Frequently Asked Questions
What accounting and audit services do you offer for Cypriot companies?
We offer a range of services including book-keeping, tax advice, tax planning, VAT returns, payroll management, and the preparation and submission of financial statements for audit.
What is involved in the preparation of financial statements?
We prepare your financial statements according to IFRS, ensuring they reflect the true financial state of your company, ready for audit and compliance.
What financial statements are required for a company in Cyprus?
Companies must prepare annual financial statements that comply with International Financial Reporting Standards and the Companies Law. These should be presented at the Annual General Meeting and filed with the Registrar of Companies.
Are audit services mandatory for all companies in Cyprus?
Yes, all companies are required to have their financial statements audited by an independent auditor, who must ensure the statements provide a true and fair view of the company’s financial status.
What VAT obligations do companies have in Cyprus?
Companies must submit VAT returns every quarter and ensure payments are made within 40 days post-declaration. There are also various VAT rates applicable depending on the goods or services provided.
What payroll services are available for companies in Cyprus?
Our firm provides complete payroll services, including the management of social insurance contributions and compliance with employment law, ensuring seamless payroll operations.
Are there any special considerations for audits of small or dormant companies?
Even small and dormant companies must comply with statutory audit requirements, although the scope might be adjusted based on their size and activity level.