Have to provide accounts to the tax authority of the jurisdiction in which it is incorporated
Many jurisdictions do not require financial reporting or auditing. Learn all about our accounting and auditing services with company set up here. However, in certain jurisdictions, such as Hong Kong, Cyrpus, Singapore and the UK for example, it is indeed mandatory for companies to produce yearly accounts and to have them audited, and in some cases, to pay taxes.
While a company may not be subject to tax reporting to its local authorities, you should consult your own tax, legal or accounting advisor to determine whether you or your company have any reporting obligations in other jurisdictions, including the jurisdiction in which you are a tax resident.
NB: it is possible that under FATCA or CRS regimes, most of the offshore jurisdictions may report information about their offshore companies (and the company’s bank accounts) to the relevant home country tax authorities.