Setting up an offshore company is certainly a profitable decision for entrepreneurs wishing to ease the tax burden on their company, develop their business in a comfortable legal environment and be confident in the confidentiality of their transactions. Only at first glance it seems that offshore is a complete absence of responsibility and liabilities, in fact it is not. In this case, there is no need to do without bookkeeping.
Despite the fact that non-resident organizations do not submit reports in the general order, they can sometimes be requested by various regulatory, financial and other authorities. In addition, there are an increasing number of banks that request bookkeeping from classic offshore entities.
Current laws oblige companies registered in tax havens to keep accounting records and submit reports when requested by the supervisory authorities. Failure to do so risks fines and a ban on registering other firms abroad.
The annual financial statements, which shall be submitted on request, shall contain
- information on all business transactions;
- copies of contracts, invoices;
- data on the flow of funds.
Legislation in some offshore jurisdictions requires the retention of accounting records for five years.
Key Solutions specialists will help to put all documents in order and provide assistance in preparation of financial statements for non-resident companies. We work both with classic offshore jurisdictions (Seychelles, Panama, Belize, British Virgin Islands) and companies established in Europe (UK, Cyprus, Poland).
When bookkeeping is needed
Keeping records will help if you want to:
- quickly draw up an annual report;
- pass the bank check without any problems;
- feel confident and calm when submitting reports to fiscal and state authorities, prove correct tax payments;
- buy, sell a business or a share in it;
- control expenses; evaluate the rational use of financial resources, the expediency of offshore activities.
Companies that keep their books responsibly usually have no problems with the tax authorities, and their managers always have an idea of the firm's financial situation.
Key Solutions staff keep records in English. We guarantee that it will not only be understandable to you, but also:
- to the supervisory authorities of offshore jurisdictions;
- to foreign partners, investors;
- to banks dealing with non-residents.
Experience shows that security costs are indeed cost-effective, as is maintaining an actual or virtual office and keeping the site running.
Offshore Accounting by Key Solutions
Our staff, who know the intricacies of international standards, keep records:
- balance sheet;
- profit and loss;
- income;
- cash flow.
The cost of accounting services depends on the volume of turnover, the number of financial transactions and other criteria. To discuss the details of cooperation, please contact our manager by phone or ask your questions via the online form.