Maksym Stepanenko
Managing Partner, Crystal Tax
International client projects since 2012: company structures, tax, immigration, DUNS and NCAGE. 50+ jurisdictions.
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Every Cyprus company has its accounts checked by a statutory auditor each year. Most companies need a full audit. A private company with turnover up to €300,000 and assets up to €500,000 for two consecutive financial years may have a review in place of an audit, unless it belongs to a group required to prepare consolidated accounts. Accounts follow IFRS and go to the Registrar of Companies and the Tax Department.
We prepare the books and the auditor's pack, support the audit and the filings
In brief
- Audit or review every year, dormant companies included.
- Review thresholds: turnover up to €300,000 and assets up to €500,000 for two consecutive years.
- IFRS accounts; the balance sheet is signed by at least 2 directors (or the sole director).
- Annual return filed within 28 days of its date; late penalty up to €150.
- Corporate tax return with audited accounts: by 31 January of the second year after the tax year.
Audit or review
| Criterion | Full audit | Review |
|---|---|---|
| Who | Every company not meeting the review conditions | Private company with turnover up to €300,000 and assets up to €500,000 for two consecutive years |
| Performed by | Statutory auditor licensed in Cyprus | Statutory auditor licensed in Cyprus |
| Restriction | — | Not available to parents and subsidiaries of groups that must consolidate |
| Filed with | Registrar of Companies and Tax Department | Registrar of Companies and Tax Department |
Basis: Cap.113 s.152; the tax assessment law expressly accepts accounts that have been audited or reviewed.
Filing calendar
| Obligation | Deadline |
|---|---|
| First annual return | Made up to 18 months after incorporation, then yearly; file within 28 days; €20 fee |
| Financial statements to the Registrar | With the annual return; exempt in the year of incorporation and the next year if the general meeting was held in the incorporation year |
| Corporate tax return | By 31 January of the second year after the tax year (for 2025, by 31.01.2027); the Council of Ministers may extend |
| Provisional tax | Two instalments: 31 July and 31 December |
Failing to file an annual return is an offence: a fine of up to €42 for the company and each officer in default, an administrative fine of up to €8,543 where financial statements are not filed, and possible strike-off.
How the audit runs
- Bring the books in order: bank, counterparties, source documents, IFRS statements.
- Agree the plan, confirmations and timing with the auditor.
- Answer the auditor's queries and prepare adjustments.
- Obtain the audit opinion or review report; directors sign the accounts.
- File the annual return with the Registrar and the tax return with the Tax Department.
The opinion is signed by a statutory auditor licensed in Cyprus; we prepare the books, the pack and the follow-up.
Taxes the audit covers
From 2026 a Cyprus company pays 15% corporate tax (12.5% until the end of 2025), and losses carry forward for 7 years. For owners in Ukraine the audited accounts are the basis of the CFC report. Company taxes are covered on company registration in Cyprus and taxes.
Tell us the company's turnover and which years are still open. We will prepare a tailored proposal: audit or review, scope and order of work.
Related pages
- Accounting services in Cyprus: bookkeeping and returns.
- VAT registration in Cyprus: rates and threshold.
- CFC rules: owner's report in Ukraine.
Sources: Companies Law Cap.113 (s.149, s.152), Assessment and Collection of Taxes Law 4/1978 (s.4, s.5) — cylaw.org; Registrar of Companies: financial statements, annual return, late filing; Income Tax Law. Checked on 9 October 2026.
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Frequently asked questions
Is an audit mandatory for every Cyprus company?
What are the review thresholds?
Who can sign the audit opinion?
When is a Cyprus company tax return due?
What happens if the annual return is not filed?
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Our advantages
Corporate structuring, company registration in Ukraine and abroad, tax and reporting, migration, bank accounts, DUNS and NCAGE codes. We run the whole project, from choosing the solution to the finished documents.
Confidentiality terms are set out in our contract. We do not pass information about a client or their project to third parties, except where the law expressly requires it.
We compare jurisdictions against your business task: tax regime, reporting, substance requirements and access to banking. On the call we go through the upsides and the limits of each option.
We name the timeline for every step before the work starts — it depends on the jurisdiction, the registrar and the bank. Personal data is used only to deliver the service.
We handle the correspondence with registrars, government bodies and banks and answer their requests ourselves. From you we need documents and signatures.
We take each case to the finish: if an authority or registrar comes back with remarks, we revise the documents at no extra charge. The fee is calculated for your task before work starts.