Does a company that has not traded still have to file accounts?

Yes. Companies in the UK, Poland, Estonia and Cyprus file annual accounts and tax returns even with no turnover, and a US LLC with a foreign owner files Form 5472. Failure to file leads to penalties, and the company may be struck off the register.

Can we move our accounting to you in the middle of the year?

Yes. We take over from the previous accountant at any date, check the books from the start of the year and carry on. Usually, in our experience, the handover takes 2–4 weeks. The timeline depends on the case, the details, the authorities and force majeure.

What if the accounts have not been filed for several years?

The books are restored from bank statements and the overdue reports are filed, starting with those carrying the highest penalty. If the company has already been struck off, we first restore it to the register and then clear the filings.

Is an audit mandatory for a Cyprus company?

Yes, an audit is mandatory for almost all Cyprus companies. Small private companies within the statutory turnover and asset thresholds may replace it with a review by a licensed auditor, while regulated companies and groups with consolidated accounts undergo a full audit.

When is the CFC report for 2025 due?

An individual files the CFC report together with the annual declaration by 1 May 2026. If the company's accounts are not ready, a short-form report is filed, and the full report is due by 31 December 2026.

Does a UAE company need to report on economic substance?

ESR reports are abolished for financial years ending after 31 December 2022. The obligation remains for 2019–2022, and the company files its corporate tax return with the FTA every year.

What is the penalty for not filing Form 5472 for a US LLC?

25,000 dollars for each form that is not filed or is substantially incomplete. If the failure is not corrected within 90 days after the IRS notice, a further 25,000 dollars is added for each 30-day period or part of it. That is why we check past years as soon as we take on the company.

Do you provide accounting for foreign-owned companies in other countries?

Yes. Beyond the six jurisdictions in the table, we keep the books of companies in other EU countries and beyond with partners in the jurisdictions, and we remain responsible to the client.

How much does accounting support cost?

We calculate the fee individually. It depends on the number of transactions, VAT, payroll, audit and the number of companies in the structure, and we fix it in the contract.

International Accounting Services ✓ Bookkeeping, CFC Report

Q: Are penalties for the CFC report currently applied?

For violations from 1 January 2022 until the end of martial law, penalties do not apply if the owner files the reports and fulfils the other CFC obligations within six months after martial law ends. This is provided for by Law No. 4113-IX. The obligation to file reports remains, and if this window is missed, penalties apply in full.

International accounting services, turnkey: bookkeeping, annual accounts and tax returns in the country of registration, plus the CFC report for the owner in Ukraine.

Since 2012 · 50+ jurisdictions · bookkeeping, tax and CFC report in one team · we handle correspondence with the tax office and the register

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In brief

Accounting for foreign-owned companies means bookkeeping, annual financial statements and tax returns of a company abroad under the rules of its country of registration, plus the CFC report if the owner is a Ukrainian tax resident.
Every company in the UK, Poland, Estonia, Cyprus, the UAE, the USA and other countries needs it: even a company with no turnover files annual accounts, and late filing leads to penalties and strike-off from the register.
Our international accounting services cover outsourced bookkeeping in full: accounting, VAT, payroll, annual accounts, tax returns, audit coordination and the CFC report, and we handle correspondence with the tax office and the register.
Usually, in our experience, taking on a company with up-to-date books takes 2–4 weeks, and restoring a year of accounts takes 1–2 months. The timeline depends on the case, the details, the authorities and force majeure.

Your situation

Pick the situation closest to yours: a short note on what we do and the first step.

UK Ltd with overdue filings

Companies House has sent a letter about late filing or a strike-off warning. Send us the company number: we will check the status, work out the obligations and clear the overdue accounts and CT600.

Polish sp. z o.o. with VAT and employees

You need monthly JPK_V7 files, payroll with ZUS, invoices through KSeF and annual reporting in eKRS. We start with a review of the current books and a handover from the previous accountant.

Estonian OÜ without an accountant

The company was set up through e-Residency, the books were kept on and off, and the annual report has not been filed. We restore the books from bank statements and file the report with the e-Business Register.

Cyprus company and audit

An audit is required every year, the tax rate from 2026 is 15 per cent, and the return for 2026 onwards is due by 31 January of the second year after the tax year. We prepare the accounts for audit and file the TD4 return on time.

US LLC owned by a non-resident

A company with a single foreign owner must file Form 5472 even with no US turnover. We will check past years and file the forms with a pro forma Form 1120.

Several companies and the CFC report

A structure of two or three companies in different countries with an owner in Ukraine. We keep the books of all the companies and prepare the CFC reports on the same figures.

What international accounting services include

International accounting services cover day-to-day bookkeeping, tax returns and annual accounts in the country of registration, and for an owner from Ukraine also the CFC report. We take this whole scope on as outsourced work and run it under the rules of the specific jurisdiction.

Bookkeeping during the year

Bookkeeping. We post bank statements, invoices, contracts and expenses, reconcile balances with the bank and payment systems, and keep the books in the company's currency.
VAT. VAT registration, VAT returns, VIES reports for intra-EU transactions, and the OSS and IOSS schemes for sales to consumers in other EU countries if you need them.
Payroll. Salary calculation for the director and employees, taxes and contributions, and reports to the tax office and social funds of the country of registration. More: payroll calculation and processing.
Source documents. We check that every payment is backed by a contract or invoice: both the auditor and the bank expect this.

Annual accounts and corporate filings

Financial statements under national standards or under IFRS, if the law, the bank or an investor requires it.
Corporate income tax return and tax calculation, including advance payments where they are mandatory.
Corporate filings: the confirmation statement in the UK, the annual return to the register in Cyprus, beneficial ownership details, economic substance data.
Audit. Where an audit is mandatory, we prepare the package for the auditor, answer the auditor's questions and bring the accounts to a signed opinion.
Transfer pricing. If the company deals with related parties in Ukraine, we align prices and documents: transfer pricing.

The Ukrainian side

CFC report for an owner who is a Ukrainian tax resident, with the calculation of adjusted profit and the company's certified financial statements. See controlled foreign companies and preparing CFC financial statements.

Annual reporting by country: what the company files and where

Each jurisdiction requires its own set of annual filings, and the deadlines differ: from 3 months for the CIT-8 return in Poland to 13 months for the TD4 return in Cyprus. Below are the main obligations in six popular jurisdictions as of September 2026.

Jurisdiction	Annual accounts and register	Corporate income tax	During the year
United Kingdom, Ltd	Accounts to Companies House within 9 months after the end of the financial year, the first ones within 21 months of incorporation. Confirmation statement at least once every 12 months.	CT600 return to HMRC 12 months after the end of the period. Tax is paid 9 months and 1 day after the period end.	VAT returns if registered for VAT, PAYE if salaries are paid.
Poland, sp. z o.o.	Sprawozdanie finansowe in electronic form: prepared within 3 months, approved within 6 months, filed with eKRS within 15 days after approval.	CIT-8 by the end of the third month after the tax year, CIT advances monthly or quarterly.	JPK_V7 for VAT, payroll reports to ZUS. Invoicing through KSeF is mandatory from 1 February 2026 for companies with sales above 200 million zlotys in 2024, and from 1 April 2026 for all others.
Estonia, OÜ	Annual report (majandusaasta aruanne) to the e-Business Register within 6 months after the end of the financial year.	Tax is paid on profit distribution, rate 22/78, through the TSD return.	TSD by the 10th of the month after the payout, monthly VAT returns (KMD) if registered.
Cyprus, Ltd	Audited financial statements and the HE32 annual return to the Registrar of Companies. Small private companies within the statutory turnover and asset thresholds may replace the audit with a review by a licensed auditor.	TD4 return to the Tax Department, for 2026 onwards by 31 January of the second year after the tax year. Rate from 2026: 15 per cent.	Provisional tax in two instalments (31 July and 31 December), VAT, VIES, payroll contributions.
UAE, free zone company	Bookkeeping and financial statements; audited financial statements are mandatory for qualifying free zone persons regardless of revenue and for companies with revenue above 50 million dirhams (UAE Ministerial Decision No. 84 of 2025), plus the requirements of the specific free zone.	Corporate tax return to the FTA within 9 months after the end of the tax period. Rate 9 per cent, 0 for qualifying free zone income.	VAT returns if registered. ESR reports are abolished for financial years ending after 31.12.2022.
USA, single-member LLC with a foreign owner	No federal financial statements are filed; bookkeeping is needed for the tax forms. Annual report or state tax under the rules of the state.	Form 5472 with a pro forma Form 1120 to the IRS by the Form 1120 deadline: 15 April for a calendar year, 15 October with an extension. Penalty for failure to file: 25,000 dollars.	Sales tax where the state requires it. LLCs formed in the USA have been exempt from beneficial ownership reporting to FinCEN since March 2025.

Since 18 November 2025 identity verification of directors and PSCs with Companies House has been mandatory in the UK. Existing companies have a 12-month transition period: current directors confirm verification when filing their next confirmation statement, so for many companies the deadline falls before November 2026. From April 2028 Companies House will accept accounts only through accounting software in iXBRL format, abridged accounts will be abolished, and small and micro companies will also file a profit and loss account.

Country details: accounting in the UK, accounting for US LLCs and Corporations, accounting in Dubai and the UAE, accounting services in Cyprus. We keep the books in Poland, Estonia and other EU countries with partners in the jurisdictions, and we remain responsible to you.

Send us the country and company number: within one working day we will tell you which filings are coming up and which deadlines are already urgent.

Check my deadlines

How company bookkeeping connects to the CFC report in Ukraine

The CFC report is built on the foreign company's financial statements, so errors or delays in its bookkeeping carry straight into the owner's Ukrainian reporting. We handle both sides in one team and reconcile the figures before filing.

Who files and when

The report is filed by a Ukrainian resident who controls a foreign company: owns more than 50 per cent of the shares, more than 10 per cent where Ukrainian residents jointly control 50 per cent or more, or exercises actual control.
An individual files the report together with the annual declaration of property status and income, for 2025 by 1 May 2026. A legal entity files it together with the corporate income tax return.
If the company's accounts abroad are not ready yet, a short-form report can be filed, and the full report follows by the end of the next calendar year. For 2025 this is 31 December 2026.
A separate report is filed for each controlled company, with certified copies of its financial statements attached.

Adjusted profit

CFC profit is calculated from the financial statements and adjusted under the rules of the Tax Code of Ukraine. The Code provides grounds for exemption, for example if the total income of all the owner's CFCs for the year does not exceed 2 million euros. The report is still filed in that case. Whether the CFC profit was taxed in Ukraine also determines how future dividends are taxed, so we do the calculation before any decision on a payout.

Penalties during martial law

Under Law No. 4113-IX of 04.12.2024, for CFC reporting violations committed from 1 January 2022 until the end of the month in which martial law ends, penalties do not apply, provided that the owner fulfils the CFC obligations within six months after martial law ends. The obligation to file reports remains. If this six-month window is missed, penalties apply in full, so it is better to put the reports for past years in order in advance.

Dividends and currency transactions

A dividend payment to an owner in Ukraine goes through a bank and falls under the currency control rules of the National Bank of Ukraine (NBU), which change during martial law. We agree the payment route, the tax in the company's country and the tax in Ukraine before the company decides on dividends.

Accounting support: how we work every month and at year-end

Accounting support follows the company's compliance calendar: every month we close the books, and at year-end we prepare the accounts and tax returns. The client provides documents and makes decisions, and we do the rest.

Every month or quarter

We receive statements from banks and payment systems, invoices and contracts through a shared document channel.
We post the transactions and request missing documents and explanations for large payments.
We run payroll, calculate VAT, file periodic returns and tell you the amounts due.
We send a short report: balances, revenue and expenses, upcoming filing deadlines.

At year-end

We close the year: reconciliations with the bank, counterparties and related companies, accruals, exchange differences.
We prepare the financial statements and agree them with the director.
If an audit is needed, we hand the package to the auditor and answer the auditor's requests.
We file the accounts with the register and the corporate income tax return, and submit the annual corporate forms.
We prepare the CFC report for the owner in Ukraine and reconcile it with the company's accounts.

Reporting for the owner and the bank

On request we prepare management reports: revenue and expenses by business line, cash flow, intercompany balances within the group. For the bank we prepare interim accounts with explanatory notes when it asks for them during a client review. If an investor or buyer is doing due diligence on the company, we assemble the accounting and tax documents for the years required.

We keep all deadlines in a single calendar for each company. We give advance notice of any filing that needs a decision or a signature from the director.

Timelines for onboarding and restoring accounts

Taking on a company with current books usually takes a few weeks, while restoring accounts for past years takes longer and depends on the volume of transactions. Official filing deadlines have nothing to do with the length of our work: they are the final dates by which everything must be filed.

Company with up-to-date books. Usually, in our experience, the handover from the previous accountant and of access rights takes 2–4 weeks.
No bookkeeping for a year. Usually, in our experience, restoring the books and preparing the annual accounts takes 1–2 months.
Several years overdue, audit or strike-off. Usually, in our experience, 2–4 months; if an audit and restoration of the company to the register are needed, it may take longer.
CFC report. Usually, in our experience, we prepare it within 1–2 weeks after the company's financial statements are ready.

The timeline depends on the case, the details, the authorities and force majeure. If little time is left before a filing deadline, we first close the most expensive overdue item, then the rest.

What the cost of outsourced bookkeeping depends on

We calculate the cost of outsourced bookkeeping individually after getting to know the company. It depends on the volume of work and the obligations the jurisdiction imposes.

Number of transactions: bank accounts, payment systems, number of invoices and payments per month.
VAT: VAT registration, OSS or IOSS, intra-EU transactions.
Payroll: number of employees and directors on the payroll.
Audit: mandatory or at the request of the bank and partners.
Number of companies in the structure and related-party transactions between them.
State of the books: overdue filings and restoration of past periods.
CFC report and the number of controlling persons in Ukraine.

We work under a contract that sets out the scope, timelines and fee.

Why clients trust us with international company accounting

Accounts abroad are checked by the register, the tax office and the bank, and each needs its own figures on time. That is why clients have trusted this work to us for years:

In business since 2012

For fourteen years we have managed companies, taxes and reporting in 50+ jurisdictions. We know the requirements of registers, tax offices and banks from our own cases.

We deal with authorities, registrars and banks

We handle correspondence with the tax office, the register, the auditor and the bank and answer their requests. From you we need documents and decisions.

We carry the case through to the result

We work through remarks from the tax office, the registrar or the bank at no extra charge until the accounts are accepted. If a licence or accreditation is needed, we work through an accredited partner, and we remain responsible to you.

One team for the whole structure

Company, account, accounting, taxes and immigration in one pair of hands. The company's accounts and the CFC report are prepared by one team of lawyers, accountants and tax advisers.

Contract and confidentiality

The scope of work, timelines and confidentiality are set out in the contract. We disclose data about the company and its owners only to the extent the procedure requires.

Documents we need to take over your accounting

To start, we need the incorporation documents, bank statements and access to the company's tax accounts. We request everything else ourselves from a checklist.

Registration documents: certificate, articles of association, register of members and directors.
Statements for all bank accounts and payment systems for the accounting period.
Contracts with key clients and suppliers, invoices, acceptance certificates.
Previous accounts and tax returns, if the company has been trading for more than a year.
Access or a power of attorney for the tax accounts and the register: HMRC and Companies House, the e-Business Register, EmaraTax and others depending on the country.
Employee data, if there is a payroll.
For the CFC report: details of the controlling persons and their shareholdings.

Common problems in international company accounting and how we prevent them

Problems most often arise from missed deadlines, gaps between the accounts abroad and the CFC report, and bank questions about the financial statements. Each of them is easier to prevent than to fix.

Late filing and penalties. In the UK the late filing penalty grows with the length of the delay, and in Estonia the registrar can impose fines on management board members. We keep a compliance calendar for each company and start the year-end close early.
Strike-off. Failure to file accounts is a ground for compulsory strike-off in the UK and Estonia, and the accounts of a struck-off company are frozen. We monitor the company's status in the register and respond to the registrar's letters.
Bank requests. As part of KYC, banks request annual accounts and explanations about counterparties and the source of funds. We prepare the accounts and explanations so that a request can be answered within days.
Discrepancies with the CFC report. The figures in the CFC report must match the company's financial statements. One team prepares both sides and reconciles them before filing.
VAT errors on EU sales. Sales of digital services and goods to consumers in other EU countries are subject to VAT of the buyer's country. We register the company for OSS or IOSS when needed and reconcile the returns with payment system data.
Related-party transactions. Loans and services between the owner's companies without contracts and arm's length terms raise questions from tax authorities in both countries. We document such transactions in advance.
Rule changes. Over the past year the tax rate in Cyprus, the return deadlines there, the Companies House requirements and the invoicing rules in Poland have changed. We apply these changes in our work and let you know about the ones that affect your company.

How to start

Send us the country of registration, the company number and what needs to be filed soon. Within one working day we will tell you what obligations the company has and which deadlines are urgent, and propose a work plan.

You can start with a free consultation. If you do not have a company yet, we will help you choose the jurisdiction and set it up: international company formation.

Other services for international business

Accounting in the UKBookkeeping, Companies House accounts, CT600 and VAT for a UK Ltd.Learn more →

Accounting in the USABookkeeping and tax forms for LLCs and Corporations, including Form 5472.Learn more →

Accounting in Dubai and the UAEBookkeeping, corporate tax and VAT for mainland and free zone companies.Learn more →

Accounting services in CyprusBookkeeping, audit preparation, TD4 return and annual return to the register.Learn more →

Controlled foreign companiesCFC report, calculation of adjusted profit and exemptions.Learn more →

International company formationChoice of jurisdiction and registration of a company that passes bank checks.Learn more →

Sources

GOV.UK: Life of a company — annual requirements, accounts (Companies House); GOV.UK: Companies House confirms identity verification rollout from 18 November 2025; PwC Worldwide Tax Summaries: Cyprus — Corporate tax administration; Polish Ministry of Finance: KSeF — legal basis and key dates; Estonian Tax and Customs Board: Tax rates; Ministry of Finance UAE: Ministerial Decision No. 84 of 2025 on Audited Financial Statements; IRS: Instructions for Form 5472; State Tax Service of Ukraine (via dtkt.ua): CFC penalties during martial law, Law No. 4113-IX. Content reviewed and updated on 25.09.2026.

International accounting services: bookkeeping, reporting and tax