Accounting FAQs

Do I have to submit reports for my European company?

Yes. All European companies must submit reports if they have performed some kind of commercial activity during the financial year.

What would be regarded as a commercial activity?

Any deal involving some sort of value transfer would be considered a commercial activity of a company. Examples: agreements, loans, sale of goods or services.

Do I have to submit reports for my offshore company?

Most offshore jurisdictions do not require companies to submit any reports. Nevertheless, a client may choose to submit a report.

How long does it take to prepare reports in UK, Cyprus and other jurisdictions?

Report preparation and submission usually takes somewhere around 2-3 months.

What are the benefits of submitting reports?

Nowadays most EU jurisdictions provide a possibility to check the status of companies incorporated in their registers. It might be the case that your client or partner wants to do business only with companies which submit financial reports and appear active on registers. In that case your company would look much better in the eyes of potential clients, suppliers and government institutions.

How much does preparation and submission of financial reports cost?

Minimum prices start at £ 650 – 700 for UK companies and € 1100 for Cyprus companies. Preparation cost is based on the number of transactions per year and complexity.

What do we need to determine the price of reports?

In order to give you a price quote regarding report preparation we need to see your bank account statement or have a detailed description of the commercial activity during the fiscal year.

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