Duties

It is important to note that companies registered in Cyprus are obliged to pursue accounting and bookkeeping activities and submit financial statements.

Useful information:

• The first report shall be submitted to the Cyprian registry court within 18 months after establishing the company.
• The management report and the financial statement shall be presented at the Annual General Meeting, and submitted to the Registry Court within 42 days after the AGM. (These reports shall be signed by the Managing Director and the secretary.)
• The mandatory substantive parts of the financial statement correspond to the Hungarian requirements: profit and loss account, balance sheet and notes to the financial statement.
• The Managing Director is legally liable for the genuineness of the entire statement.
• Default in submitting the statement results in severe sanctions and penalties.

Fulfilling these obligations precisely and punctually is a cake-walk with the help of the network of our partners. Viz. these tasks are performed – with our mediation - by our expert local partners aware of all Cyprian standards.

Should you need any further information about the procedure of establishing a company, please, feel free to contact us.