Prior to the start of the “deoffshorization” period, foreign companies registered in tax havens had nothing to do with the terms financial reporting and auditing. But, since now the whole world is fighting money laundering on a large scale, by establishing the transparency of beneficial ownership and the accountability of foreign businesses, now these words are mandatory not only for understanding but also for execution.
WHICH COUNTRIES DOES THE COMPANY REPORTING?
It is necessary to understand, that wherever you plan to register or have already registered a foreign company, all jurisdictions, especially offshore ones (BVI, Belize, Seychelles, Panama), one by one introduce or strengthen the requirements for financial reporting of companies.
For example, such prestigious jurisdictions as the UK, Cyprus, Switzerland, Hong Kong, Singapore, Liechtenstein, Luxembourg, Estonia, Latvia, Lithuania, Germany, Denmark, Austria, Slovakia, and the Czech Republic oblige companies, regardless of whether they operate within the country or not, to conduct and submit annual financial reports. Moreover, in such jurisdictions as Estonia, Lithuania, Latvia, Slovakia, Bulgaria, Hungary, Austria, Luxembourg, Singapore, Gibraltar, and Malta, if a foreign company falls under certain criteria (turnover, number of employees, assets), in addition to reporting, it is also necessary to pass an audit.
TYPES OF REPORTING FOR FOREIGN COMPANIES
Our specialists, in cooperation with qualified accountants and auditors from different jurisdictions, will ensure the timely preparation and submission of all necessary documentation, ensuring compliance with the legal requirements of a particular jurisdiction.
Types of reporting:
- annual financial reports (full, reduced zero);
- audited financial statements (audit of a foreign company);
- financial reporting within the CFC (controlled foreign companies);
- tax declarations;
- quarterly/monthly reporting on VAT (VAT).
The preparation and compilation of these financial documents is a very rigorous and lengthy process that requires special knowledge not only in the field of international accounting but also in the legislation of the jurisdiction in which the company is registered. Therefore, in order to avoid penalties and other adverse consequences, it is recommended to entrust the preparation of accounting and financial documentation exclusively to professionals who are locally located in the country of registration of the company.
If you need professional support for a foreign company, including an accounting audit for a Cypriot company or the submission of international financial statements (including a VAT report) for an American or other company, please contact our specialists for help:
+38 (098) 737-88-88
We will help you to order and conduct an audit for a foreign company, as well as calculate the cost of these services.
