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Accounting Services

PENAP Group of Companies provides a complete range of services addressing your daily, weekly, monthly and yearly accounting needs. We save you time, money and effort by offering a personalized and flexible approach to handle all your accounting, taxation and statutory requirements.

Cyprus Companies are obliged under the law to appoint a qualified auditor to audit the financial records and submit to the authorities an annual financial report which forms a part of annual income tax return. Every Cyprus Company is also obliged to submit to the Registrar of Companies a copy of the audited financial statements together with the Annual Report. The Audit need to be performed from Independent and separate from Accountant this Service is provided from a list of associates Member of Cyprus Authorized Accountants www.icpac.org.cy

Our services include but are not limited to the following:

  • General accounting and journal entries, financial reconciliation and invoicing
  • Computerization of book-keeping records
  • Payroll services
  • Statutory and IFRS audit for Cyprus companies
  • Preparation of financial statements and consolidated financial statements in compliance with International Financial Reporting Standards
  • Registration with Cyprus VAT Authorities and maintenance of VAT documentation
  • Preparation and submission of quarterly VAT Returns and VIES
  • Registration with Cyprus Tax Authorities and obtaining of a Tax Identification Code
  • Consultancy on any book-keeping and accounting-related issues as well as audit requirements

Companies operating within the European Union (depending on their activities) may require VAT registration in order to account properly for their sales and purchases and in order to prevent them from suffering VAT which they are unable to recover.

PENAP Group of Companies can arrange VAT registration and administration in Cyprus, which has one of the lowest VAT rates in European Union and also ensure the correct maintenance and administration of VAT records and preparation and submission of VAT returns.