You are informed that all Cyprus companies regardless if they are dormant or not, have an obligation to prepare and file audited Financial Statements to both the Registrar of Companies and the Tax Authorities. Additionally, banks are requesting audited Financial Statements for 2024 and 2025.
All companies to be up to date and in good standing should have submitted already Financial Statements up to 2022, и untill 31/3/2026 they have to file Financial Statements 2023 until 30/11/2026 Financial Statements of 2024 and until 31/03/2027 Financial Statements of 2025. Therefore, please contact immediately Globalserve or your accountants to instruct them for the preparation.
Documents required for the preparation of Accounting books
Please provide us with supporting documentation/ information for maintaining proper accounting books and records:
1. All bank statements and advice slips for any bank accounts the company maintains abroad.
2. All sales/purchase invoices (if it is applicable).
3. All expense invoices
4. All invoices for acquisition of fixed assets (i.e machinery, computer equipment etc)
5. Closing Stocks (if it is applicable).
6. All contract notes for purchase and sale of shares.
If the share portfolio was handled by an investment broker, a statement of a/c to be provided for all transactions done in the year and a confirmation of the closing position of the share portfolio.
7. If the company has invested in any other companies please send us:
a) Agreement for acquisition of the investment
b) Incorporation certificate
c) Certificate of ownership of the shares
d) Financial statements of the investment companies
e) Details of any dividends received during the period and original withholding tax certificates, if any.
8. All contracts/ agreements signed during the year. You should prepare a small summary in English for each contract. The most important details would be:
a) the parties involved
b) reasons for the agreement
c) contract price
9. Copies of all minutes/resolutions for the directors and the shareholders
10. Other information relevant to the company
A table is presented below showing the charges applicable under the new legislation for your information.
| Monetary Fines | ||||
| Article 50A, par. | Offense | Individuals | Legal entity (Small size)* | Legal entity (Large size)** |
| a | Noncompliance for submission of return or information or breach of duty, as required by the Law within the required tax deadline | €150 | €250 | €500 |
| b, c | Noncompliance for submission of return or information with a prescribed tax deadline, or a duty for which the Law does not specify a deadline, and after a formal request of at least 60days from the Commissioner of Taxation | €300 | €500 | €1.000 |
| d | Noncompliance for submission of return or information or duties related to another person and for which no prescribed deadline exists, and after a formal request of at least 60 days from the Commissioner of Taxation | €300 | €500 | €1.000 |
| * Turnover or assets ≤ €1 m. ** Turnover or assets > €1 m. |
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Globalserve Accounting Department can assist you on the bookkeeping, VAT and other financial issues in order to finalize your company financial reports.
You can contact us at marketing@globalserve.com.cy
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