Maksym Stepanenko
Managing Partner, Crystal Tax
International client projects since 2012: company structures, tax, immigration, DUNS and NCAGE. 50+ jurisdictions.
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Reporting by foreign companies: what is it and why is it needed
Do you want to increase the credibility of your company from investors, creditors and users? Then you definitely need to keep financial records. You will learn about what it is and why you should seek the help of specialists in this matter from today's review.
Why do we need reporting by foreign companies
The international financial reporting system allows the company's counterparties, investors and management of companies interested in your business to receive reliable information about the state of the company. In addition, reporting contributes to:
- Reduce business risks
- Discovering new opportunities for investors.
- Optimization of interaction processes between companies.
- Simplify the interaction between firms.
When there is open and honest reporting, it opens the way to foreign bank accounts, the ability to buy and sell businesses, consolidate individual companies, sell non-resident real estate and avoid penalties. If you do not file reports, there is a risk that you will not be able to register the company for tax purposes or qualify for tax benefits.
In addition, you can lose investors and business partners if you do not submit reports. To prevent this, an inspection is carried out, as a result of which a report is drawn up.
How foreign companies report
Since the preparation of financial statements is a rather complex and lengthy process, which also requires knowledge of the current legislation, it is best to entrust the case to an experienced team of Crystal Tax specialists. They are able to provide a wide range of services:
- Detailed financial reporting advice
- Organization and accounting.
- Filling out tax returns.
- Legal due diligence of financial documents.
- Resolving difficult financial reporting situations
- Monitoring compliance with the deadlines for filing reports and tax returns.
- Preparation of accounting reports.
- Audit check.
Besides this, our specialists save you time, nerves and effort, which you can spend on more pleasant things than solving bureaucratic issues. If you were looking for just such a result, make an appointment with Crystal Tax, and we will provide you with what you want!
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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.