Reporting and Auditing requirements

1.Books and records

Every company is required by law to maintain such records of its daily activities as are necessary to give a true and fair view of the state of the company’ s affairs. Records must be updated at least monthly but effectively quarterly.

2.Forms and contents of accounts

The company’s accounts consist of:

a directors’ report
an auditors’ report
an income statement
a statement of financial position and notes thereto

3.Auditing of financial statements

All corporate bodies whether offshore or local should have their accounts audited annually by a qualified accountant, who is member of the Institute of Certified Public Accountants of Cyprus. Members of the Cyprus Institute are usually U.K. qualified accountants who are either members of the Institute of Chartered Accountants or the Chartered Association of Certified Accountants.

The audited accounts, are submitted in a format set out by the Tax authorities annually.

4.  Registrar of Companies

An annual return is submitted to the Registrar of companies giving details of directors, shareholders and charges together with a set of financial statements approved by the Annual General Meeting and translated into Greek or Turkish. The register is open for inspection by the public. Full anonymity may be obtained by using nominee shareholders.

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