Offshore company reporting means the annual financial statements and tax documents required by the registered agent, the bank and, where the owner is a Ukrainian tax resident, the State Tax Service of Ukraine. Key Solutions prepares accounts under IFRS or local rules and a financial pack for the CFC report.
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In short
- When you need it: every year after the financial year end, and whenever a bank, agent, buyer or tax authority asks.
- What you get: a balance sheet, profit and loss account, bank reconciliations and a pack for the agent, bank and CFC report.
- Timing: in our experience, 10–20 days after we receive the full set of statements and documents.
- Fee: agreed individually, based on the jurisdiction, number of transactions and state of the documents.
- How to start: tell us the jurisdiction, year end, number of accounts and who needs the reports.
Who needs offshore company accounts
Even a classic offshore company prepares annual financial documents, although it often files no tax return locally. The accounts go to the registered agent and registry, to the bank during due diligence (Art. 1(34) of Law No. 361-IX) and to a Ukrainian resident owner, whose CFC profit is taken from the company's financial statements (Art. 39-2.3.1 of the Tax Code). A dormant company prepares zero reports.
What companies file in common jurisdictions
| Jurisdiction | What the company prepares | Deadline and recipient |
|---|---|---|
| BVI | Annual financial return: summarised balance sheet and P&L, no audit | 9 months after year end, to the registered agent (s. 98A BVI Business Companies Act) |
| Seychelles | Accounting records and an annual financial summary | Records lodged at the registered office at least twice a year; summary within 6 months |
| United Kingdom | Annual accounts and the CT600 Company Tax Return | Accounts within 9 months to Companies House; CT600 within 12 months of period end |
| Cyprus | IFRS accounts with a report by a Cypriot auditor, tax return | Under the Companies Law (Cap. 113) and Cyprus Tax Department rules |
We confirm current rules with the registered agent at the start. Other services for foreign companies are listed under Offshore maintenance.
What the service includes
- bookkeeping from bank statements, invoices and contracts;
- balance sheet, profit and loss account, cash flows and notes under IFRS or local standards;
- zero reports and accounts for past years;
- figures for the CFC report, including transactions with related non-residents and counterparties on the Cabinet of Ministers lists.
How we work
- Jurisdiction rules and contract. Recipients, timing and fee.
- Statements, invoices, contracts. Documents for the year and a list of all accounts.
- Bookkeeping and reconciliations. Each payment matched to a document, balances to statements.
- IFRS financial statements. Balance sheet, P&L, cash flows and notes.
- Pack for agent, bank and CFC. A set for the director to sign and CFC figures.
Timing and fees
In our experience, annual accounts take 10–20 days after we receive the full set of statements and documents. The fee is agreed after a first review and depends on the jurisdiction, framework, number of accounts and years, and the state of the records.
What we need from you
- the jurisdiction and financial year end;
- bank statements and a transaction list for the period;
- invoices and contracts;
- registered agent contacts and last year's accounts, if any.
Deliverables
- financial statements under IFRS or local rules;
- a reconciliation of balances to bank statements;
- a pack for the agent and the bank, and certified copies for the CFC report.
CFC accounts for Ukrainian resident owners
A foreign company is a CFC when a Ukrainian resident controls it under Art. 39-2.1.2 of the Tax Code. Certified copies of its financial statements are attached to the CFC report filed with the owner's annual return (Art. 39-2.5.2). The fine for not filing is 100 subsistence minimums (Art. 120.7); it is waived for breaches committed from 1 January 2022 to the end of martial law, provided the obligations are met within six months after martial law is lifted (item 72, subsection 10, Section XX). The CFC report is handled by our group company crystal.tax, offshore registration by legal.ua.
Legal basis
Legal basis for the work
- Art. 39-2 of the Tax Code of Ukraine: controlled foreign companies and the CFC report;
- Art. 120.7 and item 72, subsection 10, Section XX of the Tax Code: fines and martial-law relief;
- s. 98A BVI Business Companies Act; Seychelles International Business Companies (Amendment) Act 2021; Companies House and HMRC rules.
Why Key Solutions
- Turnkey, with no extra hassle
- We take the whole task: documents, calculations, reporting and correspondence with the State Tax Service. You make the decisions, provide source documents and sign; we do the rest and contact you only when it matters.
- We take on the tax office
- Information requests, blocked tax invoices, inspection reports: we prepare explanations, rework documents and appeal until the issue is closed. Where the law is in dispute, we work together with the group's lawyers.
- We see it through
- Your case stays on track: the specialist running it remains with you, even if an inspection or audit drags on for months. Statutory audits are performed, and the report signed, by a partner audit firm entitled to perform them; we handle preparation and support through publication, so you deal with one team from start to finish.
- Boutique-level involvement
- A senior specialist runs your project personally (see the Our employees page), backed by 14 years of Innova group practice in 50+ countries. Non-standard tasks are our field: where you hear “it can’t be done”, we look for a lawful way, and group companies cover the rest: legal.ua for legal matters, crystal.tax for crypto-asset taxation.
- Your affairs stay yours
- Information about your company, turnover, payroll and counterparties reaches neither competitors nor third parties. We disclose only what the law or a procedure requires, and the contract says so.
- Faster and right the first time
- Full involvement: your specialist learns your books, contracts and business, so documents and reports are ready on time with no rework. The group's 14 years of experience let us get right the first time what takes some firms three attempts.
Frequently asked questions
Does an offshore company have to file financial reports?
Yes. Most jurisdictions require accounting records and annual financial documents: in the BVI the annual return goes to the registered agent, in the Seychelles the financial summary is kept at the registered office. Banks and Ukrainian resident owners need the accounts as well.
What are zero reports for an offshore company?
Zero reports are a balance sheet and profit and loss account for a company with no business transactions during the year. They confirm the absence of income to the agent, the bank and the tax authority, and show share capital, running costs and shareholder loans.
How are CFC financial statements prepared?
They follow the standards of the company's jurisdiction, or IFRS where the jurisdiction has no such requirement (Art. 39-2.3.1 of the Tax Code of Ukraine). They are built from bank statements, invoices and contracts, and the adjusted profit for the CFC report is calculated from them.
Is an audit required for offshore company accounts?
It depends on the jurisdiction. The BVI annual return needs no audit, while Cypriot companies generally file accounts with a local auditor's report. If the Ukrainian tax authority doubts the CFC accounts, it may request an opinion from an audit firm entitled to audit in the CFC's jurisdiction, no earlier than 15 months after the period end (Art. 39-2.3.1 of the Tax Code).
What should I do if the bank asks for financial statements?
Give the bank a balance sheet, a profit and loss account and explanations for the transactions in question. Ukrainian banks review ownership and the purpose of client transactions under Law No. 361-IX. We prepare the accounts, reconcile balances and describe the business model.
How much does offshore company reporting cost?
The fee is agreed individually. It depends on the jurisdiction, the number of accounts and transactions, the framework, the number of years and the state of the documents. After a short description of the company we quote timing and fee and fix them in the contract.
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Get the timing and fee for your reports
Tell us the jurisdiction, financial year end, number of bank accounts and who needs the reports. We will reply with a document list, timing and fee.
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