Questions and Answers on Accounting and VAT Services

1. Is Globalserve authorized accounting firm?

Globalserve Consultants Ltd is a licensed accountants and administrative services company regulated by ICPAC under license number E495/F/2013.

Our headquarters are in the business center of Limassol, a modern office building which houses all departments rendering the full range of accounting/ VAT/ tax as well as corporate services.

Visit our offices for more explanation in our services

2. What kind of accounting services can Globalserve provide to Cyprus companies?

Globalserve Consultants Ltd offers financial, accounting, VAT and tax services (audit)

  • Consultancy based on your business activities and your needs
  • Financial Accounting Services
  • Bookkeeping/ Accounting services based on records received by the client
  • Preparation of management financial statements
  • Payroll services
  • Payment of social insurance and employees taxes (PAYE)
  • VAT Consultancy
  • VAT registration services  in Cyprus and UK
  • MOSS registration services
  • Preparation and submission of VAT/ VIES  returns for Cyprus companies and individuals
  • Deregistration from VAT
3. What information is needed to complete accounting and prepare financial statements?

For the completion of the bookkeeping and accounting the following records are needed, once the accounting is completed the company can proceed with the audited financial statements, Globalserve Consultants Ltd in cooperation with an affiliated audit firm can assist you with the audited financial accounts.

  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.

       G.    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.

      H.   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

      I.   Copies of all minutes/resolutions for the directors and the shareholders

      J.  Other information relevant to the company

4. Please provide information on Cyprus company formation

Cyprus is a part of the European Union since 2004 and is the third largest island of the Mediterranean. It is situated at the crossroads of three continents Europe, Asia and Africa.

The law under which business takes place is based on the same principals applicable to the UK legal system.

Cyprus is well known as one of the lower tax jurisdiction, with only 12.5% corporate tax on net profits, and other generous tax exemptions on dividends and profits from the sale of shares and shipping.

The above combined with the extensive network of double tax treaties and the excellent and highly efficient business environment, banking and legal system make Cyprus a very attractive vehicle for investment in Europe and the CIS countries. Furthermore, Cyprus is on the white list of the OECD.

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CYPRUS TAX CALENDAR 2020 IN ENGLISH & GREEK