On November 1, 2019, the Registrar of Companies published a notice regarding the implementation of Law 149 (1) / 2018 (the Act). The law amends company law and company law regulations with the introduction of administrative penalties on certain filings submitted after the prescribed time frames as provided by the Law.
For the annual returns, the late filing fee is Euro 50 plus an extra charge of Euro 1 for each day of delay for the first 6 months and then Euro 2 for each day of delay. The maximum penalty for each annual return is Euro 500.
As a result, all companies that have not prepared audited financial statements for all years until 2018 by 18 December 2019 and, as such, have not yet submitted annual financial statements for all years until 2019, will be affected by this administrative sanction.
In addition, from 18 December 2019, the Registrar of Companies will also impose administrative sanctions on companies for the late submission of the relevant forms for changes in registered address, directors, directors’ occupation and addresses, allotment and transfer of shares. The administrative penalty that shall be applied is Euro 50 plus an additional charge of Euro 1 for each day of delay up to the maximum total penalty of Euro 250 per relevant form.
The imposition of the administrative penalties will be effective from 18 December 2019.
