Licensed Cyprus Accounting,
Tax, VAT & Payroll services
A licensed and regulated accounting firm based in Cyprus, handling your financial statements, tax, VAT, and audit coordination — with Partner-Led Engagements, responsiveness and top quality service offerring.
Cyprus remains one of the most tax-efficient jurisdictions in the EU, with a 15% corporate income tax rate, no withholding tax on dividends in most cases, and an extensive double tax treaty network.
However, the tax and accounting obligations of a Cyprus company are ongoing, time-sensitive, and non-negotiable. Having a qualified, ICPAC-regulated accountant managing your compliance is not just good practice — it is a legal requirement. At Asterisk, we manage the full accounting and tax cycle for your company, so nothing falls through the cracks.
Qualified accountants, working on your Company’s financials from the outset.
What you gain when working with us:
- One qualified professional responsible for your company's accounting from day one.
- Partner-Led Engagements — our Managing Director is directly involved in your compliance, not just supervising it
- Deadlines managed proactively — we work in a proactive manner to avoid missing any deadlines
- Fixed, transparent fees agreed before we start — no surprises, no charges.
- Responsiveness & peace of mind - your company is compliant, your records are accurate
Accounting services REQUIREMENT
All Cyprus companies must maintain proper accounting records and prepare annual Financial Statements in line with International Financial Reporting Standards (IFRS). These must be audited by a licensed auditor and submitted to the Cyprus Tax Department and the Registrar of Companies. Accurate bookkeeping and timely submissions are key to ensuring compliance and avoiding penalties. More information on such requirements can be found in our articles here or here.
Our Approach to Accounting Services
At Asterisk, accounting is not a year-end exercise — it is an ongoing responsibility that we take seriously throughout the year. Using reliable, technologically advanced accounting software tailormade for Cyprus Companies, we manage your bookkeeping based on the data you provide. Every engagement is partner-led, with our Managing Director directly involved in your company’s compliance from day one. We maintain your records continuously, apply correct IFRS treatment to every transaction, manage your full compliance calendar proactively, and keep you informed before deadlines arise — not after they pass. Fixed fees, one point of contact, and a high quality standard that does not change regardless of the size of your company.
Services Provided
Our team of professionals will perform day to day support in the preparation of accounting records in accordance with international financial reporting standards including:
- Assisting with the accounting/bookkeeping function of the company based on information we will be provided with;
- Take care of the Tax & VAT requirements of the Cyprus Company at all times. More information on tax services can be found here;
- Monthly payroll calculations and submission of Payroll & Social Insurance forms and payments as required.
- Assist with preparation of IFRS Compliant Financial Statements with full set of accompanying notes on our specialised software;
- Audit services through our associated firm. We liaise with the auditors, providing them with everything they will need for their audit. You will have only one point of contact.
What Your Cyprus Company Should Expect From Its Accountant
Many Cyprus companies receive the minimum — accounts prepared at year end, a tax return filed, an audit coordinated. What they rarely receive is proactive advice, correct IFRS treatment of complex transactions, early warning of regulatory changes, or a qualified professional available when questions arise during the year.
At Asterisk, the minimum is never the standard. Your records are maintained throughout the year — not reconstructed at year end. Your financial statements reflect the correct accounting treatment of every transaction. Your audit is completed on time without last-minute pressure. And when something changes — in the law, in your business, or in your structure — you hear about it from us first. That is what accounting at Asterisk looks like — every client, every year.
Did you know #1? That a Cyprus company with no transactions is still legally required to prepare and submit audited financial statements every year? Dormant does not mean exempt.
Did you know #2? That provisional tax in Cyprus is based on your own estimate of current year profits — and underestimating by more than 25% carries an automatic penalty?
Accounting for cyprus companies – Frequently Asked Questions (FAQ)
Yes. Every Cyprus company is legally required to maintain proper accounting records, prepare IFRS-compliant financial statements, file annual tax returns, and undergo a statutory audit — regardless of whether the company is actively trading or dormant.
Cyprus companies must prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). This applies to all companies regardless of size or activity level.
As of the 2026 tax reform, the corporate income tax return (TD4) must be submitted by 31 January of the second year following the assessment year. The 2024 tax year return has been extended to 30 November 2026.
Fees depend on the volume and complexity of transactions, VAT submission requirements, number of employees etc. A dormant or holding company will sit at the lower end of the range. An actively trading company will sit higher. Asterisk provides fixed-fee quotes based on your specific situation. Fees usually start from 1.000euro and depend on volume and complexity of work as indicated above.
Yes. Asterisk prepares your financial statements and manages all tax and VAT compliance. The statutory audit is conducted by our associated audit firm for independence purposes. You always have 1 point of contact throughout the process, us.
Late filing carries administrative penalties and interest charges. Under the 2026 tax reform, the penalty structure has been updated and enforcement powers have been strengthened. Asterisk manages all deadlines proactively to ensure this never happens.
We use specialist professional accounting software to prepare and maintain client records. All financial statements are prepared in accordance with IFRS and are produced in a format suitable for audit and submission to the Cyprus Tax Department through specialized Financial Statement Preparation Software.
Yes. A dormant or holding company is still legally required to maintain accounting records, prepare annual IFRS-compliant financial statements, and have them audited and submit the FS to the Registrar of Companies alongside the Annual Company Return (HE32). There are no exemptions based on inactivity. Failing to comply carries penalties regardless of whether the company has generated any income.
CONTACT US
Whether you are setting up a new Cyprus company or looking to transfer your accounting to a more attentive firm, we are here to help. Reach out and a member of our team will respond promptly.
