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



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


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: 

  • Keeping the books and records in order to comply with legal, regulatory and other requirements
  • Sourcing auditors and liaising with them for the performance of the annual audit
  • Preparing interim accounts, management accounts, budgets and other reports on an ad-hoc basis
  • Handling the issue of invoices/credit notes/statements and other documents related to the operations of client entities
  • Arranging for bank/debtor/creditor reconciliations, petty cash management and other processes related to complete, accurate and timely record-keeping