To which authorities must the reports be presented?

Every Cyprus registered company, (International business companies also), are obliged once a year to present their financial statements, after auditing by licensed auditors to the authorities in Cyprus.

The financial statements are presented to the Central Bank of Cyprus in order for the bank to check that company's business activities are in accordance with the terms and conditions for International companies. This terms and conditions are given in written by the bank in their license given after the company registration. One of these terms is the presentation of the audited financial statements to the CB in time.

The report is also presented to the department of Registrar and official receiver in where it will be permanently  kept in archive. This financial reports according to Companies Act of 1948, must be accessible to read for any person interested in the financial status of that particular company.

The financial statements are also send to the inland revenue with a check for the tax payment (and if there was a difference between the declared sum of the tax and the actual tax, a check with the penalty sum must be send also).

In connection with a change in Cyprus legislation in 2003 every company, having a branch in Cyprus must submit annual financial statement only of the main company to the Registrar of Cyprus. The financial statement should be translated into Greek. The Annual Financial Statement of the branch must be submitted to the Inland Revenue of Cyprus.