NZ Audit Limited Chartered Certified Accountants
A: 23, Georgiou Neophytou, 4006 - Limassol, Cyprus E: info@nzaudit.com T: +357 25 336844 / +357 25 250759
CONTENTS Understanding our Clients Needs 04-05 Professional Approach and Expertise 06-07 Cyprus 08-11 Board Members 12-13
UNDERSTANDING OUR CLIENTS NEEDS 4
NZ Audit Limited is a newly established audit firm in Cyprus that provides a full range of Audit & Assurance, Tax and Advisory services to clients operating in a wide range of industries. Value added services and understanding of our clients needs is our primary focus. The standard and quality of our service is never compromised regardless the size or activity of our clients. Our partners are committed to find solutions to all clients enquiries and also advise them how to move forward with their business and act pro-actively. We consider all our clients as our business partners and we always seek to utilize our expertise to fulfill their needs. Our mission is to provide simple and practical solutions with an efficient and reliable manner which is characterized by our commitment and responsibility. Our professional approach along with our expertise and knowledge are key factors for the success of all our clients. At NZ Audit Limited we always act with due care and skill hence reflecting the values, ethics and dedication of our profession. The firm s Board of Directors are members of the Association of Chartered Certified Accountants (ACCA) and of the Institute of Certified Public Accountants in Cyprus (ICPAC). 5
PROFESSIONAL APPROACH AND EXPERTISE Audit & Assurance Our audit methodology is based on International Standards on Auditing (ISAs) and is tailored to suit the size and business environment of our clients. It focuses in understanding the business and risks of our clients in an effective and cost efficient manner. Our paperless working file system contribute significantly to the efficiency of our work. OUR AUDIT & ASSURANCE SERVICES INCLUDE ISA IFRS Statutory audit in accordance with ISA Assistance in the preparation of financial statements in accordance with IFRS Internal audit services Special purpose audits IFRS IFRS consultation 6
Taxation Our team has the necessary resources and knowledge that enable them in assisting our clients to minimize their tax exposure and meet all compliance requirements. Pro-active approach and proper tax planning is our main focus. Corporate tax consulting Personal tax consulting Tax opinion reports Tax compliance services Indirect tax services Advisory NZ Audit Limited is equipped with the necessary experience and know how to provide its clients with advisory services in respect of business strategic planning, financial management and human resource management. Other Through our selected network of professional corporate service providers we can offer you company formation along with management and domiciliation services. 7
CYPRUS Main advantages of the Cyprus tax system: Cyprus is strategically located between Europe, Asia and Africa and is recognized as an international centre of excellence for the provision of professional services. A combination of its low tax regime, double taxation treaties network and legal system makes Cyprus a desirable location for the formation of intermediary holding companies. Cyprus offers one of the most attractive tax systems in Europe which is effective, transparent and fully compliant with the EU laws and regulations. 8
www.nzaudit.com Low corporate income tax rate % Dividend income: Received from a company resident in the Republic is not taxable Received from a company non-resident in the Republic is not taxable (subject to certain conditions) No withholding tax on dividends paid to non-resident in the Republic Gains from the disposal of securities are exempt from taxation Profits from permanent establishment outside the Republic (subject to certain conditions) An 80% deemed deduction applies to the net profit from exploitation of intellectual property (effective tax rate up to 2.5%) Tax losses can be carried forward against taxable income over a period of five years from the end of the tax year in which they were incurred Extensive double tax treaties network (including Russia, Ukraine, India, UK etc.) 9
www.nzaudit.com Advantageous geographical location and time zone Member of the EU since 2004 and Eurozone country since 2008 English language is widely spoken High standard of living Infrastructure that supports international business International airports serving a high number of international and European airlines High standard of education High standard of professional services provided by lawyers, accountants, auditors, tax advisors and bankers Banking sector (local and offshore bank corporations) offering online banking services Excellent telecommunication systems 10 OTHER ADVANTAGES
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BOARD MEMBERS Vasilis Nicolaou Vasilis is fellow of the Association of Chartered Certified Accountants (FCCA) and a member of the Institute of Certified Public Accountants in Cyprus (ICPAC). He holds a BA (Hons) degree in Accountancy and a Master in Business Administration (MBA) from the Cyprus International Institute of Management (CIIM). Having obtained his qualification with Deloitte Cyprus, Vasilis continued its audit career with Grant Thornton Cyprus in which he held a managerial position. He has also served as a group finance manager of one of the largest Groups in Cyprus that is diversified in various industries with more than 500 employees. During his career within industry and audit profession he gained an invaluable experience across a wide spectrum of industries comprising of local public, private and international listed organizations. Vasilis has extensive experience in International Financial Reporting (IFRS) and financial due diligence. 12
www.nzaudit.com Demetris Zachariades Demetris is a member of the Association of Chartered Certified Accountants (ACCA) and a member of the Institute of Certified Public Accountants in Cyprus (ICPAC). He holds a BSc in Economics from Aristotle University of Thessaloniki. Demetris has gained his experience and qualification in Grant Thornton Cyprus. During his career with Grant Thornton he progressed to a managerial position, in-charge for the audit and taxation of local and international organizations operating in various industries such as financing, trading, medical and intellectual property. He has also an extensive experience in the audit of international investment and holding companies and deep knowledge and understanding of their tax aspects. 13
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No part of this booklet may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage retrieval system, without the express written permission of NZ Audit Limited. All contents in this booklet are property of NZ Audit Limited and are protected by international copyright, patent and trademark laws. Our company reserves all copyright in this booklet, including, without limitation, booklet layout, images, design, text etc. All information and opinions are our considered judgment at the time of publication and are subject to change without further notice. Any liability that might arise from use or reliance on the information herein is expressly disclaimed and in no event NZ Audit Limited or its partners, shall be liable for any loss or any damages resulting from your use of this booklet. A: 23, Georgiou Neophytou, 4006 - Limassol, Cyprus E: info@nzaudit.com T: +357 25 336844 / +357 25 250759