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Audit Obligation for EVERY Limited
Cyprus: every Ltd must have annual accounts audited by independent auditor. No exemption for small companies (unlike Germany). With CMC: no burden.
What the Annual Accounts Contain
IFRS: balance sheet, P&L, notes. Audit by ICPAC-licensed auditor. Audit report submitted to Tax Department and Registrar. Deadlines: audit within 18 months. Tax return: July 31. Annual Return: within 28 days of anniversary.
This was exactly our experience: Deadlines: audit within 18 months. Tax return: July 31. Annual Return: within 28 days of anniversary. Costs and CMC Role Small Ltd: €800-1,500/year.
– Entrepreneur from Berlin, in Nicosia since 2022
Costs and CMC Role
Small Ltd: €800-1,500/year. Medium: €1,500-3,000. CMC handles: bookkeeping (clean books = less audit time = lower cost), accounts preparation, auditor coordination, tax return, deadlines.
What Happens If You Miss
No filing: €50/month late fee. Longer: company struck off register. Missed tax return: 5% surcharge + interest. With CMC: no client has ever missed a deadline.
Annual Accounts and Audit Obligation in
Topics: Audit Obligation for EVERY Limited, What the Annual Accounts Contain, Costs and CMC Role
CMC Practical Tip
Deadlines: audit within 18 months.
Frequently Asked Questions
Yes – no exemption for small companies. One of the strictest rules in the EU.
€800-1,500/year for small one-person Ltd. Clean books (CMC) = less auditor time = lower cost.
No – must be independent ICPAC-licensed auditor.
Bank accounts frozen, contracts void. Restoration: €1,500-3,000+ lawyer fees. Much more expensive than timely filing.
How CMC Supports You
At CMC Certus Management Consultants, we are here for you – not only for tax and legal questions, but also for all practical topics of everyday life in Cyprus. Our team in Larnaca and Pafos knows the local conditions first-hand.
As your local contact, we handle: company formation and management, tax advisory and Non-Dom applications, ongoing bookkeeping and tax returns, support with authorities, and referrals to estate agents, lawyers, doctors and tradespeople.