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Accounting, audit & tax planning

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Accounting, audits and tax are compulsory for all legal entities (companies) in Cyprus, to be in compliance with legislation Article 854 of the Companies Act 2006, and in order to satisfy the requirements of the Central Bank of Cyprus and Cyprus tax authorities. These must be conducted by an independent and certified firm; and one that did not initially register your company. Investment Gateway introduces you to leading supplier agent firms in Cyprus that offer company formation and maintenance services, as well as overall tax planning solutions, but can also introduce you to firms in Cyprus that provide independent accounting and auditing services. These are well recognised and respected firms in Cyprus that provide on-going professional services, and of course fully certified by law.

Obtain a quick quote for accounting, auditing and taxation solutions for a Cyprus based company. Complete the quick-and-easy Investment Gateway quotation form to receive a number of options from leading and certified accounting experts in Cyprus.

Get Quote

For general advice and direction on accounting, auditing and taxation in Cyprus, contact Investment Gateway and an expert associate for a no-obligation consultation at info 'at' investment-gateway.eu or via our online contact form.

Introduction to accounting-audit-tax in Cyprus

What is it? Accounting and auditing services in Cyprus analyse and communicate financial information for all types of company formations, as well as individuals. They help ensure such entities run efficiently, by having accounts and financial records maintained accurately, and taxation properly submitted. Whether you consider your company full-fledged onshore or a company offshore, accounting, auditing and tax services are absolutely essential in successful management. They are anyway required by company law in Cyprus.

Primary duties revolve around preparing, analysing, and verifying the company's financial documents, namely for audits and taxation purposes. Further to this, services can span to company budget analysis, performances, financial and investment planning, banking services, as well as limited accounting and tax sector legal services. Internally, accounting services can examine and evaluate a firm's financial information and systems, management procedures, and internal controls to ensure that records are accurate and adequate. They also review a company's operations, evaluating efficiency, effectiveness, and compliance with corporate policies, as well as government regulations.

Who is it for? Accounting, audit and tax services can be for a broad range of entities/clients, including corporations, governments, non-profit organisations, or individuals.

Investment Gateway makes the introduction to leading accounting-auditing-tax specialists, offering peace-of-mind, reliability and an efficient international tax strategy following formation of a Cyprus company. Agents that are affiliated to Investment Gateway and Investment Gateway associates are particularly specialised in accounting and tax solutions for Cypriot international business companies, including full foreign-owned entities establishing a company offshore in Cyprus. A wealth of experience ensures companies receive utmost service and care in international accounting-auditing-tax strategies. Meanwhile, extensive contacts and distribution channels ensure all proceedings are executed effectively.

Cyprus maintains an impressive network of double tax treaties, which combined with the low tax paid by companies, offer great possibilities for international investment tax planning.


Certification, Qualifications and Experience

Industry recognition is first and foremost gained through certification, ensuring all work is approved by government authorities in Cyrus and in line with standard practice – or any other jurisdiction required.

Then, excellence and professionalism is attained via higher qualifications. This provides competence in a specialised field, whilst also furthering industry knowledge beyond the boundaries of the Cyprus accounting sector. Indeed, since Cyprus positioned itself as a global financial centre over 30 years ago, the local labour force studying the industry increased significantly. To this say, it is the most popular education for young students and the most popular profession in the country. Hence why infrastructure in professional services, namely in accounting-auditing-tax, but also legal is so well developed in Cyprus. Beyond this, Cyprus has become a popular destination for foreign workers in the industry, particularly from emerging markets in Eastern Europe, Russia, CIS, Central Asia and the Middle East, but also from Western Europe, especially the UK.

Finally, extensive experience and a wide network of contacts provide Cypriot agents a crucial edge in international accounting and taxation solutions. Experience means the accountant has "been there and done that", comfortable in knowing what to do in all types of situations and making sure progress is truly smooth and functional. Meanwhile, the accountant's local and global network is a key channel of distribution.

Indeed, Cyprus has a long history in international accounting and tax services, and is fast becoming the world's most popular destination for such activities offshore/abroad. Accounting agents working with Investment Gateway and Investment Gateway associates have in-depth knowledge of the Cyprus taxation system and are specialised in assisting international business companies (foreign or companies creating an investment base). All Investment Gateway partner accounting agents must meet certain criteria:
  • Certification in Cyprus and whatever other jurisdiction they promote and work with.
  • Wealth of industry and market experience, as well as having very good awareness of international accounting, auditing and taxation standards.
  • Cost-effective, legally compliant and business-efficient.
  • High quality and client-focussed accounting services – account management and customer service.
  • Always working in English.
  • Multilingual staff, with Russian, Greek, French and Arabic widely spoken, whilst many have staff speaking a number of other languages, including German, Serbian, Eastern European and CIS country languages. Hindi and Chinese (Mandarin) are now a key area of focus.
  • Extensive network in professional services sector, therefore able to easily work together and provide a comprehensive solution, such as in company formations, legalities, banking, administration and company maintenance, as well as with government departments.
  • Practical approach yet also aspects of creative thinking, with a modern and fresh concept to international business and client relations.

Accounting, audit and tax services available

Accounting services depend on circumstances and the client's exact needs. Generally, Investment Gateway associates in Cyprus offer the following accounting-audit-tax services:
  • Bookkeeping: computerised maintenance of company ledger, books and other records; preparation of management accounts.
  • Financial reports: company's annual and periodic financial statements and consolidated financial statements for groups of companies. Financial reports for specialised entities such as international trusts, investment management companies and mutual funds.
  • Taxation: corporate tax planning in Cyprus, personal tax planning, and international tax planning for companies investment. Preparation of annual tax returns, VAT returns, as well as payment submissions. In addition, assistance in reviewing and/or responding to assessments issued by Cyprus Tax Authorities.
  • Banking: reconciliation and analysis of bank accounts. Regular bank balance and bank statement management, banking analysis and settlements, as well as other investment banking logistical support.
  • Company activities: performance analysis reports, including actual performance against budgets, sales and debtors, purchases and creditors. Working-capital policy and capital structure. Payroll processing and administration.
  • Planning: forecasting results and performances, trend analysis, feasibility study and financial analysis, assistance with valuations, assistance with financial consultations, investment strategies.
  • Audits: certified statutory audits, due diligence audits and risk management, operational and internal control audits.
  • Compliance: ensuring all books, records and financial statements are in line with government taxation and corporate regulations, as well as meeting all required submission deadlines.

Obtain a quick quote for accounting, auditing and taxation solutions for a Cyprus based company. Complete the quick-and-easy Investment Gateway quotation form to receive a number of options from leading and certified accounting experts in Cyprus.

Get Quote

For general advice and direction on accounting, auditing and taxation in Cyprus, contact Investment Gateway and an expert associate for a no-obligation consultation at info 'at' investment-gateway.eu or via our online contact form.

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