Professional accounting and auditing in Cyprus
If you are a Cypriot company looking for an auditor or accountant for your business or personal requirements, Formationwise can offer the best accounting and auditing in Cyprus.
What we do
Our skilled and certified accounting services in Cyprus will guarantee that your yearly audit or accounting chores are carried out in compliance with International Standards on Auditing, due diligence reporting, and internal audit. We can help you with the preparation of accounts, bookkeeping, payroll and compliance with statutory accounting standards in Cyprus by using cutting-edge accounting software.
Our team
With years of expertise in Cyprus, our team of professional auditors, accountants and tax advisors is dedicated to assisting customers in efficiently growing their businesses and resolving any issues they may face. Because self-accounting is time-consuming and costly, we can provide you with both one-time services and ongoing professional accounting assistance for your business.
Why you need us
Our accounting department handles all accounting tasks, no matter how complicated or complex. These services can help you with all of your business’s accounting requirements while also providing a professional approach. Our team employs cutting-edge accounting tools for the preparation of high-quality financial statements and accounting records.
The benefits
We understand our customers’ operations, industry and concerns, allowing us to offer them appropriate advice. Our specialized skills, industry understanding and continual investment enable us to foresee complex business challenges for our customers and offer preventive measures. We can provide smooth accounting and auditing services because of our computerized audit technique and investment in technology.
Place your order
- 1
Choose your preferred accounting and auditing package
Select the accounting and auditing package that best matches the requirements of your Cyprus firm by filling out our form, by call or by placing an order on our website
- 2
Make your payment
After you've decided on the best package, make the payment for your desired services and forward us the financial records of your Cyprus company
- 3
Submit your documents
Send us your Cyprus company's relevant financial documentation through email with the documents attached or by phone
- 4
Start the process
Our team will start working on the accounting or auditing service that you have requested for your Cyprus business, once we receive the payment and the necessary documentation
- 5
Get it done
Whether it's a single task or an ongoing financial assignment, our Cyprus accounting associates will get the job done in no time
Our accounting and auditing services in Cyprus
Maintenance of accounting records, financial reporting and consolidation
According to local law, any company registered in Cyprus is obliged to submit tax returns. Auditing is also mandatory. The auditor is selected by the company's shareholders. The Cyprus Tax Department receives financial and tax reports. The filing deadline is one year following the conclusion of the company's fiscal year. Annual reporting necessitates the segmentation of paperwork into tax and general monetary papers. It is necessary to specify the company's financial commitments, as well as the number of shares and their status. Formationwise has the skills and expertise to handle all your accounting and financial concerns in Cyprus.
Arranging audits & performing internal audits
Our auditors not only compile audit reports in compliance with international standards, but they also provide suggestions for enhancing your internal operation system, lowering tax risks, and raising financial reporting dependability and transparency. When doing statutory audits, we use strong quality controls to guarantee compliance with International Financial Reporting Standards (IFRSs) and International Standards on Auditing (ISAs). We can deliver personalized audits to meet every size, nature and complexity of any firm due to our extensive expertise in practically all industrial sectors, and our highly experienced and certified staff knowledge.
Bookkeeping
Maintaining the records of your day-to-day financial activities such as sales, acquisitions, account books, and bookkeeping is very important for your business and to create financial reports. This is a crucial aspect of accounting and successful company management since proper bookkeeping affects the validity of financial reporting. Well-organized accounting services on a daily basis guarantee that your organization functions more effectively. We provide accounting services to guarantee that your financial management complies with local regulations, as well as tax administration services. From monthly bookkeeping through year-end tax filings, we'll help you keep track of your company performance so you may concentrate on other critical responsibilities.
Multi-currency operation
Our multi-currency operations can help you in handling the uncertainty of global currency exchange as well as accepting and sending payments from many countries while operating your company in Cyprus. With our multi-currency services, your Cyprus company can easily accept and receive payments in a variety of currencies. Formationwise provides the most sophisticated multicurrency processing solutions for managing payments in several currencies. Simply give us your customer's payment details and we will convert the currencies and verify that the exact amount is transferred into the designated foreign account. We will also manage incoming payments from foreign clients for your Cyprus-based business.
Personal accountant
We will work with you as your personal accountant to create an impenetrable offshore accounting plan that will give you control over your Cypriot business and finances. Individuals can receive the best personal accounting services in Cyprus from the team of qualified offshore accountants at FormationWise. The secret to a successful and stress-free solution to a variety of personal accounting concerns in Cyprus is having a qualified accountant on your side. In order to provide you with fast and individualized advice on how to maximize your business or personal finances, our qualified Cyprus accountants will carefully assess your current financial structure.
Tax planning, filing and returns
One of our primary competencies at Formationwise is providing high-quality Cyprus tax planning and assistance. We take pride in our speedy response, sensible advice and fair prices. Our team has worked with foreign tax practitioners all around the globe to provide thorough tax advice to clients including publicly traded companies, regarding investment. We have extensive expertise in providing complete tax planning and guidance to all sorts of Cyprus enterprises. Following a thorough analysis of your company's activities, we will develop a tax estimate that will serve as the foundation for your yearly tax return, which will be compiled and submitted to the tax authorities.
VAT registration
VAT registration in Cyprus is required for both local and international businesses since the value-added tax is one of the most essential levies. If you want help with company formation including tax and VAT registration in Cyprus, our advisors can provide comprehensive services. Formationwise can assist enterprises and individuals with registering for VAT in Cyprus, as well as applying for VAT registration on their behalf with the VAT authorities. Our skilled tax consultants in Cyprus can assist you with registering your business for VAT and managing all of your tax requirements. Once we have received all of the necessary papers, we will file an application for VAT registration with the appropriate department. Your firm will be registered for VAT in a couple of days once you submit all of your Cypriot company documentation to our team.
Financial planning
Whether you currently live in Cyprus or are thinking about moving there, Formationwise can provide competent financial guidance to help you maximize your wealth and make the most of your new company set up in Cyprus. Our skilled team of financial advisors can provide you with a wide variety of financial planning and asset management services to help you thrive and grow your company in Cyprus. Our expert offshore accountants can assist you in developing a solid financial plan for your Cypriot company that will accentuate your capabilities. This strategy will outline your anticipated expenses as well as options for controlling these costs. A financial plan is also required if you are asking for a loan, making an investment or engaging in any financial activity for your small business in Cyprus.
Annual financial statements
All Cyprus-registered firms must compile and submit yearly financial statements in accordance with International Financial Reporting Standards (IFRS) that show a truthful and fair picture of the company's activities and highlights its transactions. Our financial services are intended to provide an accurate yearly financial report of your company's financial system. Formationwise can create your company's financial statements in line with IFRS as well as audit reports in compliance with international auditing standards. By preparing your yearly financial statement, our Cypriot offshore accountants will investigate how your firm spent its money over the course of a calendar year. We will submit your company's annual financial statement in Cyprus on your behalf, giving you a detailed picture of its financial situation including investments, debts and earnings.
Payroll services
When extending your corporate activities into Cyprus, you may face significant payroll issues for your new entity. Formationwise provides a broad variety of payroll services to firms in Cyprus that want help with their monthly payroll chores. At Formationwise, we provide dependable solutions for businesses looking to establish a presence in the Cypriot market. Compliance with local payroll rules and regulations is critical to a seamless and trouble-free transfer for a firm, which is where we come in. We provide specialized Cyprus payroll solutions that can be tailored to your specific needs.
Debt monitoring and analysis
Your client's past-due debts might become bad debts at any time. Our Cypriot team of financial experts can help your Cyprus company thrive in a fiercely competitive market. We can get you started right away if you think you need assistance managing your debts for your Cyprus-based company. You may engage with our knowledgeable debt experts, who will take the time to comprehend your particular objectives and assist you in creating a productive strategy for debt monitoring and analysis to help you grow in the Cypriot market.
Why choose Formationwise for accounting and auditing services in Cyprus?
Formationwise can provide superior accounting, bookkeeping and tax auditing services to clients, thanks to a network of skilled local partners in Cyprus. Collaborate with Formationwise for the following reasons if you want help with your books or audits in Cyprus:
Wide variety of services
We provide a wide range of financial services with the goal of making your Cyprus-based business as financially efficient as possible including accounting for eCommerce, auditing for regulatory compliance, payroll accounting, and more.
Strictly confidential
You won’t have to be concerned about your personal information and financial records being leaked into the market when you engage with Formationwise to handle the accounts for your Cyprus firm.
Trustworthy and fast
We’ll effectively maintain your financial records on schedule and in the best manner feasible in order to improve your company’s financial performance in Cyprus.
Highly skilled
We are equipped to provide precise and competent accounting and auditing services to Cyprus firms of all sizes, from start-ups to well-established enterprises.
Free initial consultation
You can select the suitable accounting and auditing services that are ideally suited to your Cyprus-based firm during your first consultation with Formationwise, which is completely free of charge.
Affordable rates
Our team of seasoned financial specialists offers the best accounting and auditing in Cyprus offered by our team of seasoned financial specialists at the lowest possible rate.
Fair and honest prices
The goal of Formationwise is to provide the highest standards of integrity and trust. There are no unforeseen fees or charges while working with us for any accounting or auditing operation in Cyprus.
Benefits of outsourcing your accounting services in Cyprus to FormationWise
Outsourcing your company’s accounting function in Cyprus to Formationwise can provide several benefits such as:
Cost-effective
Hiring skilled accounting personnel is more costly than outsourcing your accounting function. Adding an accounting team adds to your expenditures in the form of payroll, employee benefit fees, paying for training, overtime allowances, and so on. Engaging Formationwise for accounting and auditing in Cyprus can help you save money on your day-to-day operations.
Save time
If you are a small business accounting firm that handles accounting on its own, you are losing time that you could be spending building your business. Formationwise can successfully handle your Cypriot company's accounting, saving you the time required to maintain an internal accounting team.
Professional advice
As a new business owner, you lack the knowledge and competence required to operate or manage the financial elements of your company in Cyprus. Expert audit advice from Formationwise can help you quickly expand your firm and flourish in Cyprus's complicated and demanding business sector. Our highly skilled accountants can provide valuable insights into your business.
Lower frauds
Internal fraud is common in internal accounting departments. Outsourcing your accounting job to Formationwise may provide you with a foolproof financial system that will showcase a realistic snapshot of your earnings, costs, and losses, allowing you to make the best choices for your Cyprus company.
Reliability
You won't have to worry about your accountants being sick or demanding yearly vacation during a critical pay period if you outsource your accounting services to Formationwise. In addition, all of your personal financial information will be kept strictly secret. By outsourcing your Cypriot company's accounting to Formationwise, you can rest assured that all payroll and reporting are handled with complete confidentiality and accuracy.
Technology
Using the most modern technology and accounting solutions for your business in Cyprus might be a time-consuming effort. Hiring an experienced international accounting firm can provide you with access to the most recent version of accounting software without having to spend a lot of money keeping up with the newest technology. Formationwise employs cutting-edge accounting software to meet all of your demands, providing you with access to cutting-edge accounting technology without the associated fees.
What documents are required for outsourcing your accounting and auditing services to FormationWise?
The management of your Cypriot company’s accounting and auditing process requires extensive skills and a number of documents due to the intricate and sometimes changing laws and regulations that apply to Cypriot companies. Here are some of the documents you’ll need for your Cyprus business in order to manage your finances, file your taxes or do an internal audit:
- Company bank statements for the accounting reference period
- Personal bank statement
- Business description overview
- Sales orders or invoices
- List of customer’s deposits and pre-payments outstanding
- Purchase invoices from suppliers, both paid and unpaid
- Cash expense receipts
- List and evidence of all the transactions
- The general ledger
- Inventory listing
- Trial balance of the company
- Copies of all legal documents of the company (License, memorandum and articles of association, tax registration certificate, etc)
- Documents pertaining to purchase, major repair and sales of fixed assets
- Detailed payroll information
- Any other related documents i.e. Bank loans, lease agreements, insurance, etc
- Contracts/Agreements (loan, payroll, debenture, borrowing, lease)
Auditing services in Cyprus
According to Cypriot legislation, firms that do business within the nation must undergo an audit of their financial records. The accounting records of the company must be maintained by the directors, who must also create the financial statements in compliance with International Accounting Standards requirements. These accounts must be audited by accredited accountants.
All Cyprus firms are required by law to undergo a corporate audit, which must be carried out by an accredited firm of accountants. During the audit, the auditors will determine if the financial statements fully portray the company’s activities for the given year. A team of certified auditors from Formationwise is available and prepared to handle your auditing duties in Cyprus.
Our auditors will provide their audit opinion which will be included in your company’s financial statements and will describe the financial health of your firm, after carefully examining your entity.
We will then create and submit your business’s tax return to the Cyprus income tax authorities based on these audited financial statements, ideally, before the 31 March that follows the calendar year, at which stage all company taxes must be settled to avoid penalties and taxes.
With our experience and knowledge, we strive to be the best in audit and assurance services. We look beyond the legally mandated yearly audit to provide assurance and in the end, independent counsel to each and every one of our customers.
We examine your systems and processes in more depth than just the figures to make sure they are running smoothly in a controlled environment. By carefully analyzing the transaction patterns that make up your business, we can get critical insight into the structure, markets, threats and opportunities that surround it. With this knowledge, we can then provide you with crucial information and assistance.
Mandatory reports required in Cyprus on an ongoing basis
Records and books
Companies formed in Cyprus must maintain accurate books of accounts at the registered office or another location chosen by the directors. Other than the directors and auditors, a company’s books and records are not accessible for general inspection. However, when reviewing accounts for tax or VAT reasons, the Inland Revenue as well as the VAT authorities have the right to seek the production of any papers. All amounts received and spent, as well as all sales and purchases, assets, and liabilities must be documented in the accounting records.
Yearly returns
Every company is required to submit an annual report that includes information on the capitalization of the business, mortgage information and details about the registered shareholders, directors and secretary. A copy of the annual financial statements must be attached to the yearly return, along with an auditors’ report and a management report when required must be included with the annual return. The paperwork submitted to the Registrar of Companies must be submitted and should be available for public review.
Financial statements for the year
All Cyprus-incorporated businesses are required to produce financial statements once a year and submit them to shareholders at the Annual General Meeting (AGM). They may be in any language, but a Greek or English translation must be submitted with the company’s annual report and lodged with the Registrar of Companies. The twelve-month accounting period should expire on any day that the directors choose. Financial statements must be produced in compliance with the Companies Law, Cap. 113, as well as the International Financial Reporting Standards (IFRS) established by the EU and International Financial Reporting Standards released by the IASB. If no alternative date is specified, the accounting year end is assumed to be December 31.
Important accounting deadlines in Cyprus
VAT returns
VAT returns must be filed, and whatever VAT is owed must be paid, within one month and 10 days after the reporting period has concluded. If the due date occurs on a weekend or a public holiday, the filing and payment deadline is postponed to the next working day.
Tax returns
Companies must submit provisional tax on their annual income. This provisional tax payment is paid in two equal installments on the tax year 31 July and 31 December. A final balancing payment must be paid on or before 1 August of the next year on a self-assessment approach to bring the total tax payments to the sum really owed according to the tax return.
Financial statement
In the case of recently registered firms, the first financial statements and tax returns must be submitted within 18 months after establishment. Other Cypriot businesses are expected to provide audited financial papers by December 31st of the following year.
Annual return
Each company prepares an Annual Return once a year, which provides important information about the company as of the day it is prepared. The Annual Return is supplemented with the Financial Statements for the preceding fiscal year. The annual return, together with the financial statements, must be prepared up to date until the company's annual return date and must be submitted to the Department of the Registrar of Companies within twenty-eight (28) days after its drafting date.
FAQ
Accounting services are not required to register a business in Cyprus but you will need expert assistance to organize your Cypriot company, manage your accounts, update your books, handle payroll, and so much more during company formation in Cyprus. Formationwise offers a comprehensive variety of statutory accounting, reporting and tax compliance services for your Cyprus-based company. We can assist you in ensuring that your organization stays compliant while also taking advantage of different exemptions and incentives. Our accounting services in Cyprus help in setting up bank accounts and tax and financial assistance will help you skip your visit and start your business in Cyprus remotely.
All businesses are required by Cypriot Company Law to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). National law now incorporates the implementation of EU Directives and Regulations. Regardless of the size of the firm, obligatory statutory audits are now required under the 2016 revisions to the Companies Law. Each year, financial statements must be prepared in accordance with IFRS as adopted by the EU and the requirements of the Cypriot Companies Law. All Cyprus companies are obligated to maintain accounting books and records that provide a true and accurate picture of their financial position and their profit or loss.
When taxes are levied on the same income by at least two different jurisdictions, this is referred to as double taxation. Taxation agreements should be reached in order to avoid double taxation. Cyprus, a reliable jurisdiction because of its adherence to EU laws, provides a vast network of double taxation treaties. Double taxation agreements in Cyprus are designed to safeguard businesses against the possibility of having their revenue taxed twice—once in Cyprus and again in the country where the parent company is based. Tax treaties ratified by Cyprus also protect international commerce and shield domestically incorporated Cypriot companies from unfair tax treatment.
All corporations are required to maintain records of all the minutes of the proceedings and annual general meetings of the company’s shareholders under the corporate compliance standards established by the Cypriot Commercial Law. Every Cypriot company is required to pay tax on its global revenue. According to the corporate compliance requirements, businesses are required to pay taxes on their company earnings, interests, royalties, rent and any other revenue earned from their operations. All businesses in Cyprus are required to abide by the 1996-enacted Anti-Money Laundering Law as part of their corporate compliance obligations. Companies in Cyprus are expected to abide by various administrative procedures and adopt special rules under this law, particularly financial institutions.
Companies doing business within Cyprus must have their financial statements audited, according to Cypriot Commercial Law. The accounting records of the corporation must be maintained by the directors, who must also create the financial statements in compliance with IAS requirements. Accredited accountants must audit these accounts. To clarify a company’s transactions, the audited yearly financial statements must be filed with the Cypriot Registrar of Companies. International Financial Reporting Standards must be followed while creating financial statements (IFRS).
All Cyprus companies, with the exception of small businesses, were formerly compelled to conduct obligatory statutory audits. The Law was changed in September 2016, and audits are now required for all registered businesses, regardless of size. The Auditors Law stipulates that audits must be conducted in line with the global standards for auditing that have been approved by the European Commission (EC). The Council of Ministers offers advice on whether ISA is applicable in Cyprus by the Cyprus Public Audit Oversight Body, which has been designated as the relevant authority and given the authority to impose audit processes or requirements.
The deadline for filing tax returns in Cyprus is April 30th, however, if the tax return paperwork is done online, the deadline may be extended until July. Cypriot workers are required to make both a statement of their taxable income and a request for deductions and allowances when filing their tax returns. Non-residents are only required to pay taxes on their global income if they have resided in Cyprus for at least six months. People who stay in Cyprus for less than six months must pay taxes on their local income. The Cypriot agreements that prohibit the application of the same tax twice will also benefit foreign nationals who reside on the island.
For international businesses operating in Cyprus that are tax-registered in their home nations, there is no VAT registration threshold. On the other hand, for EU VAT-registered enterprises selling goods online to clients in Cyprus, the threshold for VAT registration for distance selling is €35,000 per year. People who must register for VAT in Cyprus as well as those who are entitled to register voluntarily may do so by submitting an application for registration in the VAT Register together with the necessary supporting documentation that is requested by the VAT authorities. Formationwise can submit a VAT application for your business in Cyprus.
The Republic of Cyprus uses the euro as its official currency. You can also use other currencies like GBP, USD or Euros in your business operations since we provide processing solutions that handle multi-currency payments in a range of currencies. Simply email us the payment information from your customers and we’ll take care of the required currency conversions and make sure the right amount is sent to the right overseas account. Additionally, we will handle your customers’ incoming foreign payments, with or without currency conversion.