Accounting & Banking Procedures
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Bank Account |
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The
Company may open a banking account in any banking institution in Cyprus
and in any currency. Further the company can open bank accounts in any
European Country. The transfer of capital is effected without any
exchange restrictions. For the opening of a banking account usually the
following are required :
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Certificates of Double Taxation |
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With the foundation of the company and comprehended that all relative hypothesis it is possible to received a relative certificate from the Ministry of Finance of the Cypriot Democracy which certifies that the Tax Seat of Company is in Cyprus. Such certificate can be received from the Directors of Company after the registration in the tax Authorities of Cyprus (Tax of Income) and the acquisition of Number of Tax Identity. Usually the Companies of management undertake the processes of registration of a company in the tax beginnings and the publication of certificate of Double Taxation immediately after the Foundation of Company. |
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V. A. T. Registration |
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According to the Cypriot legislation each legal person should be registered in the Registration of Tax of Added Value (VAT) after realises yearly turnover bigger than 15,500 EURO. Such registration must be done within a month from the date that was realised the sum of turnover that it is determined by the legislation. The companies can register in Registration V.A.T. voluntarily, after the beginning of company’s activities and publish or receive the first tariff or sign the first contract. The voluntary registration can be done any time after the realisation of the first activity in the company. Usually the registration in the VAT undertakes the company of management.
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Observation of Accountant Books |
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Each company of limited responsibility owes to maintain accountant books. Such books must be found in the registered office of the company.
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Accountant Control of Company |
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The accounting books of the company must be checked at the end of each accounting period from approved accountants in Cyprus having as a base the accountant beginnings that are applied in Cyprus. The controllers after the control of the accountant books prepare and sign the final accounts of the company which they submit in the Office of Tax and Income. The final accounts are submitted in the Office of Tax and Income for payment and taxation that it corresponds in the profits of the company. This process is undertaken by the accountants/controllers of the company.
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Submission of Annual Report to the Registrar of Companies |
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At the
end of each year companies what are registered in the registration
office of the registrar of Companies are compelled to submit in the
Registrar of Companies, annual report in which is entered the situation
of company in the end of year. The annual report should be accompanied
from the final accounts of previous year which are signed from the
controllers and the directors of company.
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