Compliance Services

Non-compliance with all legal requirements may result in significant charges and penalties for a company.

We undertake the accounting, payroll, and tax compliance burdens of your company ensuring that:

Bookkeeping

Maintenance of proper books and records.
Computerised bookkeeping of transactions in the accounting books based on source data provided by our clients.
Preparation of trial balance showing the amount of each ledger account.
Preparation of nominal ledgers showing the movement of each ledger account for a specified period.
Preparation of ageing analysis of debtors/creditors and debtor/creditor statements.
Periodic reconciliation of bank balances per nominal ledger to the bank statements.

Financial statements and management accounts

Preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) and the Companies Law for the purposes of the statutory audit.
Preparation of management accounts showing the financial position and performance of the company.
Preparation of consolidated financial statements for groups of companies.
Preparation of cash flow statements showing how the company has generated or utilised its funds during a specified period.
Preparation of financial reports by product and/or segment.

Budgeting

Preparation of budgeted reports tailored to clients needs and business operations.
Preparation of reports showing the actual performance against budget.

Income tax

Registration of companies with the Inland Revenue and obtaining their Tax Identification Code (TIC).
Preparation, review and submission of the annual income tax returns of the company to the Inland Revenue.
Assistance in the preparation and filing of the temporary income tax returns of the company.
Completion of tax returns and payment of agreed taxes by due dates.
Assistance with the preparation of, or reviewing of the annual tax computations and related returns of the company.

VAT

Registration of the company for VAT purposes with the Cyprus VAT Office.
Maintenance of VAT records.
Preparation, review and submission of the VAT returns of the company to the Cyprus VAT Office.
Arranging for the payment of VAT liabilities by the due dates.
Communication with the VAT authorities on behalf of the company (i.e. questions raised by the VAT office or clarifications required by the company on specific issues).

Registration of the company and its personnel with the Social Insurance Department.
Collection and processing of employees’ details.
Preparation of the company’s monthly payroll (i.e salaries, taxes and social insurance contributions).
Effecting payments to the Government Authorities.
Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc.
Preparation and dispatch of monthly payslips.
Preparation of summaries and analysis of staff costs and customised payslips.
Liaising with the Income Tax authorities and the Social Insurance Department towards the resolution of employment related issues.
Preparation and submission of tax returns and all other relevant forms.
Preparation, review and submission of all payroll administration compliance work (i.e. tax returns and other relevant forms and returns).
Establishment, registration and administration of provident funds.
Advising on regulations and guidelines affecting expatriate employees.
Advising on taxation issues affecting expatriates.

We can arrange for the following fiduciary services:

Registration of companies with the Cyprus Registrar of Companies.
Appointment of corporate directors and company secretary.
Provision of registered office.
Provision of nominee shareholders.
Appointment of bank signatories.
Maintenance and safekeeping the statutory records and registers of the company.
Preparation the minutes of the directors’ and shareholders’ meetings.
Preparation the Annual General Meeting of the company.
Preparation and filing of the company’s annual return.
Communication with the Registrar of Companies for all necessary submissions of forms and requests for certificates.

Professional advice on the quickest and most cost effective methods of recovering the company’s outstanding debts, thus enabling the company to reduce operational costs and improve liquidity
Professional and efficient service to coordinate the company’s accounting records, production of customer invoicing and statements and ageing analyses
Consistent and prompt communication with customers
Management of the overall credit control of the company