Cyprus ridiculous fees for strike off

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HavanaClub

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Sep 13, 2023
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I have received a calculation of fees from the secretary (IFBS) and it seems ridiculous. Could you tell me if its the market prices or its a typical situation with greedy secretary?

Annual fees for 16.01.2025-16.01.2026 ”“ 1350 eur (okay)
Fine for late payment ”“ 160 eur (okay)
UBO submission for 2025 ”“ 350 eur (is it a average market price?)
Nill audit for 2024 ”“ 940 eur (does not seem average market price for nil report)
Nill audit for 2025 ”“ 940 eur (does not seem average market price for nil report)
Stike off ”“ 4700 eur (dont know if its market price)
Tax clearance procedure ”“ 4500 eur (what is this for?)
Annual fees for 16.01.2026-16.01.2027”“ 1350 eur (procedure for strike off lasts at least one year, okat can believe in this )
UBO submission for 2026 ”“ 350 eur (is it a average market price?)
Certificate of strike off under apostille ”“ 450 eur (questionable)
Dhl to EU ”“ 200 eur (questionable)

Total: 15 290 EUR

Could someone explain how to get rid of the company for less? Should I leave it and not pay anything? These fees seem to be overinflated for all including - 1) striking off 2) nil audits 3) UBO submissions.
 
HavanaClub said:
HavanaClub said:
I have received a calculation of fees from the secretary (IFBS) and it seems ridiculous. Could you tell me if its the market prices or its a typical situation with greedy secretary?

Annual fees for 16.01.2025-16.01.2026 ”“ 1350 eur (okay)
Fine for late payment ”“ 160 eur (okay)
UBO submission for 2025 ”“ 350 eur (is it a average market price?)
Nill audit for 2024 ”“ 940 eur (does not seem average market price for nil report)
Nill audit for 2025 ”“ 940 eur (does not seem average market price for nil report)
Stike off ”“ 4700 eur (dont know if its market price)
Tax clearance procedure ”“ 4500 eur (what is this for?)
Annual fees for 16.01.2026-16.01.2027”“ 1350 eur (procedure for strike off lasts at least one year, okat can believe in this )
UBO submission for 2026 ”“ 350 eur (is it a average market price?)
Certificate of strike off under apostille ”“ 450 eur (questionable)
Dhl to EU ”“ 200 eur (questionable)

Total: 15 290 EUR

Could someone explain how to get rid of the company for less? Should I leave it and not pay anything? These fees seem to be overinflated for all including - 1) striking off 2) nil audits 3) UBO submissions.
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The fees are too high yes.

Leaving the company could create personal liability on you and therefore it is certainly better to close it.
 
Is there any chance to move the company to another secretary and strike off the company through them?
 
Maybe you can find someone in a shithole country who can buy the company from you, and then it would be there probably? Sometimes you can find this as a service.
But not sure if the previous could still be liable in a case like that.
 
yeah malta and cyprus these days think they're the switzerland of the golden age... I keep hearing of crazy fees from those two places. It's a thing to consider for sure, as many members go there thinking everything is cheap since they're small islands... it doesn't work that way...
 
marioIT said:
marioIT said:
yeah malta and cyprus these days think they're the switzerland of the golden age... I keep hearing of crazy fees from those two places. It's a thing to consider for sure, as many members go there thinking everything is cheap since they're small islands... it doesn't work that way...
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I don't this is the case. A lot of this online service providers are trying to milk clients, but if you have a law firm as your starting point instead of a service provider or an accountant then you will be safer.
 
JustAnotherNomad said:
JustAnotherNomad said:
Maybe you can find someone in a shithole country who can buy the company from you, and then it would be there probably? Sometimes you can find this as a service.
But not sure if the previous could still be liable in a case like that.
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They normally milk the company first by buying things on credit or getting loans. Once they are bankrupt, the court will strike the company off the register without you having to pay for it. Pretty good business for the criminals.

https://www.nzz.ch/zuerich/zuerich-unternehmer-verdient-an-firmenbestattungen-mit-ld.1833221
https://www.tagesanzeiger.ch/konkur...die-firmenbestatter-am-aktivsten-212395329018

If your name means anything to you, I would not recommend doing it.

Last edited: Jan 24, 2025
 
Radko said:
Radko said:
Yes, I've done that twice and nothing ever happened...
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How long ago have you done this? And do you live in Cyprus? Depending on your activities and status of the company fines are potentially building up, the authorities will chase you once the amount of the fines is significant, therefore leaving it there and doing nothing is certainly wrong advise to give.
 
CyprusLaw said:
CyprusLaw said:
How long ago have you done this? And do you live in Cyprus? Depending on your activities and status of the company fines are potentially building up, the authorities will chase you once the amount of the fines is significant, therefore leaving it there and doing nothing is certainly wrong advise to give.
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Fear mongering, no one is going to chase you!

All services are the same, they try to charge you a bunch of money for something that would normally cost very little.

I've dealt with a lot of services and ALL of them are full of crap, they literally lie to their clients to squeeze as much as they can.
 
Try BVI, started the process last June, so far 10,000$ for a dormant company and still not struck off lol
 
Another option is to sell it to a nominee. I know people who would sign anything for 10-15$
 
CyprusLaw said:
CyprusLaw said:
....Cyprus? .... the authorities will chase you...
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I may be wrong but I have an impression that Cyprus "authorities" chase people as often as my fat lazy cat catches mice. Show us some news where someone was chased and fined.

2015 Strike-offs: By the end of September 2015, the Registrar had struck off 94,000 companies from a total of around 250,000 registered entities due to non-compliance with annual reporting requirements.
Some old data but still what ChatGPT found. I doubt "authorities" have resources to chase and fine 94k people. They deal with big fish.
 
HavanaClub said:
HavanaClub said:
I have received a calculation of fees from the secretary (IFBS) and it seems ridiculous. Could you tell me if its the market prices or its a typical situation with greedy secretary?

Annual fees for 16.01.2025-16.01.2026 ”“ 1350 eur (okay)
Fine for late payment ”“ 160 eur (okay)
UBO submission for 2025 ”“ 350 eur (is it a average market price?)
Nill audit for 2024 ”“ 940 eur (does not seem average market price for nil report)
Nill audit for 2025 ”“ 940 eur (does not seem average market price for nil report)
Stike off ”“ 4700 eur (dont know if its market price)
Tax clearance procedure ”“ 4500 eur (what is this for?)
Annual fees for 16.01.2026-16.01.2027”“ 1350 eur (procedure for strike off lasts at least one year, okat can believe in this )
UBO submission for 2026 ”“ 350 eur (is it a average market price?)
Certificate of strike off under apostille ”“ 450 eur (questionable)
Dhl to EU ”“ 200 eur (questionable)

Total: 15 290 EUR

Could someone explain how to get rid of the company for less? Should I leave it and not pay anything? These fees seem to be overinflated for all including - 1) striking off 2) nil audits 3) UBO submissions.
Click to expand...
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Well Im interested in a cyprus company so, if u are interested in getting rid of the company...gave It to me and my partner then... We buy It lol
 
For a dormant company (as you mentioned) the fees are significantly high. From my experience at least half price for dormant accounts / strike off procedure / ubo submission shall apply.
 
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