Cyprus: Adoption of Updated EU NACE Codes

The Statistical Service of Cyprus has confirmed the adoption of the updated European statistical classification of economic activities, NACE Revision 2.1. This update follows the European Commission’s adoption of the amended structure in October 2022 and applies across the European Union from 2025. All companies registered in Cyprus must ensure that their economic activities are accurately classified according to the updated NACE system. The revised classification must be reflected consistently in records held by the Registrar of Companies, the Tax Department and the Social Insurance authorities.

Key changes and requirements

NACE is the European Union’s standard system for classifying economic activities. The updated version, NACE Revision 2.1, replaces the previous structure for statistical and administrative use. Companies must ensure that the economic activities recorded with the Registrar, Tax Department and Social Insurance authorities match the updated NACE list. The change does not introduce new corporate governance requirements, but it may require a company to review its registered activities and confirm that its NACE code is correct. Any updates to the registered information must be made through the appropriate authorities. No specific filing deadlines have been set beyond the general requirement to ensure that records remain accurate.

How can we help?

Computershare’s global entity compliance team can help provide more information about this requirement. We can also maintain your corporate data through the GEMS platform.

Contact

Please contact your dedicated Computershare Relationship Manager or send an email to #GLCGSGECNetworkManagement@computershare.com for more information about how Computershare may assist you in responding to these new requirements.

Disclaimer: This notice is provided by Computershare for general informational purposes only and is not intended and should not be construed as legal, regulatory, financial or tax advice. Computershare is not licensed or authorized to practice law in any jurisdictions and hence does not provide any legal advice and it does not hold itself out as doing so. Neither Computershare nor any of its affiliates or contributors accept any responsibility or liability for the quality, accuracy or completeness of any information contained in this notice. It is important that you seek independent professional advice relating to the subject matter of this notice before relying on it.