GSL / Foreign Companies Audit / Audit Andorra

Andorran company audit, financial statements, accounting, consulting in Andorra

Andorra is a small but highly developed country in Europe, with great tax and investment advantages. Andorra is not part of the European Union, but the national currency is the euro. The jurisdiction has requirements for annual preparation and filing of financial statements.

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Service packages Legislation Tax System Audit Services
Preparation and submission of annual financial statements and tax returns
2 400 EUR
Preparation and submission of VAT / VIES / INTRASTAT returns
100-350 EUR per hour
Obtaining an EORI number for a company
730 EUR
Registration of a company for VAT
1 130 EUR
Registration for the OSS (Union One-Stop Shop) – for intra-EU distance sales of goods and services
595 EUR
Consulting services and support during tax audits
100-350 EUR per hour

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General requirements

A company must keep accounting records and store accounting documents for 6 years.

Accounting records must be in EUR.

Financial statements shall be filed with the Registrar along with a Certificate and Resolution of approval of financial statements and an auditor’s opinion, if necessary.

Financial statements must contain:

  • Balance sheet;
  • Profit and loss statement;
  • Statement of changes in equity;
  • Cash flow statement;
  • Explanation and notes.

A condensed version of financial statements can be used (without a cash flow statement and statement of changes in equity) if during two consecutive financial years the company met the following criteria:

  • the company had less than 25 employees;
  • annual turnover was under 6 000 000 EUR;
  • book value of assets was under 3 600 000 EUR.

Audit of accounts

Companies are not required to be audited if in the current and previous year 2 of the following 3 criteria were met:

  • the company had less than 25 employees;
  • annual turnover was under 6 000 000 EUR;
  • book value of assets was under 3 600 000 EUR.

Time frame for preparation and submission of financial statements

A company’s financial year coincides with calendar year.

A company must file financial statements within 6 months after the end of the reporting period.

Liability for late filing

Failure to comply with accounting requirements results in penalties imposed on the company. The amount of penalties depends on the degree of the offence and can be 90 EUR to 6 000 EUR. For example, not making financial statements and not auditing them when it is necessary is a serious offence and results in a penalty of 2 000 EUR to 6 000 EUR.

The amount of a penalty is also influenced by the size of the company, which is determined based on the number of hired employees.

In the case of a repeated violation, additional penalties can be charged and sanctions can be applied in the form of prohibition to enter into contracts with the administration, revocation of the right to file applications with the Registrar or revocation of the right to receive help and subsidies from state authorities.

Consolidated financial statements

Consolidated financial statements shall be prepared for a group of companies.

Group of companies is a parent company and all its subsidiaries that it directly or indirectly controls. Control means holding at least 20% of voting shares and influence on making strategic, financial and operational decisions.

Consolidated financial statements must be prepared within 6 months after the end of the reporting period.

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Banks of Andorra

The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
3 500