A. Background
All Cyprus registered companies are required to prepare financial statements in accordance with the relevant provisions of the Cyprus Companies Law, Cap. 113 and the International Financial Reporting Standards and file these with the Registrar of Companies.
The financial statements are subject to statutory audit by licensed auditors, unless one of the exemptions provided in the Companies Law is met. However, the practice is to have even most of the companies who qualify for an exemption subject to audit as it is also a requirement by the Cyprus Tax Authorities for companies to be subject to an examination by a qualified person.
The main characteristics of the accounting regime of Cyprus are displayed on the below table:
| Accounting standards | International Financial Reporting Standards (IFRS) |
| Submission of accounts | Required |
| Audit | Yes – exemption for private companies qualifying as small but still needed for tax purposes |
| Updating of Accounting Records | Within four months from the occurrence of a transaction (tax requirement) |
| Maintenance of Accounting Records | To be kept for 6 years |
| Consolidation | Yes – exemptions for intermediate parent companies and small size groups |
B. How we can help
Accurate record-keeping, professional advice on financial records and reporting on a timely basis are vital tools for taking informed business decisions and ensuring compliance with reporting, tax and other obligations. Seamark has the ability to offer a complete range of accounting services and preparation of management reports in accordance with client needs. Services offered include, among others, the following:
