Law 89(I) of 2015, which made a number of amendments to the Companies Law aimed at streamlining registration procedures and improving companies' compliance with their reporting obligations, included new provisions regarding the date on which Cyprus-registered companies are required to make up their annual return.
In line with the change in the Companies Law and in anticipation of a corresponding amendment to the Alternative Investment Funds ("AIF") Law, the Cyprus Securities and Exchange Commission ("CySEC") has extended the time allowed for Alternative Investment Funds with a Limited Number of Investors to submit their audited annual report and confirmation of compliance with the AIF Law.
Article 116(2) of the AIF Law requires AIFs with a limited number of investors to prepare an annual report, audited by an independent auditor, confirming their compliance with Article 114 of the AIF Law, which stipulates the requirements that such funds must meet. According to the article, the report is to be submitted to CySEC within one month from the end of the period it refers to.
In view of the forthcoming amendment of article 116(2) to extend the time allowed for delivery of the annual report to CySEC, exceptionally for 2016 the time allowed is up to six months following the company's return date as defined in article 120(1A) of the Companies Law. For example, if the return date is 31 December 2015, the report must be submitted by 30 June 2016.
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