Accounting in Cyprus for my online gambling site

[CertifiedNom123]

I have been quoted 4500 EUR per year just for accounting and book keeping for my online gambling website business. Is this quote very high or usual for Cyprus accountants? It would be great if you could share what you pay for accounting in cyprus also.

Thanks in advance for any responses

 

[Sols]

Hard to say without knowing what exactly is included: number of transactions expected to be accounted, VAT filings, tax filings, et cetera.

4,500 EUR sounds quite reasonable, especially for a complex business like gambling.

 

[CertifiedNom123]

there will be around 2 invoices per month, and there will be no vat or tax since there is a holding company based in another country that owns the gambling site.

 

[CyprusLaw]

there will be around 2 invoices per month, and there will be no vat or tax since there is a holding company based in another country that owns the gambling site.

Online gambling is illegal in Cyprus so I would assume that the operations are run in an offshore jurisdiction and the Cyprus company only acts as holding/payment agent so Euro 4,500 is a bit on the high side, depending also on what it includes etc.

 

[Sols]

there will be around 2 invoices per month, and there will be no vat or tax since there is a holding company based in another country that owns the gambling site.

In that case, it's a bit high. But if you're dealing with someone experienced in online gambling, they often know they can charge a bit more.

 

[CertifiedNom123]

Online gambling is illegal in Cyprus so I would assume that the operations are run in an offshore jurisdiction and the Cyprus company only acts as holding/payment agent so Euro 4,500 is a bit on the high side, depending also on what it includes etc.

yeah thats exactly it, so maybe they are charging that much because of the company structure?

 

[CyprusLaw]

yeah thats exactly it, so maybe they are charging that much because of the company structure?

Still on the high end, do you mind sharing who the provider is and also exactly what is included in their fees?