Gold Magazine February - March 2013, Issue 23 | Page 74

SPECIAL SUPPLEMENT K PMG in Cyprus is a member firm of the KPMG global network of professional services firms offering audit, tax and advisory services with an industry focus. KPMG in Cyprus traces its origins back in 1948 and today it is one of the largest Audit, Tax and Advisory service providers in the Cyprus market. KPMG’s strong presence in Cyprus, with 6 offices throughout the island, over 750 professionals – including 37 Board Members – and the provision of a broad range of services place it in a unique position to serve as a one-stop professional service provider that covers all the needs of FX companies. KPMG offers a comprehensive suite of professional services required by an FX company in the following areas: • Audit: KPMG’s skilled and diligent professionals conduct audits of the statutory annual financial statements based on International Financial Reporting Standards and review half yearly reports as required by the Cyprus Securities & Exchange Commission (CySEC). Audit services also include consultations on audit and accounting matters. • Tax: KPMG has a large team of qualified tax professionals who provide tax compliance and tax advisory services. - Tax compliance: KPMG’s tax professionals undertake the preparation and submission of corporate and VAT tax returns. Through due diligence services, we provide reports that address and aim to detect and correct issues that violate tax laws, while we undertake the support of FX companies throughout the entire tax audit process. - Tax advisory: Our experienced tax advisors can provide advisory services on tax structuring, tax optimisation and international tax. • Advisory: Our advisory team can support FX companies from day one by providing advisory services in relation to their establishment and operation. This includes the completion/review of necessary application forms, the preparation/ review of the necessary documentation and locating qualified executive and non-executive directors. KPMG can act as the advisor and representative of the FX company throughout the application process with the CySEC, and liaise with the CySEC during examination of the application. - Regulatory Services: KPMG Advisory professionals provide advisory services to FX companies in relation to Basel/ CRD requirements and capital adequacy reporting. We provide training in different aspects of the regulation and assist the FX company in designing procedures to safeguard clients assets. - Internal Control System: KPMG can aid the firm in designing a reporting and governance framework. KPMG advisory professionals can act as the Compliance Officer with regard to legislative matters and/or the Internal Auditor of the FX company, and conduct annual Internal Audit Reviews. Furthermore, we can assist FX companies in the im- plementation of an efficient and flexible organizational structure and governance frameworks, as well as in the design and implementation of an effective risk management framework. - IT services: KPMG provides advisory services to FX c ompanies in the areas of data and systems security and IT infrastructure: IT architecture and automation of business processes; Information Security Policies and an Information Security Program to safeguard information assets and Business Intelligence. For each of the above core services, KPMG in Cyprus has specialized departments which are headed by board members with long experience in that field and are staffed by highly skilled personnel. Our global network of firms allows for efficient coverage and reliable servicing of the client’s cross border needs in the above areas. Our close cooperation with other KPMG member firms, ensures that you get local expertise in all locations your company is active. By offering services to more than 50% of the FX companies that are established in Cyprus, we have a robust knowledge of this fast-growing sector and its specificities and a strong awareness of the emerging issues and key developments. Our personnel have the expertise to offer industry specific services to all existing and new FX companies and assist them in navigating through regulatory, legal and other requirements and industry best practice, cutting through complexity. CONTACT DETAILS Angelos M. Gregoriades Chairman and Head of Tax Tell: 22209000 e-mail: [email protected] Panicos G. Loizou Board Member, Head of Audit Tel: [phone] e-mail: [email protected] Christos V. Vasiliou Board Member, Head of Advisory Tel: [phone] e-mail: [email protected] supplement_2.indd 72 01/02/2013 13:10