What happens if a company fails to submit its annual report?

Typically, the deadline for submitting the annual report is 30 June, and the annual report must be submitted to the e-Business Register in the prescribed format. If a company fails to submit the annual report by the deadline, the e-Business Register will first send a reminder with a new deadline for submission. If the annual report remains non-submitted, the next step the e-Business Register may take is to impose a fine for the non-submission. As a more severe measure, the e-Business Register may issue a warning of deletion, and in certain cases, the company may indeed be deleted from the e-Business Register. A deleted company can be reinstated within 3 years of deletion, but this requires rectifying the deficiencies, i.e., submitting the annual reports and paying a state fee of 200 euros. If your company has been deleted, one significant hurdle could be the imposition of a business prohibition, which prevents the establishment of a new company due to previous issues. It should be noted that a non-submitted annual report can also lead to the loss of e-residency, which would prevent you from managing your business online.

Still want to continue your business?

If the annual report has not been submitted to the e-Business Register by the specified deadline, and you still wish to continue your business, it is usually more cost-effective to prepare and submit the missing annual reports rather than let the company be deleted and later establish a new company. Reinstating a deleted company requires paying a state fee of 200 euros, in addition to the costs associated with preparing the missing annual reports. Establishing a completely new company requires paying a state fee of 265 euros. Submitting the annual report might initially seem complicated, but don't worry. With ANN, you can quickly and easily complete the annual report for your micro-enterprise yourself - all the necessary steps have already been thought out for you. If you feel you need assistance or have any questions, we are here to help you.