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Accounting and audit support for companies
Foreign business sooner or later faces the need to draw up annual reports on the company, accounting and other financial documents. Indeed, regardless of where the company is registered, its legal status will require taking care of the accounting condition in order to avoid fines and liquidations.
Each jurisdiction has its own reporting and accounting requirements for the company. First of all, it depends on the legal form, turnover, number of employees, residence and place of actual activity. Thus, in offshore countries, a non-resident business is exempt from reporting and auditing if it does not conduct local commercial activities. But, all European countries and countries that have fallen under deoffshorization require transparency in doing business, respectively, such companies are accountable to the local tax authorities.
- annual financial report;
- tax declarations;
- tax notices;
- audited reporting or audit;
- accounting documentation;
- CFC reporting for tax Ukraine;
- value added tax reporting;
- static reporting (as updating of company data);
- reporting on economic presence;
- liquidation reporting (balance sheet).
Panama - Companies are required to keep accounting records and keep supporting documentation for the last 5 years of activity.
Seychelles - Companies are required to keep accounting records with an agent and file an annual financial statement.
BVI - the company must keep the primary accounting documentation.
Belize - director of the company responsible for the storage of accounting records for the last 5 years of activity.
Therefore, in order to implement complex and specific procedures, such as conducting an international audit of a Cypriot company, filing a VAT report for a European company, or preparing financial statements for an American company, we strongly recommend enlisting the support of experienced professionals. Any inaccuracies and errors made in reporting documents may be regarded by a foreign state as fraud or attempts to hide income. Accordingly, this may entail administrative and even criminal liability.
Trust the financial data of your companies only to trusted contractors, or let lawyers provide and maintain all the paperwork for you.