Financial reporting for a foreign company is an important part of its annual corporate and tax obligations. Depending on the country of incorporation, legal form, type of activity, and financial performance, a company may face various requirements regarding bookkeeping, preparation of annual financial statements, filing of reports, and undergoing an audit.
Maira Consult helps owners and managers of foreign companies organize the preparation of financial statements, tax documents, and audits in accordance with the requirements of a specific jurisdiction.
We work with foreign companies regardless of whether they were registered with our involvement or the client approached us after the registration was already complete.
Financial statements reflect a company's financial position and the results of its operations for the relevant reporting period. Different countries may have different reporting requirements, including the composition of the statements, the timing of their preparation and filing, bookkeeping requirements, reporting standards, and the procedure for submitting documents.
Companies in European Union countries are subject to requirements for preparing annual financial statements and filing them with the relevant state registry. The specific rules depend on the legislation of the country and the category of the company.
International practice may also involve the application of IFRS (International Financial Reporting Standards). Whether IFRS must be used depends on the jurisdiction, the company's status, the type of reporting, and other circumstances.
The set of documents depends on the country of incorporation and the requirements applicable to a specific company.
Depending on the jurisdiction, financial statements may include:
a balance sheet or statement of financial position;
a profit and loss statement;
a cash flow statement;
a statement of changes in equity;
notes to the financial statements;
a management report or other accompanying documents;
an audit report, if an audit is mandatory or is conducted at the company's request.
For example, in the United Kingdom the composition of statutory accounts depends on the category of the company. Certain companies are entitled to simplified reporting formats, and the need for an audit depends, among other things, on the size and status of the company.
Maira Consult organizes the preparation of financial statements for foreign companies, taking into account the requirements of the country of incorporation.
Depending on the situation, we can help with:
analyzing financial and accounting reporting requirements;
determining the list of documents that need to be prepared;
preparing financial statements;
preparing accounting documents for the reporting period;
preparing and filing tax returns;
preparing reports in accordance with local standards or IFRS;
arranging translation and certification of documents, if required;
filing reports with the relevant government authorities or registries;
supporting communication with local accountants and auditors.
The list of services is determined after analyzing the jurisdiction, the company's structure, and its actual activity.
An audit is an independent review of a company's financial statements in accordance with the requirements applicable in the relevant jurisdiction.
An audit is not mandatory for every foreign company. The requirement to conduct an audit may depend on the company's size, legal form, type of activity, status, financial performance, or other criteria established by local law.
If an audit is mandatory, its results may form part of the package of documents filed together with the financial statements.
a preliminary review of mandatory audit requirements;
preparing the company for the audit review;
compiling and delivering the necessary documents to the auditor;
communication with local auditors;
support throughout the audit process;
preparing the documents needed for filing after the audit is completed.
Even when an audit is not mandatory, a company may still commission one voluntarily, for example to confirm financial information to partners, investors, a bank, or another interested party.
Financial and tax reporting are different types of reporting, although they are related to each other.
Financial statements reflect a company's financial position and the results of its operations for a given period.
Tax reporting is used to fulfill a company's tax obligations to the relevant government authorities.
In some countries, financial statements and tax returns are filed separately, while in others there is a close relationship between them. That is why, before preparing documents, it is necessary to determine the specific requirements of the country where the company is registered.
Preparing financial statements usually requires information about the company's business transactions for the relevant reporting period.
Depending on the company's structure and activity, the following may be needed:
bank statements;
invoices and other primary documents;
contracts with clients and suppliers;
information on income and expenses;
documents relating to assets and liabilities;
information on salaries and employees, if any;
prior financial and tax reporting;
corporate documents;
other information required under the legislation of the specific jurisdiction.
If some documents are missing, we will help identify exactly which materials need to be additionally prepared.
The absence of business activity does not always mean the absence of reporting obligations.
Depending on the company's country of incorporation, even an inactive or dormant company may be required to file certain corporate, financial, or tax documents.
For example, in the United Kingdom, companies that meet the relevant requirements file annual accounts even in dormant status.
That is why, before skipping a reporting period, it is important to check the requirements of the specific jurisdiction where the company is registered.
If the owner of a foreign company is a tax resident of Ukraine and has obligations related to a controlled foreign company (CFC), the financial statements may also be needed to prepare CFC reporting.
Maira Consult separately handles matters related to CFC reporting, including an analysis of the controlling person's obligations and the preparation of documents for filing.
Reporting requirements depend on the company's country of incorporation. That is why we do not use a single template for all foreign companies.
Before starting work, we determine:
the company's country of incorporation;
its legal form;
the types of actual activity;
the reporting and financial period;
the presence of bank accounts and transactions;
tax status;
whether an audit is required;
requirements for filing financial and tax reports;
whether IFRS or other standards apply.
This approach allows us to prepare reports based on the actual obligations of a specific company, rather than following a universal template.
International experience. We work with foreign companies and international business structures.
Comprehensive approach. We can support not only the preparation of financial statements but also related tax, accounting, and corporate matters.
Work with local specialists. When necessary, we engage accountants and auditors in the relevant jurisdiction.
Individual approach. We determine the scope of work depending on the company's activity, country of incorporation, and actual operations.
Filing support. We help prepare documents and arrange their filing in accordance with the established requirements.
Option to order a standalone service. To get help, it is not necessary to hand over full accounting support of the company to us.
Phone
+380 97 527-66-30Client Relations Department
+380 73 427-66-30Address
Kyiv, 01054, Ukraine,
40B Ivan Franko St., office 207
Legal information
MAIRA LLC
EDRPOU code: 38202700
Jurisdiction: Ukraine
Working hours
Monday to Friday: 09:00 to 18:00
Saturday and Sunday: closed
We respond to inquiries within 15 to 30 minutes during working hours