Preparing financial statements for an offshore company
In case the government would not demand you to keep draft and submit bookkeeping and annual reports, would you still do that voluntarily and what would be the quality of your company’s bookkeeping? Nowadays, numerous tax haven jurisdictions have no requirements regarding the submission of annual or monthly tax returns and reports: offshore companies have an autonomous freedom of choice to keep the documents as they wish. However, more and more offshore jurisdictions have started modernizing and updating their legislation, gradually introducing a compulsory requirement to keep financial records and documents, as the beneficial owner of such company would be the one, who benefits the most out of that. This aspect can play a crucial role, especially when an offshore company is being owned and managed by several individuals, thus providing more efficient system of monitoring assets and supervising decisions that are made.

For example, on Seychelles, companies are required to keep drafts, without providing bookkeeping records for state authorities that subsequently allows monitoring the economic status of the company, in order to provide owners with actual information at all times. However, there is no requirement to submit any financial documents publicly, as well as there are no requirements regarding statutory audit. In theory, local tax authority may request the company to provide and/or improve its records. Nevertheless, such situation may occur under circumstances provided by legal acts only and it usually can be foreseen and avoided.

As we have just mentioned, tax havens (BVI, Panama, Seychelles, Nevis, Marshall Islands, Dominica, etc.,) do not require filing annual financial statements within the local authorities. However, nowadays many offshore companies choose to prepare annual financial statements for IBCs and tax haven companies voluntarily. The reasons for such actions are as follows.

Legal provisions of many offshores require keeping proper records of bookkeeping by the company. Profit & loss statements, general ledger and balance sheet of the company must always be available upon request by the registered agent. All bookkeeping documents confirming transactions must as well be kept by the company: invoices, contracts, transportation documents, bank statements, etc. Such provisions exist in (BVI, Seychelles, Nevis, Belize and many other offshore jurisdictions. Please note that financial records of International Business Companies are allowed to be stored in any location of the world, not necessarily within the registered office.

Your bank may ask for the financial statement of your offshore company. As banks toughen their requirements towards tax havens, one of the ways to keep your corporate banks account for such company is to present accounting statements upon request. Frequently, banks require the most basic accounting reports: profit & loss statement and balance sheet.

Your own control over financial operations are the most obvious reason to maintain account records for any business.

Tunisia is considered a large nation due to its total area. Its total land area is 163,610 km² (about 63,170 mi²). The continental shelf of Tunisia is approximately 67,126 km² (approximately 25,917 mi²). Tunisia is in Africa. Africa is the second largest and second most populous continent on earth. African countries include South Africa, Kenya, Tanzania, Ethiopia and Egypt, among others. Tunisia has 2 neighboring countries. Its neighbors include Algeria, Libya. Tunisia is not a landlocked country. It means it is bounded by at least one major body of water. The average altitude range of Tunisia is 246 m (807 ft).

Neighbors
The total length of land borders of Tunisia is 1495 kilometers (~577 miles). Tunisia shares land borders with 2 different countries and has the same number of unique land borders with neighboring territories. If, as in the case of Tunisia, a country has the same number of distinct neighboring regions as the number of land borders, then that country has no non-contiguous sections of a land border. This is in contrast to several countries that have multiple non-contiguous stretches of land borders. Tunisia has 2 neighboring countries. Its neighbors include Algeria and Libya. The lengths of land borders of Tunisia with its neighboring countries are as follows:

Algeria - 965 km (600 miles),
Libya - 459 km (285 miles).


Cities
The capital of Tunisia is Tunis. The largest city in Tunisia is Tunis.

Elevation
The average altitude range of Tunisia is 246 m (807 ft). The highest point in Tunisia is Jebel ech Chambi with an official elevation of 1544 m (5,066 ft). The lowest point in Tunisia is Shatt al Gharsah. It is at -17 m (-56 ft), i.e. below sea level. The difference in altitude between the highest (Jebel ech Chambi) and the lowest (Shatt al Gharsah) point in Tunisia is 1561 m (2 ft).

Area
The total land area of ​​Tunisia is 163,610 km² (about 63,170 mi²). and the total Exclusive Economic Zone (EEZ) is 101,857 km² (~39,327 mi²). The continental shelf of Tunisia is approximately 67,126 km² (around 25,917 mi²). Including the landmass and the EEZ, the total area of ​​Tunisia is approximately 265,467 km² (~102,497 mi²). Tunisia is considered a large nation due to its total area.

Forest and farmland
20,615 km² of Tunisia's territory is covered with forests, and forest areas account for 13% of the total land area. There are 26,489 km² of arable land in Tunisia, which accounts for 16% of the country's total area.