Government of Cyprus is aiming to provide relief to businesses and facilitate their growth trajectory. By lifting this financial burden associated with the annual levy, it will create a more favourable climate for entrepreneurship and investments.
The Annual levy fees for years 2011 – 2023 continue to apply. According to the Amending Law 2024, Law 25(I)/2024, dated March 15, 2024, for those companies that have already paid the annual fee for 2024, a refund of fees will be made.
The decision comes amidst efforts to enhance Cyprus’s competitiveness on the global market and attract foreign investments. Eliminating the annual levy, demonstrates a proactive approach by the Government to streamline administrative processes and reduce costs of business, thereby encouraging both local and international enterprises to establish and operate in Cyprus.
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