Auditing for offshore companies

Offshore company check

The jurisdiction in which an offshore company is located determines the specifics of its reporting. The need for reporting - financial and accounting, as well as the mandatory audit is dictated solely by the rules of a particular jurisdiction. The tax havens located in Belize, the Seychelles and the British Virgin Islands do not provide for reporting, however, it is still necessary to prepare reports and keep accounting records. And midshore and onshore zones require mandatory reporting, which, moreover, must be confirmed by an audit report.

The audit procedure provides for a financial analysis of the company's activities, as well as a qualified check of the effectiveness of work. The purpose of the auditor's report is to confirm the reliability of the data taken into account according to accounting standards, as well as their compliance with the requirements of the legislation of the country of residence. Conducting an audit of an offshore company and its reporting — a very difficult task that professionals should deal with.

Crystal Tax employs very competent and qualified accountants, auditors, lawyers who worthily represent the company in the international market of accounting services. They qualitatively perform the assigned tasks for accounting services for companies in offshore companies, helping to draw up understandable reports and issuing professional audit reports. Our specialists can be entrusted with the solution of the most complex tasks that are beyond the power of ordinary accountants. On the company's official website https://crystal.tax/ you can order not only a one-time check or report, but also ongoing professional support.

When professional audit of offshore companies is required

In such offshore zones as Cyprus and Malta, an annual audit and the provision of audited statements is mandatory. Companies with Cypriot jurisdiction are subject to audit, regardless of whether they conduct actual activities or not.

Non-resident companies with Hong Kong jurisdiction are required to file accounts with an auditor's report either once a year or every three years. If the company's annual income is more than 50 thousand US dollars, it undergoes an additional audit.

European jurisdictions inherent in Denmark, Holland, Great Britain exempt companies with a small turnover and low assets from undergoing an audit, but large holdings are required to do this.

In some cases, the need for an audit is dictated not by the state interests, but by the requirements of other interested structures. Sometimes audit expertise may be required by a bank or it is necessary for the sale of a business (part of it). Conducting an independent audit allows you to identify accounting shortcomings and weaknesses in the company's activities, as well as work on mistakes and correct the mistakes made.

What services are included in offshore audit

If you entrust the preparation of reporting and auditing to Crystal Tax, our highly professional staff will brilliantly perform the following tasks:

• consult on issues of Ukrainian and foreign legislation in the field of accounting and auditing in the process of servicing offshore, midshore and onshore jurisdictions;
• will audit accounting and financial records;
• carry out high-quality preparation of the enterprise for mandatory audit;
• form an audit report.

In addition, we can offer additional outsourcing services for accounting, reporting in accordance with international standards, and tax consultations.

The cost of our services is adequate to the efforts expended and is quite affordable for foreign business owners. The amount of payment depends on the features of the order — a one-time service or service on an ongoing basis, differences in taxation of the country of jurisdiction, the specifics of the enterprise. The calculation of the amount of payment is carried out individually for each of the projects. Details of the services provided and price offers can be found on the Crystal Tax website.