Running a limited company

Contents
— A Quick Guide to Directors' Duties in Cyprus
— Taking money out of your Cyprus Company
— Cyprus Company changes you must report to the Registrar of Companies of Cyprus
— Cyprus Company Records you must keep
— Accounting Records the Cyprus Company must Keep
— Prepare Annual Financial Statements
— Obligations of the Cyprus Company to the Registrar of Companies
— Obligations of the Cyprus Company to the Registrar of Taxation
— Obligations of the Cyprus Company to the Social Insurance Services

Prepare Annual Financial Statements

All Cyprus Companies must prepare Financial Statements in accordance with the International Financial Reporting Standards (IFRS) and the Financial Statements must be audited by an independent registered auditor in Cyprus in accordance with the International Standards of Auditing (ISA).

In order to meet the above requirements, it is necessary (as required by the law) to keep proper books and records:

  • Company directors must ensure that all records considered necessary for the preparation of the financial statements are maintained according to Companies Law.
  • All records must be kept at the Registered Office of the Company.
  • Records must be updated (no later than four months from the month that the transaction was made).
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      Accounting Records the Cyprus Company must Keep      Obligations of the Cyprus Company to the Registrar of Companies