Cyprus Compliance
- Levy – renewal of company, to be paid in June every year. Requirement by Company House. Failure to do so results in penalties and in striking off the company from the registry of Company House.
- Corporate Taxation – Submission of IR4 and HE32, compulsory requirements by Inland Revenue and Company House. Needs to be done on a yearly basis. In order to submit these forms, book keeping and audit for the company must be done. If the IR4 for a company is not submitted, the company will not be able to request any Tax Certificates. When the audited accounts are submitted at a later stage, the company pays penalties to Company House and if applicable, interest on the tax amount payable to Inland Revenue.
- VAT Registration – for companies that are registered in VAT Authorities, they need to submit a VAT Report on a quarterly basis. To prepare this form book keeping must be done.
- VIES Registration – companies that are selling goods or providing services to EU countries are required to register in VIES. VIES declarations are submitted on a monthly basis.
Once a company is registered in VAT & VIES Authorities it must submit its declarations on time. Failure to do so results in the payment of monthly and quarterly penalties.
Fees for Accounting Department:
| Service |
Fee (€) |
- Company House Levy
Annual Fee payable by 30th June the year after incorporation |
€350 |
| Dormant Company – Bookkeeping & Audit Fees: |
- Book Keeping Fees
Fee conditional on whether the company has Bank Accounts, Bank Charges, Bank Transactions / Charges, number of shareholders, subsidiaries (Holding) etc. |
€250 – €500 |
- Audit
|
€300 + VAT |
| Active Company – Bookkeeping & Audit Fees: |
- Book Keeping Set Up Fee
|
€250 + VAT |
- Book Keeping Fees
|
Determined by: number of transactions, amount of sales turnover and time spent |
- Audit
|
From €1,500 |
| VAT & VIES: |
- VAT Registration
|
€150 |
- VAT Declarations – dormant company
|
€200 per annum |
- VAT Declarations – active company
|
€480 |
- VIES Registration
|
€150 |
- VIES Declarations
|
Complimentary |
- VAT Deregistration
|
€150 |
| Additional Services: |
- Preparation and Submission of Personal Income Tax Form
|
€50 |
- Preparation and Submission of IR 7 form for companies
|
€50 |
- Preparation of monthly Payroll for companies
|
Determined by: number of employees of company – €50 per employee on a monthly basis |
Documents Needed from Clients for Book Keeping:
Part A
Applicable for all Jurisdictions for Newly Incorporated Companies:
- Detailed description of the company’s activities
- Bank Statements for the financial year for all accounts that are under the company’s name
- Sales Invoices issued from the company during the financial year
- Purchases Invoices received from the suppliers of the company during the financial year
- Any expense receipts issued under the company’s name
- Any agreements and contracts signed by the company during the financial year
Part B
Documents needed from companies that were transferred from another agent:
Cyprus Jurisdiction:
- All the above documents mentioned in Part A
- A set of the financial statements from the previous financial year that were submitted to Cyprus Company House
- A copy of the submitted and stamped IR4
- A copy of the submitted HE 32
|
