The Registrar of Companies has issued an announcement drawing attention to the requirement for overseas companies with a branch in Cyprus to submit audited annual financial statements. Article 350 of the Companies Law, Cap. 113 requires registered foreign companies to submit the financial statements, directors' report and auditor's report prepared under their home country legislation. Companies with a branch in Cyprus must also submit audited financial statements for the branch.
Companies incorporated in the EU and reporting in their home Member State in accordance with Directives 78/660/EEC, 83/349/EEC and 84/253/EEC may submit either the financial statements, directors' report and auditor's report prepared under their home country legislation or audited financial statements for the branch.
Failure to comply will this requirement will result in the deletion of the foreign company from the register in accordance with article 327 (6) of the Companies Law.
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