Offshore company maintenance means keeping the books, preparing financial statements and getting ready for an audit of a foreign company owned by a Ukrainian resident or doing business with Ukraine. Key Solutions prepares statements under IFRS and local requirements and keeps the books of foreign companies' representative offices in Kyiv.
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In short
- For: Ukrainian-resident owners of foreign companies, foreign companies with a representative office in Ukraine, groups with companies in several countries.
- In this section: offshore bookkeeping, financial and tax reporting, IFRS statements, representative office accounting, audits, payroll, liquidation.
- CFC rules: the profit of a controlled foreign company is calculated from its financial statements (sub-clause 39-2.3.1 of the Tax Code).
- Fees: agreed by contract, based on the jurisdiction, number of transactions and reporting requirements.
- How to start: tell us the jurisdiction, the line of business and who needs the statements.
Why an offshore company needs accounts
Offshore accounts are needed by the bank, the owner and the tax authority of the owner's country, even when the jurisdiction requires no filings.
- banks and payment providers ask for financial statements and evidence of transactions;
- a Ukrainian-resident owner calculates the adjusted profit of a CFC from its financial statements (sub-clause 39-2.3.1 of the Tax Code);
- where the jurisdiction does not require financial statements, the controlling person must have them prepared under IFRS (same sub-clause);
- representative offices of foreign companies in Ukraine keep accounts under Law No. 996-XIV (Art. 2(1)).
How to choose a service for a foreign company
Choose your task. Bookkeeping, reporting and audit for one company can be combined in one contract.
| Situation | Service |
|---|---|
| You need regular bookkeeping for a foreign company | offshore bookkeeping services |
| You need statements under local requirements | financial and tax reporting for offshore companies, reporting by foreign companies |
| The owner or a bank needs IFRS statements | financial statements under IFRS |
| A foreign company has a representative office in Kyiv | accounting for representative offices, payroll for offshore companies |
| The jurisdiction or a bank requires an audit | offshore company audits |
| The company needs to be closed | liquidation of foreign companies |
Tax consequences for a Ukrainian-resident owner, including CFC rules, are covered in our tax advisory services. Crypto-asset questions are handled by crystal.tax from our group.
How we work with a foreign company
- Jurisdiction and task. We clarify the requirements of the country of registration, the bank and the owner.
- Bookkeeping. We process bank statements, contracts and invoices.
- Reporting. We prepare statements under local requirements or IFRS.
- Support. We prepare the company for audit and answer bank requests.
How much offshore company maintenance costs
Fees are agreed by contract. They depend on:
- the jurisdiction and its reporting requirements;
- the number of transactions, accounts and currencies;
- whether an audit is needed;
- the state of documents for past years.
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 need accounts if the jurisdiction requires no filings?
Yes, accounts are needed in that case too. Banks ask for financial statements, and a Ukrainian-resident owner calculates the profit of a controlled foreign company from its financial statements. Where the jurisdiction requires no statements, the controlling person must have them prepared under IFRS (sub-clause 39-2.3.1 of the Tax Code).
What is a CFC and how does it relate to offshore accounting?
A CFC is a controlled foreign company controlled by a Ukrainian resident (Art. 39-2 of the Tax Code). The owner's tax is calculated on their share of the CFC's adjusted profit, which is based on the company's financial statements. So the quality of the offshore books directly affects the owner's taxes.
How much does offshore company maintenance cost?
Fees are agreed individually. They depend on the jurisdiction and its reporting requirements, the number of transactions and currencies, whether an audit is needed and the state of documents for past years. We quote after getting to know the company.
Do you keep the books of a foreign company's representative office in Ukraine?
Yes. Law No. 996-XIV applies to representative offices of foreign legal entities (Art. 2(1)), so a representative office keeps its accounts under Ukrainian rules. Key Solutions handles bookkeeping, payroll and reporting for representative offices in Kyiv.
Let us discuss your foreign company
Tell us the jurisdiction, the line of business, the number of bank accounts and who needs the statements. We will reply with the scope, timing and fee.
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