EN
RUUA

Accounting support in Cyprus

Preparation of reports for Cyprus companies and submission to the tax authorities

Our expert auditors ensure compliance with all Cyprus financial regulations.

Tax, accounting and audit advice

Free legal consultation

All registered companies in Cyprus must prepare financial statements and complete an annual audit, as per regulatory requirements.

How can we help you thrive?

Preparation of the annual report

We assist in preparing reports using your source documents.

Audit

Qualified auditors will analyse your company’s financial statements and issue an opinion based on the law and their professional judgement.

Consulting

We will help you to pay taxes and represent your interests before the tax authorities of Cyprus

Calculator cost of services

Англія
Польща
Естонія
Чехія
Португалія
Кіпр
ОАЕ
США
Гонконг

Company turnover per year

up to € 3,000
€ 1,000,000
up to € 3,000
up to € 100,000
up to € 1,000,000
over € 1,000,000

Number of transactions on all company accounts per year

up to 50
over 500
up to 50
up to 200
up to 500
over 500

Number of bank accounts of the company

1-2
more than 5
1-2
3-5
more than 5

Employees

No
up to 5 people
more than 5 people
Cost according to your needs:
€ 2140
Get a calculation
* The cost is approximate and in order for us to take into account all the nuances, we advise you to ask for a free consultation

Conditions for preparing reporting in Cyprus

Reporting period in Cyprus

Calendar year

Frequency

Annually

Deadline

no later than 15 December of the year following the reporting year

* In some cases, an auditor’s opinion accompanies the report, offering expert verification of the accuracy and reliability of your financial statements.

Peculiarities of reporting and auditing in Cyprus

Cyprus

All companies registered in Cyprus are required to file financial statements with the Companies Registration Authority (CySEC) on an annual basis.

– Although the standard reporting period is a calendar year, it can be extended to 18 months for new companies. Therefore, if your company is registered in the second half of the year, you do not have to prepare a separate report for several months.

– We prepare Cypriot accounts following IFRS standards and consist of an income statement, balance sheet, cash flow statement, notes to the accounts, a control and management report, and an auditor’s report.

– If a company has no turnover, it must still submit financial statements. An audit is mandatory.

The statements must be signed by the company’s director and have an audit report signed by a certified auditor.

Financial Reporting Process in Cyprus

Collection of documentation

Invoices & Sales Data:

Gather incoming/outgoing invoices or sales uploads from the marketplace.

Financial Statements:

Compile statements for all company accounts.

Business Overview:

Collect details about sales channels, product categories, and goods movement from seller to buyer.

Preparing and submitting reports

Data Analysis & Declaration Approval:

Process all information, prepare declarations, and obtain client approval.

Submission & Verification:

File reports with US tax authorities and secure CPA sign-off

Tax Oversight & Resolution:

Monitor tax payments and resolve any issues or disputes if they arise.

Ready to Get Started?

leave a request

on the website

write to our mail

client@nxdigitalagency.com

or call the number

+38 093 171 2818

The initial legal consultation is free of charge and does not oblige you to do anything.

Frequently Asked Questions

If my company does not conduct any business, has no accounts, and is used as a holding company, do I have to prepare reports?

All companies, even passive ones, are required to prepare and submit accounts in Cyprus.

If I registered a company at the end of the year, do I have to prepare a separate report for several months of the first year?

The first reporting period can be from 1 to 18 months from the date of company registration, so several months of the first year can be combined with the next reporting year.

What are the dangers of late reporting and non-payment of tax?

The amount of the penalty for late filing in Cyprus depends on the size of the company and the period of delay. For small companies, the fine is EUR 50 for each day of delay, but not more than EUR 10,000. For large companies, the fine is EUR 100 per day of delay, but not more than EUR 50,000. If a company fails to submit its financial statements within two years, it may be removed from the company register.

If my Cyprus company owns shares in another company, does it have to prepare and submit consolidated group accounts?

If your company owns more than 50% of the shares in another company, it must prepare consolidated financial statements, i.e. a combined group report.
Consolidated financial statements are the financial statements of a group of companies that is treated as a single economic entity. They are also prepared in accordance with International Financial Reporting Standards (IFRS).
If a company is not required to prepare consolidated financial statements, it may do so voluntarily.
Preparing consolidated financial statements can be useful for companies that have subsidiaries or other affiliates, as it provides a more complete picture of the financial position of the group.

Is it possible to keep and file accounts in Cyprus independently and how easy is it to do so?

Yes, you can prepare the accounts yourself. However, since all Cyprus companies are required to undergo an annual audit, you will not be able to do without the help of certified auditors.
You can learn more about this on the official resources of Cyprus:
Basic principles and legislation here: https://www.mof.gov.cy/mof/tax/taxdep.nsf/ced01_gr/ced01_gr?opendocument
Corporate tax rate and exemptions here: https://www.mof.gov.cy/mof/tax/taxdep.nsf/0/05d1dd1ff245f610c2258657002c8d01?OpenDocument&ExpandSection=4#_Section4″

Get a free accounting consultation from our specialist

“Cyprus is one of the most popular jurisdictions for company registration, so the reporting requirements in Cyprus are quite strict. At the same time, Cypriot accounts are clear and easy to read all over the world, as they comply with International Financial Reporting Standards (IFRS).”

Kateryna

Accountant

Get a consultation
Facebook
Whatsapp
Viber
Telegram
Телефон