Accounts

Comoros Services > Procedure > Accounts

Preparation of annual accounts for a private limited company registered in the Union of the Comoros

Overview

Your company’s annual accounts are prepared from the company’s financial records at the end of your company’s financial year.
You must always send copies of the accounts to:

  • All shareholders
  • People who can go to the company’s general meetings
  • Comoros International Banking Authority (If Banking or Finance)
  • Comoros Finance Commission (for Brokerage, Insurance, on-line Gaming or an International Business Company)
  • The deadline for all company accounts is within 3 months of the company’s financial year end (financial year being each 12-month period).
  • All documents must be prepared in English language.
  • The only currency acceptable for the accounts is Euros.

Company and accounting records

You must keep:
Records about the company itself, financial and accounting records.

The accounts MUST be done by a qualified accountant, (meaning qualified in the jurisdiction where the accounts are being prepared)
No Tax is payable on offshore companies in the Union of the Comoros.

All records should be kept for a minimum of 6 years.

Records about the company

You must keep details of:

  • Directors, shareholders, and company secretaries.
  • The results of any shareholder votes and resolutions.
  • Promises for the company to repay loans at a specific date in the future (‘debentures’) and who they must be paid back to.
  • Promises the company makes for payments if something goes wrong and it’s the company’s fault (‘indemnities’).
  • Transactions when someone buys shares in the company.
  • Loans or mortgages secured against the company’s assets.

How to put together accounts

Accounts must include:

  • A ‘balance sheet’, which shows the value of everything the company owns, owes, and is owed on the last day of the financial year
  • A ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
  • Notes about the accounts
  • A director’s report
  • The balance sheet must have the name of a director printed on it and must be signed by a director.

Accounting records

You must keep accounting records that include:

  • All money received and spent by the company.
  • Details of assets owned by the company.
  • Debts the company owes or is owed.
  • Stock the company owns at the end of the financial year.
  • Any other financial records, information and calculations you need to prepare and file your annual accounts.
    This includes records of:
    All money spent by the company, for example receipts, petty cash books, orders and delivery notes, all money received by the company, for example invoices, contracts, sales books and any other relevant documents, for example bank statements and correspondence.

Accounting standards

Your statutory accounts must meet:
IFRS or UK GAAP or US GAAP standards.
All accounts will be signed off in the Union of the Comoros.