All Cyprus registered companies are required to keep accounts and submit statutory returns by law.  Accounts must reflect the true and correct position of their affairs, as well as give show a true picture of their activities and reflect:

• All monies received and disbursed, together with details of the related transactions.
• All sales and purchases of stock by the company.
• All company assets and liabilities.

We offer a full range of accounting services and can work with you if you want to do the bookkeeping; and we review and manage the complicated aspects, or we can totally look after all aspects of your accounting.  We will make a plan that fits your needs and requirements.  Our services include advising you on the choice of appropriate accounting software and its setting up, as well as completely undertaking to carry out the accounting functions of your business.  Using up to date accounting software, we can assist you in the preparation of management accounts, bookkeeping and in complying with statutory accounting requirements.

Tasks include:

Cyprus Company Law requires that company accounts must include the following:

• A directors’ report, which should accompany the balance sheet and be submitted to the shareholders’ annual general meeting.
• An auditor’s report containing certain prescribed statutory information, unless the company is exempt from this requirement (small companies).
• 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).

For Income tax purposes (s.38 of The Income Tax Law) states full financial statements are audited or certified by officially authorized auditors or accountants and a declaration on the Income Tax Return is required. Furthermore, all companies with share capital are required to submit an Annual Return to the Registrar of Companies.

The Annual Return (HE32) must be accompanied by the audited financial statements of the company, adopting the IFRSs translated into the Greek language.

Cyprus-Registered Branches of foreign companies are not legally bound to compile full separate branch accounts but, when taxed on the island, are obliged to do so for income tax purposes.  They also have to submit accounts of the main company, translated into Greek, to the Registrar of Companies.  Partnerships are exempt from any requirement to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for scrutiny by individual partners.