Kanaris Demetriades & Associates

Transcription

1 Kanaris Demetriades & Associates C O M P L I A N C E A U D I T TA X A D V I S O R Y

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3 Our Organisation 01 Our Vision and Values 02 Our Commitment to You 03 Why KDA 04 Our Services Compliance Services 05 Assurance Services 09 Tax Services 10 Advisory Services 12 Contact Us 15

4 Kanaris, Demetriades & Associates (KDA) is an independent provider of business services in the fields of compliance, audit, tax and advisory. KDA was founded by two highly motivated Chartered Accountants who always strive for excellence in what they do. Efthymios Kanaris and Marios Demetriades graduated from the London School of Economics with 1 st Class honours in the field of Accounting and Finance and obtained their professional qualifications over their employment with worldwide leading accounting firms. With years of experience under their belts, they joined forces and established KDA with a view to promote high standards in the quality of service to their clients. 01

5 Our Vision is for our name to become the trademark of excellence in the level of service provided to our clients. With that in mind we commit to: deliver excellence and quality to our clients provide next to none value-for-money services continuously develop our people Our Values define who we are and represent the fundamental beliefs of our organisation. They guide our actions, behaviour, the way we work with each other and the way we serve our clients. Our Values are based on the three pillars of: Ethos: People who demonstrate integrity, respect and teaming Leadership: Energetic people with enthusiasm and the courage to lead Trust: People who build long-term relationships based on delivering within the agreed scope and deadlines 02

6 When you work with KDA you can expect that we will: Step into our client s shoes and ensure that their needs are met by working with them. Build relationships based on trust, always stand next to our clients and bring fresh perspectives to their thinking. Prioritise the issues our clients face and address them through our professional experience and expert capabilities. Stand by our clients in implementing the solutions that we offer. Make sure that all compliance deadlines are met. 03

7 KDA comprises of a team of qualified, high calibre individuals, members of leading professional bodies of accountants, with years of experience in the fields of compliance, audit, tax and advisory services. The drive, integrity, knowledge and expertise of our people help us focus on: Understanding our clients business needs. Assisting our clients to resolve complex business issues and take the appropriate strategic steps. Ensuring that our clients keep in line with all their regulatory compliance requirements and deadlines. Our client-focused culture mends well with our people s expertise to provide you with the highest level of service. Our commitment to excellence in terms of the quality of deliverables and the level of service towards our clients is the cornerstone of our existence. 04

8 Non-compliance with all legal requirements may result in significant charges and penalties for a company. We undertake the accounting, payroll, and tax compliance burdens of your company ensuring that: proper accounting records are maintained, payroll is properly prepared and disbursed, relevant tax returns are prepared and submitted in time and taxes are paid by the due dates. Our Compliance Services are detailed in pages 6 and 7 of this brochure. 05

9 Accounting services Bookkeeping: Maintenance of proper books and records. Computerised bookkeeping of transactions in the accounting books based on source data provided by our clients. Preparation of trial balance showing the amount of each ledger account. Preparation of nominal ledgers showing the movement of each ledger account for a specified period. Preparation of ageing analysis of debtors/creditors and debtor/creditor statements. Periodic reconciliation of bank balances per nominal ledger to the bank statements. Financial statements and management accounts: Preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) and the Companies Law for the purposes of the statutory audit. Preparation of management accounts showing the financial position and performance of the company. Preparation of consolidated financial statements for groups of companies. Preparation of cash flow statements showing how the company has generated or utilised its funds during a specified period. Preparation of financial reports by product and/or segment. 06

10 Budgeting: Preparation of budgeted reports tailored to clients needs and business operations. Preparation of reports showing the actual performance against budget. Tax compliance Income tax: Registration of companies with the Inland Revenue and obtaining their Tax Identification Code (TIC). Preparation, review and submission of the annual income tax returns of the company to the Inland Revenue. Assistance in the preparation and filing of the temporary income tax returns of the company. Completion of tax returns and payment of agreed taxes by due dates. Assistance with the preparation of, or reviewing of the annual tax computations and related returns of the company. VAT: Registration of the company for VAT purposes with the Cyprus VAT Office. Maintenance of VAT records. Preparation, review and submission of the VAT returns of the company to the Cyprus VAT Office. Arranging for the payment of VAT liabilities by the due dates. Communication with the VAT authorities on behalf of the company (i.e. questions raised by the VAT office or clarifications required by the company on specific issues). 07

11 Payroll Registration of the company and its personnel with the Social Insurance Department. Collection and processing of employees details. Preparation of the company s monthly payroll (i.e salaries, taxes and social insurance contributions). Effecting payments to the Government Authorities. Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc. Preparation and dispatch of monthly payslips. Preparation of summaries and analysis of staff costs and customised payslips. Liaising with the Income Tax authorities and the Social Insurance Department towards the resolution of employment related issues. Preparation and submission of tax returns and all other relevant forms. Preparation, review and submission of all payroll administration compliance work (i.e. tax returns and other relevant forms and returns). Establishment, registration and administration of provident funds. Advising on regulations and guidelines affecting expatriate employees. Advising on taxation issues affecting expatriates. Fiduciary Services (through our trusted associates) We can arrange for the following fiduciary services: Registration of companies with the Cyprus Registrar of Companies. Appointment of corporate directors and company secretary. Provision of registered office. Provision of nominee shareholders. Appointment of bank signatories. Maintenance and safekeeping the statutory records and registers of the company. Preparation the minutes of the directors and shareholders meetings. Preparation the Annual General Meeting of the company. Preparation and filing of the company s annual return. Communication with the Registrar of Companies for all necessary submissions of forms and requests for certificates. 08

12 In a competitive and rapidly changing business environment, corporate reporting has become of paramount importance for companies as a result of the continuous development of the International Financial Reporting Standards (IFRS) and the pressure from stakeholders requiring a true and fair view of the Company s performance and affairs. In response to these needs our Assurance Services include but are not limited to the following: Statutory audit for Cyprus registered companies in accordance with International Standards on Auditing (ISA) and the requirements of the Companies Law. Regulatory audit based on local legal and other compliance requirements. Independent assurance over the design and implementation of management reporting systems. Corporate reporting and regulatory advice in relation to corporate structures and technical accounting advice. Fraud investigation services. IFRS Services. 09

13 Aiming to fully exploit the benefits of Cyprus attractive tax system, we offer a wide range of services towards the identification and assessment of tax optimisation strategies. Our Tax Services offered to international and local businesses include: Tax certificates and rulings: Tax clearance certificates. Tax rulings from the Income Tax office. Tax residence certificates. Double tax treaty certificates. Tax planning advice: Tax efficient structuring of groups of companies. Tax planning for businesses and individuals. Mergers and buyouts: provision of tax assistance on business agreements involving mergers and buyouts. Application of double taxation treaties. Liaising with the Income Tax Authorities: Communication with the Income Tax authorities on tax matters. Agreement of company accounts as well as personal returns with the tax authorities. 10

14 Tax advice to non-cypriot individuals: Provision of personal tax advice to non-cypriot individuals deciding to relocate to Cyprus. Provision of services to expatriate employees or businessmen in their communication with the Tax authorities. Communication with the tax authorities on VAT matters. 11

15 Corporate entities must constantly review their strategies and positioning in the marketplace in which they operate given the continuously dynamic business environment. In supporting them achieve their goals, our Advisory Services aim towards the overriding objective of helping our clients make the right financial decisions and thrive in a competitive business environment. Our Advisory Services include the following: Corporate finance services: Design and development of business strategies. Business plans and feasibility studies. Valuations and fair value opinions. Financial due diligence using expert financial analysis to support opinions and conclusions. Identification of post-acquisition/integration issues and assistance towards their resolution. Independent viability assessment of troubled businesses. 12

16 Strategy review and advice: Strategic review and assessment of the company s position in order to identify actions that will create and enhance shareholder value. Company internal analysis, assessment of strengths and weaknesses and identification of value maximisation opportunities. Market analysis including a review of the competitive landscape and assessment of barriers to entry. Internal audit: Assisting companies in setting-up an internal audit department and developing a risk management framework. Identifying and assessing risks and control weaknesses as well as suggesting ways to enhance efficiencies and reduce operating costs. Introducing best practices and benchmarking of an existing internal audit department. Assisting companies to realise savings in their existing internal audit department through the development of a focused and risk-based audit methodology. 13

17 Human Resource: Preparation of the position profile (qualifications, experience, skills and competencies sought). Identification of and communication with suitable candidates. Placement of an advert. Conducting of CV assessments and interviews. Preparation of a report with detailed comments on each candidate interviewed. Communication with potential recruits. 14

18 Efthymios Kanaris Director Marios Demetriades Director Address: Kronos Building 66 Archibishop Makarios III Avenue 9th Floor, Suite Nicosia Cyprus Telephone Facsimile info@kda.com.cy Website: 15

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20 This paper is printed on paper that is enviromentally friendly. The paper is produced with 60% recycled fibers and 40% pulp FSC certified. Designed by WEdid-ID Kanaris & Demetriades and Co Ltd. All rights reserved.