Representing clients in government. Contract development. Consideration (preparation) of complaints.
The registration procedure for a non-resident company. The advantages of this service for your business.
Audited statements. Collection, evaluation and subsequent analysis of audit evidence.
Financial statements. Business operations and transactions. Information about the accounting documentation.
Legal signs of the vessel (flag, nationality, registration and identification). Registration in the ship registry.
Service "virtual" office. Site creation. Processing correspondence. Electronic correspondence. Direct phone number and fax.
All companies have a standard fiscal year that coincides with the calendar year: from January 1 to December 31. The exceptions are the deadlines for filing the first reporting in Cyprus. If the company is registered in the first half of the year (up to and including June 30), then its first reporting period will end on December 31 of the same year. However, the Cyprus tax authority requires reporting for any year, and takes a penalty (it is now equal to 100 euros) for being late.
If the company is registered in the second half of the year, then its first fiscal year will end on December 31 of the next year. Reporting in Cyprus must be submitted within twelve months after the end of the fiscal year, 3 of which are given to the Company for the preparation of primary documentation and accounting, 9 to the accountant’s auditor for drafting the report and submitting it to the registration and tax authority.
An audit in Cyprus is mandatory for all companies, even for those that did not carry on business at all. For delay in submitting reports, both fines and the possibility of deleting a company from the registry in general are assumed. A company that fails to submit reports in Cyprus on time receives the so-called bad status and as a result cannot receive a Certificate of Good Standing.
Also, no documents can be obtained from the Cyprus tax authorities, including those confirming the tax residency of the company in Cyprus and the possibility of using tax breaks on the basis of agreements on avoidance of double taxation. In addition, it must be remembered that the personal responsibility of directors up to the criminal one is provided for by Cyprus law. Penalties are provided for late submission of reports.
In case your companies or one of your companies did not carry on business in general, you are only required to confirm that you are ready for zero reporting. Only a bank statement is provided, as a confirmation of the absence of transactions, documents in this case are not required of you.
To prepare financial statements you must submit the following documents to us:
1. Statements on all bank accounts of the company.
2. Copies of all contracts for which operations took place during the reporting period; contracts must necessarily have the relevant details (signatures and stamps of the parties, and must also be the date of their signing).
3. Copies of all invoices for the reporting period, invoices must also have the relevant details (date, signature, stamp); invoices for the purchase and sale of goods should reflect the nomenclature (name) of the product, the unit of measurement, the number of units, the price per unit of goods, the total amount of the item and the total amount of the invoice.
4. If transactions were carried out on the basis of so-called agency contracts, then, without fail, agency reports containing information on the quantity and value of the goods purchased and sold on behalf of the principal, as well as the amount of the agency fee (commission), must be submitted.
5. Journal of business transactions (if you keep).
6. Information on related parties: on subsidiaries and affiliates: it is necessary to disclose the structure of the group (number of related parties, percentage of ownership); in addition, it is necessary to provide the financial statements of subsidiaries on the date corresponding to the end of the financial period of the Cyprus company, or closest to it; we usually ask for a balance sheet and a profit and loss statement (for Ukrainian companies this is Form # 1 - balance sheet and Profit and Loss Report - Form # 2).
7. All additional documents that you consider necessary to provide, especially specific to your business.