Audit requirement is mandatory now for Cyprus companies

[Dave]

I have been told the following recently by one of the formation agents:

The audit requirement is mandatory now for Cyprus companies. It is not possible to do avoid this requirement any more. Please see the attached circular. We are aware that some formation agents are informing their clients that an audit is unnecessary. This is wrong.

Please see the attached document he provided and please confirm this is TRUE!

Attachments​

• 
  Recent changes in the Companies Law.pdf
  315.8 KB · Views: 740

 

[dotbloup]

Yes it is true & usually it costs 1000 euros + 19% VAT. Usually it is for around 20 documents (invoices, receipt) per month. Then, this costs more money if you have more documents. In fact, they check if the sum of your documents reconciliate with balance sheets and profit and loss.

Open the following in Chrome and wait for the translation:
This is the 2016 law:
Ο περί Εταιρειών Νόμος - ΚΕΦ.113 - 152Α - Υποχρεωτικός έλεγχος των οικονομικών καταστάσεων, των ενοποιημένων οικονομικών καταστάσεων, της έκθεσης διαχείρισης και της ενοποιημένης έκθεσης διαχείρισης από ελεγκτές
This is the previous 2009 law:
Ο περί Εταιρειών Νόμος - ΚΕΦ.113 - 152Α - Υποχρεωτικός έλεγχος των οικονομικών καταστάσεων, των ενοποιημένων οικονομικών καταστάσεων, της έκθεσης διαχείρισης και της ενοποιημένης έκθεσης διαχείρισης από ελεγκτές

 

[JohnLocke]

Yes all companies have to file a tax report in Cyprus we already discuss it here Are Audits now mandatory for all Cyprus limited companies?

This thread belongs in the Cyprus company formation forum. thread moved 🙂

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[adoffshore]

Has been so since start 2016 or always?

 

[dotbloup]

adoffshore said:
Has been so since start 2016 or always?
Click to expand...

The tax audit requirements is new since 2016

 

[negon]

Got it confirmed we have to get the tax report audited 🙁

 

[uplana]

I don't care about audit for my Cyprus company if that is what is required to get something that protect my privacy and rights but at the same time help me to establish something that is legit!

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[dirtyharry]

When some register a company in Cyprus they may use it for almost "legit" business only so they will be prepared to file financial report for the company or don't you think so?

 

[Starlights]

and what is the cost for do this accounting stuff that needs to bee done? and someone have company they can recommend do this service

 

[clemens]

Gunter said:
When some register a company in Cyprus they may use it for almost "legit" business only so they will be prepared to file financial report for the company or don't you think so?
Click to expand...

You can get it all done by your CSP if you choose the right one that can handle accounting and filing of Financial report to the the Cyprus auth. Costs aprox 3000 euro anually.

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[Starlights]

3000 euro anually? are you kidding? wow that was expensive for that service!