Offshore Accountancy Services

Accounting for Offshore companies – starting from 2000 USD per year

As transparency increases around the world, virtually all offshore banking and incorporation jurisdictions require companies to keep accounts. Even if you are not required to file accounts with government authorities, it is important and beneficial to have your accounts in order and make sure your company has clear Annual Financial Statements in line with normal business practice. 

Of course, you could keep the accounting records yourself, and many of our clients do so. Generally the requirements are straightforward and there is lots of good accounting software – for example, we recommend Xero.

So, why bother to use a professional accounting service?

• It is obligatory to keep accounting records and you could fined or imprisoned for not doing so.
• Having professionally prepared accounts is the sign of a serious, credible and professionally run business. More and more, it is required by banks, business partners etc.
• You can also benefit from enhanced credibility by qualifying for credit reference files, adding substance to your business and opening up the possibility to apply for government contracts or work with blue chip companies.

At the end of the day, keeping accounts is about good business practise and you will also find that it helps you to have a clearer picture of what is going on, how you can cut costs and boost profits.

Attention! Record-keeping Requirements for offshore companies. Non-compliance with the requirements will result in fines!

In order to avoid landing in hot water because you are not able to meet the request of your bank, registered agent or regulator, with your offshore company, we recommend that you use our professional accounting services for your offshore company.

Estimated Fees for Offshore Book-Keeping and Accounting Services

Depending on the number of transactions for the reporting period and on the basis of the provided supporting documents, the cost of reporting will be calculated. After the amount for payment is agreed, you will need to make a payment for the service according to the invoice.

The finished financial report is issued on the official form of the accounting company and is normally certified by the signature of the authorized person (accountant) and stamp.

We work with accountants in several jurisdictions so your Financial Reports can be certified accordingly. We can also arrange an audit of your annual reports if needed. Notarization of the financial reports, with or without apostille, is of course available for a small additional fee – if required.

FAQ about Accounting Services for Offshore Companies

Can you prepare accounts for companies from X jurisdiction?

In principle our services can be used by any company, no matter where it is incorporated.

Are your Offshore Accounting Services available to trusts, foundations, associations, stichtings, etc?

Yes indeed. The service is not just for companies or incorporated offshore entities. Even an individual could use our services to prepare his or her tax return if so desired.

What is the procedure for accounting and keeping records for my offshore company?

In order to start accounting for your offshore company or use our services, please contact us directly at [email protected]. Our experts will help you understand this issue and provide the appropriate service.

In order to provide you with accounting service, we will send you a form to fill in. This form will depend on your company’s activities.

This service is available whether or not you used Offshore Pro Group to set up your Offshore Company, but we would suggest if you set up your company with another agent you should transfer it over to us at the same time. Ask your Offshore Pro professional about special discounts available for transfer in or redomiciliation of companies.

Can you help me prepare Audited Financial Statements?

Yes, of course, all our services are provided according to internationally-recognized standards and formats. You can either take the work to an independent accounting firm to have it audited separately, or we can work out a package deal for you including audit by a registered auditor, or even one of the big four accounting firms if you wish.

Are there any special requirements for offshore companies with an investment portfolio?

Yes. For companies that are engaged in investment activities and have an investment portfolio in bonds, stocks, shares, mutual funds and other, the following information must be provided:

1. Company name;
2. Reporting period;
3. Activities of the company;

Simply put, by activities we mean the main the purpose of this company. For example, if the main activity of the company is to hold an investment portfolio, please indicate the following:

“The main activity of the company is to hold an investment portfolio.”

Please include an explanation on how the investment portfolio was acquired:

• If the investment portfolio was acquired through a personal loan, you must specify the terms and conditions and the name of the lender. For example, if it was agreed to pay interest to the lender throughout the entire period, you must specify the interest rate and other conditions.
• You must provide copies of monthly reports of the investment portfolio for the entire year. Reports of the investment portfolio should include the value of the securities, interest paid, dividends paid, details of each cash or brokerage account etc.

What if the company has a bank account tied to its investment portfolio?

Many clients these days are using combined offshore broker-bank accounts such as Interactive Brokers, or hybrid offshore private banking type accounts. If the answer is yes you will of course need to provide copies of bank statements for the reporting period covering all the company’s accounts. If the answer is no, and the investment portfolio has its own cash account, you will need to attach copies of the annual cash flow of the cash account.

What if the company does not have its own bank account?

Whilst bank accounts for offshore companies are very common, there are equally many companies that do not have bank accounts. They might for example be used only for holding property, or they might operate only in crypto-currencies, or maybe they use some sort of treasury management arrangement with another company or individual. Of course, these companies are still required to keep accounts just like any other, so we do recommend you use our Offshore Company Accounting Services.

What other documents might be needed for Offshore Company Accounts Preparation?

This list is non-exhaustive ut here are some things you should provide:

• Copies of all bank debit and credit notes;
• Copies of all invoices (both issued and paid);
• Copies of all contracts for the company;
• A detailed description of the company’s business activities.
• A list of other property and debt obligations that relate to the company (for example shareholder loans);

What if the company has no activity?

Even if there is no business activity, it is advisable to prepare a balance sheet showing the company’s capital. This is going to be especially useful in the future if you want to reactivate the company from dormant status and explain to your bank why the company didn’t have an account before. In this case a simple balance sheet will of course cost LESS than the fees mentioned above. Do not hesitate to contact us to discuss your requirements in further detail.

What language is used for accounting?

Reports can be prepared in English, Spanish, Russian or Serbo-Croat. If you need accounts in another language, please let us know and we will endeavour to accommodate it.

For accounting services for your offshore company please contact us at [email protected].