All Cyprus Companies, whether resident or not, are required to maintain accurate books of accounts, which should reflect the true and correct position of their affairs, as well as give sufficient clarification of their activities.
In particular, correct and proper records should be kept to reflect:
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All monies received and disbursed, together with details of the related transactions.
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All sales and purchases of stock by the company.
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All company assets and liabilities.
In addition, Cyprus Company Law requires that company accounts must include the following:
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A directors' report, which should accompany the balance sheet and be submitted to the shareholders' annual general meeting.
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An auditor's report containing certain prescribed statutory information, unless the company is exempt from this requirement (small companies).
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Full financial statements as prescribed by IFRS (International Financial Reporting Standards) and Consolidated Financial Statements in the case of parent companies (unless specifically exempted in some cases).
However, for Income tax purposes full financial statements that are audited or certified by officially authorized auditors or accountants and a declaration on the Income Tax Return - which the return agrees to the audited financial statements, are required. So, in effect, audited financial statements and an Income Tax Return are required for all companies, even companies with no taxable income and/or dormant companies.
Furthermore, all companies with share capital are required to submit an Annual Return to the Registrar of Companies.
The Annual Return must be accompanied by the audited financial statements of the company, adopting the IFRSs translated into the Greek language.
The specific Services offered to Cyprus resident and non resident companies include:
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Auditing and Reporting compliance in accordance with International Accounting and Auditing Standards;
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Preparation and submission of Statutory Accounts to the relevant Government Authorities;
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Presentation of Financial Statements to the directors and shareholders;
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We can assist you to register with the Cyprus VAT Authorities and administer the VAT documentation;
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We can maintain the accounting records of the company in Cyprus as required by the VAT Authorities;
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We can prepare and submit to the VAT authorities the quarterly VAT Returns based on the accounting records of the company.
Auditing Services and financial reporting services are offered by affiliated firm`s of Chartered Accountants.