Cyprus
Financial Reporting Obligations for Companies in Cyprus
1. Registry for Financial Statements Submission
In Cyprus, companies must submit their financial statements to the Department of Registrar of Companies and Intellectual Property (DR-CIP) (Τμήμα Εφόρου Εταιρειών και Διανοητικής Ιδιοκτησίας). Official portal: https://www.companies.gov.cy.
2. Legal Forms Required to Submit and Publish Financial Statements
The following legal forms in Cyprus are generally obliged to file annual financial statements with the Registrar:
- Private Limited Company (Ltd)
- Public Limited Company (Plc)
- Partnership (general/limited) – depending on size/activity
- Unlimited Liability Company
- European Company – Societas Europaea (SE)
- Consortium (special partnership type) – depending on size
- Non-Profit Organizations – subject to specific rules based on size and activity
Very small entities (e.g., micro-enterprises or certain small partnerships/associations) may be exempt from publishing full financial statements if they do not exceed statutory thresholds.
3. Audit Requirements
Audit obligations depend on the entity type and size. The table below summarises the rules and criteria.
|
Legal Form |
Audit Rule |
Criteria |
| Private Limited Company (Ltd) | Audit required if thresholds exceeded | Exceed any two of the following (typically over two consecutive years): – Turnover > €700 000 – Total assets > €350 000 – Employees > 10 |
| Public Limited Company (Plc) | Always requires audit | No size thresholds |
| Partnership | Audit may be required based on size | Same thresholds as Ltd (turnover, assets, employees) |
| Unlimited Liability Company | Audit required if thresholds exceeded | Turnover > €700 000; Total assets > €350 000; Employees > 10 (2 of 3) |
| Societas Europaea (SE) | Always requires audit | No size thresholds |
| Consortium | Conditional audit | Similar thresholds as Ltd/Partnerships |
| Non-Profit Organizations | Audit required depending on size/activity | Turnover/asset and public-interest criteria apply |
4. Publication on the Stock Exchange
Companies listed on the Cyprus Stock Exchange must publish their financial statements on the exchange’s platform: Cyprus Stock Exchange (CSE) (https://www.cse.com.cy).
5. Deadlines for Submission
- First filing: Within 18 months of incorporation.
- Subsequent filings: Within 12 months after the end of each financial year.
6. Partial Financial Statements
Certain small entities that do not meet the audit thresholds may submit abridged (simplified) financial statements, notably micro-enterprises under Cyprus law.
7. Consequences of Non-Submission
- Fines: Typically ranging from €50 to €500 depending on delay and severity.
- Striking off: Continued non-compliance can lead to the company being struck off the register.
8. Requirements for Foreign-Owned Branches
Foreign-owned branches operating in Cyprus must submit their parent company’s financial statements together with the management and audit reports, where these are published in the country of incorporation.
Sources
| Source | Link |
| Department of Registrar of Companies and Intellectual Property (DR-CIP) | https://www.companies.gov.cy |
| Cyprus Stock Exchange (CSE) | https://www.cse.com.cy |
| Start Companies Search | Order Credit Report |
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