Guidance

What do the financial statements include

The officers of an overseas company are responsible for ensuring that a complete set of financial statements for the company is prepared in accordance with the International Financial Reporting Standards and the provisions of the Companies Law.

The financial statements must include:

• profit and loss account;
• balance sheet signed by at least two (2) directors;
• notes.

and must be accompanied by:

• the company's management report and depending on the circumstances, a consolidated management report;
• the company’s audit report.

Financial Statements of an overseas company

The financial statements of an overseas company, the management report, and the company's audit report are firstly presented in the annual general meeting of the company and are published according to the law of the constitution state.

Financial statements of an overseas company’s place of business

Every overseas company that establishes a place of business in the Republic of Cyprus prepares financial statements and the management report for its place of business in the Republic of Cyprus. The audited financial statements and the management report are submitted to the Registrar of Companies for registration. Additionally, where the parent company is registered in third countries, the financial statements of both the subsidiary and the parent company are submitted.