Accounting and audit services for companies in Cyprus
Accounting and audit services for companies in Cyprus: bookkeeping, financial reporting preparation, VAT support, tax filing, and communication with tax authorities. We comply with Cypriot legislation
WoBorders is an independent private consulting company. We provide advisory and administrative support and are not affiliated with any government authority or official registry
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Reliable accounting support for companies in Cyprus
We handle bookkeeping, financial reporting, VAT support, and communication with tax authorities so your company can focus on business growth
Base annual cost of accounting services
Base cost of annual audit in Cyprus
1 hour. Average accountant response time to a client request
Full control of accounting and financial reporting
Audit and accounting in Cyprus: company obligations
Companies registered in Cyprus must maintain accounting records, prepare audited financial statements, and submit a corporate tax return. If the company is VAT-registered, it must also comply with VAT reporting obligations. In addition, information about ultimate beneficial owners must be confirmed annually in the UBO Register.
– obtain a Tax Identification Code (TIC)
– maintain accounting records and keep financial documentation
– prepare audited financial statements
– submit the Company Income Tax Return (IR4)
– undergo an annual audit
– submit the Annual Return (HE32)
These requirements apply to all legal entities in Cyprus. The corporate tax return is submitted after the audit is completed, and the financial statements are attached to the company’s tax filing.
– VAT registration may be required
– VAT returns must be submitted
– for EU transactions, VIES reporting may apply
– reporting deadlines depend on the type of transactions
The official VAT registration threshold in Cyprus is €15,600 of turnover during the last 12 months or expected within the next 30 days.
– UBO Register information must be confirmed
– information about beneficial owners is verified
– if ownership changes, the data must be updated separately
– confirmation is submitted online
The annual confirmation of information about ultimate beneficial owners must be submitted to the Cyprus company register between 1 October and 31 December.
We help determine the list of mandatory reports for companies in Cyprus and prepare all required forms in accordance with the tax authorities' requirements and the company register.
Cost of accounting and audit services in Cyprus
The cost of accounting services in Cyprus depends on several factors: the number of transactions, the number of invoices, VAT registration, and financial reporting requirements. Unlike in many other European countries, in Cyprus accounting and audit are two separate services.
Accounting service fees in Cyprus are usually calculated based on the number of transactions, the complexity of operations, and the scope of reporting preparation. For small companies, basic accounting service packages typically start at € 1,500 per year, depending on transaction volume.
In addition to accounting services, Cypriot companies must undergo an annual audit. The cost of an audit depends on the company’s activity level, transaction volume, and business structure. The base audit cost usually starts at € 4,200 per year.
Find out which reports and obligations apply to your company in Cyprus
We assess your business and provide reporting requirements and estimated accounting costs in Cyprus
How our accounting support works in Cyprus
Accounting support for companies in Cyprus consists of several key stages: regular bookkeeping, preparation of financial statements, and submission of tax reports in accordance with tax authority requirements
Benefits of accounting services in Cyprus with WoBorders
Our accountants have experience working with Cypriot tax and accounting regulations and cooperate with certified accountants in Cyprus — members of the Cyprus Institute of Certified Public Accountants (ICPAC)
We will help determine the required reports and the cost of accounting services in Cyprus
Your consultant
Ivan Chebotarov
CEO & co-Founder
Describe your case
We will determine the required reporting, audit requirements, and the estimated cost of accounting services for your company in Cyprus. We respond during business hours, usually within 15 minutes
What our clients say about WoBorders
Frequently asked questions about accounting and audit in Cyprus
Is it mandatory for companies in Cyprus to maintain accounting records in accordance with international standards?
Yes. All companies in Cyprus are required to maintain accounting records and prepare financial statements in accordance with International Financial Reporting Standards (IFRS) and local legislation.
How to choose an accountant or audit firm in Cyprus?
Before choosing an accountant or auditor, it is recommended to verify their certificate and professional status on the ICPAC website.
If a company works with partners from other EU countries, it is important that the accountant has experience with VAT, VIES, and international transactions.
It is also advisable to ensure that the accountant or audit firm provides a full range of services, including bookkeeping, preparation of IFRS financial statements, VAT/VIES reporting, payroll, and tax consulting.
Is an annual audit mandatory for companies in Cyprus?
Yes. An audit is mandatory for all Cyprus companies regardless of business size.
To conduct an audit, companies must maintain primary accounting documents, including:
– supplier and customer invoices
– bank statements and payment confirmations
– contracts with clients and suppliers
– documents related to loans, deposits, or leases
– expense confirmations (transport, travel, advertising)
Companies must also keep previous tax returns, financial reports, payroll records, and other documents confirming financial transactions.
Is a Cyprus company required to register for VAT?
VAT registration in Cyprus is mandatory if the company’s annual turnover exceeds €15,600. Registration may also be required if the company conducts certain transactions with partners from other EU countries.
What is VIES, and who must file it?
VIES is a report on intra-EU transactions between companies with VAT numbers in different EU countries. It must be submitted by companies that sell goods or provide services to businesses in other EU countries.
What penalties may apply for late reporting or accounting errors?
Tax and regulatory authorities in Cyprus take the timeliness and accuracy of accounting and tax reporting very seriously.
UBO Register violations
– €200 for the first day of delay
– €50 for each additional day (maximum €5000)
VAT compliance violations
– €85 for each month of delayed VAT registration
– €341.72 for failure to maintain proper accounting records
– €85 for incorrectly issued invoices
– 10% penalty for late VAT payment plus interest
– €100 for late submission of a VAT return
Annual Return filing violations
– from €100 to €190 depending on the delay period
Audit report filing violations
– administrative fee €20
– €20 late fee
– €50 penalty for late submission
– additional €1 per day of delay (up to €190)
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