Offshore bookkeeping is the ongoing recording of a foreign company's transactions from bank statements, invoices and contracts, so that a balance sheet and profit and loss account can be produced at any time. Key Solutions keeps the books in English under IFRS and prepares documents for the registered agent, the bank and the owner.
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In short
- When you need it: the company has accounts and transactions in the BVI, the Seychelles, Cyprus, the UK or elsewhere, and the owner or bank wants figures during the year.
- What you get: ledgers in English, regular bank reconciliations and a balance sheet and P&L on request.
- Timing: document intake and set-up come first, and we give their timing after the initial review; then bookkeeping follows the contract schedule.
- Fee: agreed individually, based on turnover, transactions, accounts and currencies.
- How to start: tell us the jurisdiction, number of accounts and approximate monthly transactions.
Why an offshore company needs bookkeeping
The jurisdiction requires records, the bank reviews transactions, and a Ukrainian resident owner calculates CFC profit from the company's financial statements (Art. 39-2.3.1 of the Tax Code).
- The Seychelles require records to be kept at the registered office and lodged there at least twice a year (International Business Companies (Amendment) Act 2021).
- The BVI require an annual financial return to the registered agent within 9 months of the financial year end (s. 98A BVI Business Companies Act).
- Ukrainian banks establish the purpose and nature of client transactions and monitor them (Art. 1(34) of Law No. 361-IX), so they ask for documents behind specific payments.
Bookkeeping for Cyprus, UK and classic offshore companies
What different jurisdictions require
| Jurisdiction | Record-keeping and reporting | What we do |
|---|---|---|
| Cyprus | IFRS accounts with a Cypriot auditor's report, tax return (Cap. 113) | IFRS bookkeeping and a pack for the auditor |
| United Kingdom | Annual accounts to Companies House within 9 months, CT600 within 12 months | Bookkeeping, annual accounts and CT600 figures; UK company accounting and reporting |
| BVI, Seychelles, Belize, Panama | Records under local rules; in the BVI an annual return to the agent | Ledgers, balance sheet and P&L |
We work with classic offshore jurisdictions and with companies set up in Europe (UK, Cyprus, Poland). Other services are listed under Offshore maintenance.
What the service includes
- chart of accounts and an IFRS accounting policy;
- posting bank statements matched to invoices and contracts;
- multi-currency bookkeeping with exchange differences;
- regular bank reconciliations;
- management reports on income, expenses and cash flow;
- annual balance sheet and P&L, a pack for the agent or auditor;
- answers to bank queries about specific payments.
How we work
- Review and contract. Jurisdiction, accounts, volume, schedule and fee.
- Document intake. Statements, invoices, contracts and corporate documents.
- Chart of accounts and policy. IFRS policy and opening balances.
- Scheduled bookkeeping. Monthly or quarterly posting and reconciliations.
- Reports and bank queries. Owner reports, annual accounts, payment explanations.
Timing and fees
We start with document intake, opening balances and the chart of accounts, and give the timing of this stage after the initial review. After that we keep the books monthly or quarterly on the contract schedule. The fee is agreed individually and depends on turnover, transactions, accounts and currencies, reporting frequency and the state of past records.
What we need from you
- monthly bank statements or view-only access;
- invoices, contracts and payment confirmations;
- certificate of incorporation and registers of directors and shareholders;
- a contact person who can explain payments.
Deliverables
- English ledgers ready for the agent, auditor and bank;
- reconciliations for each period;
- management reports and annual accounts, including figures for the CFC report.
Tax questions for Ukrainian owners
A Ukrainian resident notifies the tax authority within 60 days of acquiring or disposing of a stake in a foreign company (Art. 39-2.5.5 of the Tax Code) and files an annual CFC report. The fine for a missed notice is 300 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). Annual accounts are covered by our offshore reporting service, the CFC report by crystal.tax and company registration by legal.ua.
Legal basis
Legal basis for the work
- Art. 39-2 of the Tax Code of Ukraine: controlled foreign companies;
- Art. 1(34) of Law No. 361-IX: customer due diligence by banks;
- s. 98A BVI Business Companies Act; Seychelles International Business Companies (Amendment) Act 2021; Cyprus Companies Law (Cap. 113).
Why Key Solutions
- Company
- Key Solutions Audit Firm LLC (ТОВ «АУДИТОРСЬКА ФІРМА «КЕЙ СОЛЮШНЗ»), EDRPOU code 39610085. The company's details are public in the Unified State Register (ЄДР).
- Contract
- We work under a contract: scope, timing and liability are agreed before work starts. Client information is protected by professional secrecy (Art. 11 of Law No. 2258-VIII).
- Group
- Key Solutions is part of Innova Consulting Group: legal matters are handled by legal.ua, crypto-asset taxation by crystal.tax.
- Office
- Our office is at 77 Velyka Vasylkivska St., Kyiv. We serve clients across Ukraine remotely. The specialists who run engagements are listed on the Our employees page.
Frequently asked questions
Does an offshore company need bookkeeping?
Yes. The Seychelles, the BVI, Cyprus and the UK require accounting records from which financial statements can be prepared. Banks review transactions, and a Ukrainian resident owner calculates CFC profit from the company's financial statements (Art. 39-2.3.1 of the Tax Code of Ukraine).
Can offshore bookkeeping be done remotely?
Yes. We work from bank statements, invoices and contracts in electronic form, so the owner can be anywhere. Records are kept where the jurisdiction requires: a Seychelles company lodges them at its registered office at least twice a year.
In which language are the books kept?
We keep the books and accounts in English, so they are clear to the registered agent, foreign banks, partners and investors. For Ukrainian owners we also explain the results of each period in Ukrainian.
How much do offshore bookkeeping services cost?
The fee is agreed individually. It depends on turnover, the number of transactions, accounts and currencies, the jurisdiction, reporting frequency and the state of past records. After a short description and a few statements we quote a fee and fix it in the contract.
What if the books have not been kept for several years?
Records can be restored from bank statements, invoices and contracts for each year. We rebuild opening balances first, then transactions and accounts. Timing depends on the number of years and whether statements exist for the whole period.
How does bookkeeping in Cyprus differ from a classic offshore?
A Cypriot company prepares IFRS accounts, generally with a report from a Cypriot auditor, and files a tax return. A BVI company gives its registered agent a summarised annual financial return with no audit. Cyprus bookkeeping is therefore fuller and tied to the audit timetable.
Related services
Let's discuss your company's books
Tell us the jurisdiction, number of bank accounts and approximate monthly transactions. We will reply with a bookkeeping schedule, a document list and a fee.
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