Auditing
The audit of financial statements is prepared in accordance with International Auditing Guidelines. This is designed to be both effective and constructive.

Our aim is to provide investors with a clear and independent view of the company's affairs. We analyze and compare the value delivered against clients' expectations. We also consult our clients regarding internal control systems.

Based on the Companies Law in Cyprus, every company incorporated in Cyprus is obliged to submit annually to the Inland Revenue it’s financial statements audited by auditors who are licensed, under the Companies Law and other Regulated Bodies, to perform audits in the Republic of Cyprus.

Our Audit services include:

• Statutory audit of the Financial statements
• Specific purpose audit
• Internal audit
• Constructive advice and recommendations on the systems of internal control and operations

Taxation and Tax Planning
Our comprehensive knowledge combined with practical experience acquired from years of working on tax laws, allows us to be able to meet all of our clients requirements, thus avoiding problems and minimizing their tax burden.

We deal with tax planning in order to take advantage of the tax incentives provided by the law. On the same time we can prepare, submit and agree your income and corporation tax returns with the Tax Authorities, we can negotiate on your behalf with the Tax Authorities and advice you on double tax treaties.

Clients engaged in international operations feel a growing need for proper international tax advice. They must be able to rely on professional tax advice in order to minimize their tax burden.

Our tax services include:

• Local tax planning services for companies and individuals. 
• International tax planning services for companies and individuals. 
• Services related to the application of double tax treaties, including the filing of requests for residency certificates. 
• Preparation and submission of personal and corporation tax forms. 
• Obtain tax rulings from the tax authorities. 
• Assist clients with tax investigations and obtaining tax clearances from the authorities

V.A.T. related services
Value Added Tax (V.A.T.) is an indirect tax levied on the provision of goods and services in Cyprus as well as on the acquisition of goods from the European Union and the importation of goods into Cyprus.

With respect to purchases from other member states of the European Union, the Cyprus Company do not pay V.A.T. on the importation of goods into Cyprus but instead accounts for V.A.T. using the reverse charge method.

Under the reverse charge method, the company performs a simple book entry in its books by self-charging V.A.T. and at the same time claiming it back, resulting thus in no cost to the company.

Registration is compulsory if Turnover is in excess of C£ 9.000 (Nine Thousand Cyprus Pounds) during the 12 preceding months, or Acquisitions in Cyprus from member states in excess of C£6.000 (Six Thousand Cyprus Pounds),or
making distance sales from a person established in another member state in excess of C£ 20.000 (Twenty Thousand Cyprus Pounds)

Our VAT services include:

• Registering companies for VAT in Cyprus, or other EU-countries.
• Advising clients on the regulations and obligations for VAT within the EU.
• Preparing and submitting VAT reports to the authorities.
• Preparing and submitting EC Sales Lists and Intra Stat reports for companies trading within the EU.
• Assisting clients in dealing with VAT investigations and enquiries.

Due Diligence
No deal should go forward without due diligence, an investigation and independent assessment into the affairs of the business that checks the target is all it claims to be. Our role is to review financial records and provide the potential investor or purchaser with critical information, either to confirm representations made, or provide feedback to renegotiate the terms. By saying the above, we mean that we can:

• Identify areas of potential risk
• Assess current management
• Evaluate systems and procedures
• Identify strengths and weaknesses of the business target
• Provide valuation services
• Evaluate trends

Accounting
Using the more advanced hardware and accounting software of the market, and very well trained staff, our firm has the background to provide complete accounting services, based on the International Accounting Standards, to local and international companies which, due to large administration costs, may not be in a position to set up fully staffed offices on their own.

Also we are providing our clients with opening and operating company bank accounts and preparing periodic management accounts and financial reports.

Management Consulting
Companies may face management problems at any time. Corporate transactions have become more complex. It will be our pleasure to give Professional Advice on any management problem which clients may face in order to devise the best alternative solution and avoid any unexpected losses.

We can provide our clients with services, such as preparation of feasibility studies, budgets and cash flow statements or even building up an effective internal control system for companies.

Start-Up Services
The better the company's structure is prepared upon registration, the better the results that will be achieved later. Preparation of business plan, projections preparation, and personnel employment are some of the keys to company success.

It is our job to assist in evaluating the options available at the beginning. Also we offer services regarding the incorporating of onshore and offshore companies.

Instructions for the formation of Cyprus Company

Please download above document and fax it (+357 22493123) or send it via post to:

Ioannou Theodoulou Ltd
P.O.BOX 28006
2090 Nicosia - Cyprus