Legal Information – Cyprus International Business Companies

Every company is required by the Companies Law to maintain such records as are necessary to disclose, with reasonable accuracy, at any time, its financial position, to show and explain its transactions and to enable the directors to prepare financial statements to comply with the Companies Law.

A statutory audit is also required for all companies. For that reason a Cypriot firm of auditors must be appointed. Companies Law, requires also a director’s report and audited financial statements each year to be laid before the company’s general meeting. A return must be filed with the Registrar of Companies within 42 days after the general meeting.

A company is required to submit annually to the Income Tax Office, audited financial statements, tax computations, an income tax return and a self-assessment form. Provisional assessment on the taxable profits of the current year must be submitted also All the above, must be submitted within the predetermined dates in order to avoid interest and / or penalties.