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
Multilingual support
Audit and accounting for companies
Response within 1 hour
Certified Cyprus accounters
Multilingual support
Audit and accounting for companies
Response within 1 hour
Certified Cyprus accounters
countries where we help clients set up businesses
years of experience in international business consulting and company formation
clients have started businesses abroad with our help
Companies we've worked with
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
From € 1500
Base annual cost of accounting services
From € 4200
Base cost of annual audit in Cyprus
From 1 hour
Average accountant response time to a client request
100%
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.
Tax obligations for companies in Cyprus
All legal entities registered in Cyprus are required to maintain accounting records, submit the relevant statutory filings, and undergo an annual audit.
Basic requirements:
– Obtain a Tax Identification Code (TIC)
– Maintain accounting records and retain financial documentation
– Prepare audited financial statements
– Submit a Company Income Tax Return (IR4)
– Undergo an annual audit
– File an Annual Return (HE32) with the Registrar of Companies
These requirements apply to all legal entities registered in Cyprus. The corporate tax return is submitted after the audit is completed, and the audited financial statements are filed with the tax return.
VAT registration requirements in Cyprus
If a company's annual turnover exceeds €15,600, it must register for VAT in Cyprus.
Basic requirements:
– Register the company for VAT
– Submit VAT returns
– Depending on transactions with EU businesses, VIES reporting may also be required
– Reporting deadlines and filing requirements depend on the type of transactions
The official VAT registration threshold in Cyprus is €15,600 in taxable turnover over the previous 12 months, or where taxable turnover is expected to exceed this threshold within the next 30 days.
Annual UBO Register confirmation
Companies in Cyprus are required to confirm the accuracy of their beneficial ownership information in the UBO Register every year.
Basic requirements:
– Confirm the information in the UBO Register
– Verify that the beneficial ownership information is up to date
– Update beneficial owner details if any changes have occurred
– Submit the annual confirmation online
The annual confirmation of beneficial ownership information must be submitted to the Registrar of Companies between 1 October and 31 December each year.
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.
Accounting services in Cyprus include:
Annual audit of companies in Cyprus includes:
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
Document submission
The company submits the previous month's documents to the accountant by the 5th of each month: invoices, bank statements, and other financial documents
Tax calculation & filings
The accountant processes documents, calculates taxes, and prepares the required reports. VIES reports are submitted by the 15th of the following month, and VAT returns are submitted quarterly according to tax authority deadlines
Tax payments
The company pays taxes and contributions based on the accountant’s calculations after the declarations are submitted
VAT refund
If a VAT overpayment occurs during the reporting period, the accountant prepares and submits the necessary documents for the VAT refund
Communications with the tax authority
If necessary, the accountant communicates with the tax authorities, prepares responses to requests, and supports the company during tax inspections
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)
Fast and clear communication
We respond promptly to requests in English or Ukrainian. Client data is protected in accordance with international confidentiality standards
Fast document exchange
We organize secure electronic document exchange through protected platforms and cloud services. This simplifies cooperation and speeds up document processing
Consulting support
If necessary, we involve local tax consultants and auditors in Cyprus
International standards
Financial reporting is prepared in accordance with International Financial Reporting Standards (IFRS)
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
Your consultant
Ivan Chebotarov
CEO & co-Founder
Describe your request
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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