CHARTERED CERTIFIED ACCOUNTANTS
Your Trusted Business Partner
Along with the continuing growth of Cyprus as an international business centre, MKS Audit & Consulting Ltd (MKS) has emerged, as a professional and independent firm that prides itself on its integrity providing innovative services in an ever changing and growing global environment. We have developed an understanding on a wide number of business sectors, allowing us to offer added value services to businesses and we provide solutions based on strong sector insight, having regard to the specific circumstances of each client.
Our people are our most important assets and we place great emphasis on professional development in order that they realise their full potential. We are committed to give business advice obtained from experience and free of self interest and to challenging accepted wisdoms, bringing a fresh perspective to our clients' business issues, helping them achieve their goals and preparing them for the needs of tomorrow.
Developing an understanding of our clients' business, aims, strategy and philosophy is the first step in establishing an association which will be valued by both parties. For this reason, MKS invests both time and care in the early stages of the relationship to become familiar with the operating and market conditions and to put together the most appropriate team to meet the client's immediate and longer term needs.
The Professionals You Can Trust
Established in 2013, MKS Audit & Consulting Ltd (MKS) is a Cyprus professional firm, providing a full range of professional services. We are a truly “one stop shop” for all our clients' business needs, offering dedicated, confidential and personal service. We serve a wide range of services, ranging from the sole entrepreneur and the owner-managed businesses to large multinational groups from all over the world.
Our clientele consists of corporates from all over the world and spanning across multiple industries, giving us a spherical and in-depth view of the global markets. Our team of specialists are able to provide innovative and efficient solutions with emphasis on our core values of professionalism, integrity and trust.
We assist our clients in setting their business strategy, organise and run their business more efficiently and optimise their operations. We ensure compliance with local and international laws and regulations and utilise our know-how to assist in the set up of all required corporate policies and procedures in line with industry best practices. Whatever the business needs may be, we can assist, either internally or through our strong professional network. Our team also undertakes Internal Audit engagements as well as the provision of Information Security assurance and internal controls design, assessment and optimisation services.
MKS provides advice with reference to any regulations in relation to companies or individuals ranging from Taxation Law, Company Law and Investment Fund Law across EU and/or Non EU jurisdiction.
Our firm supports the entrepreneurship spirit and newly formed companies. Therefore, we provide advice on industry best practice that will assist any new market participants know the demanding market as good as possible.
In order to provide accurate advice to our clients, our team in MKS has deep knowledge of the market and the industry trends. We can assist you to set up the optimum capital structure in conjunction with expanding your company, by taking into account any relevant variables such as local authorities’ laws and tax regulations.
We facilitate the incorporation of companies in many jurisdictions around the world, always complying with the applicable legislation and best corporate practices.
Our expert team can assist in all services related to corporate services, including:
formation of companies in Cyprus
continuing management of companies.
provision of full service, furnished physical premises and sourcing of skilled personnel for substantial presence in Cyprus.
local management and administration of companies.
bank account opening and related services.
process agent servicing services.
PROFESSIONAL CORPORATE, NOMINEE AND SECRETARIAL SERVICES
We are specialized in providing all of the below professional services, a complete range of corporate administration and trust services, including the following:
Registered office address
Bank account signatories
Trust setup & administration
Nominee directors: for clients who wish to establish and strengthen their local presence in Cyprus by ensuring management and control of the board of directors occurs in Cyprus. Company directors take part in board meetings, review and pass resolutions of the board and provide general assistance with the day to day management of the company.
Nominee shareholders and trustee services: holding of the legal title to shares in Cypriot and overseas companies as nominees for the benefit of our clients, under trust arrangements (either Cypriot International Trusts or normal trusts governed by the relevant Cypriot legislation).
Nominee secretary: every Cypriot company is required by law to have a company secretary. The duties of a company secretary include:
the upkeep of the company’s statutory registers, minute books, etc.
filing of required returns to the registrar of companies.
preparation of meetings of the board and members of the company.
Registered office address: every company incorporated in Cyprus is required to have a registered office address in Cyprus for the purpose of receiving all communications and notices.
ACCOUNTING & PAYROLL
We offer accounting and specialised financial management work; whether it be day-to-day support in the maintenance of books and records, or company compliance with regulatory or customised reporting obligations. In addition, we can administer and run your payroll department ensuring full compliance with relevant legislation.
Accounting services are appropriate for companies that prefer to avoid the cost of sustaining bookkeeping and an accounting department. Therefore, by assigning this vital task to our professionals in MKS we will make sure to keep you and your company up to date regarding any increasing demands of the modern business world.
As an experienced company in the industry, we know the important factors for a successful business is a high quality and on time available financial information in order for the individual or company to make the appropriate business decision. We can ensure that our associates have the expertise and experience to meet this objective.
We recognize, as a Firm, the importance of privacy of sensitive financial information during the process of preparing the bookkeeping and the accounting function. We embedded in the culture of our company to act ardently in order to put rest to any burden about revealing sensitive information to any non relevant party.
We hand over assistance for matters such as:
Preparation / Submission (IR7) to the authorities
Preparation of Cash flows and budgets
Preparation of management accounting
Preparation of VAT and Submission of VAT returns
Preparation and Submission of TAX
Oversight the accounting department of client’s if necessary
Consulting our clients to setting up accounting department within their business
Preparation of Financial Statements in accordance with International Financial Reporting Standards (IFRS)
AUDIT & ASSURANCE
It is widely known than an audit is much more than a formality, it’s a real necessity. With regulatory, legislative and political changes continuously evolving and changing, there is an increased pressure on the need for reliable financial information, consequently putting the spotlight on audit and assurance services.
An audit is an independent assessment of the fairness by which a company's financial statements are presented by its management. It must be objective, independent, and conducted with integrity and professionalism, both to protect the business and to encourage it to thrive. Audit quality is a fundamental component of our firm's strategy and vision and a standard consistently reinforced throughout MKS.
We undertake the audit of Cyprus entities following the latest IFRS and assist in the timely preparation of statutory documentation required by the relevant authorities. We also undertake other specialised review and assurance engagements according to our client’s requirements.
MKS team operates as your guider and assists you walk through the legal and regulatory content, by auditing and providing an audit opinion on the financial statements of your company, in accordance with the International Standards (IFRSs) and any other generally accepted accounting practices.
Our goal is to improve the information so that our clients can make more informed and accurate decisions. Our specialised audit department can offer to our clients the following services in this area:
Statutory and regulatory audit of financial statements for companies (capital market transactions, information systems review, accounting and regulatory issues)
Audit of Financial Statements prepared in accordance with International Financial Reporting Standards (IFRS) and consulting on the application of IFRSs or other generally accepted accounting practices.
Internal audit as an objective assurance. Our goal is to add value and optimize your company’s or business operations.
TAX ADVISORY & TAX COMPLIANCE
We provide advisory services for businesses and individuals, helping them optimise their tax benefits. Our expertise lies in international tax planning & structuring, mergers and acquisitions advisory and asset protection. In every case, we ensure full compliance with tax laws and regulations.
Our team can deal with all different aspects of Companies and Individuals taxation such direct and indirect tax.
The Cyprus taxation blueprint for individuals is applied on income accrued or earned in Cyprus on worldwide income. Someone can be considered to be resident of Cyprus for tax purposes, if she/he spends more than 183 days in Cyprus in any one calendar year. If that person is Non tax Cyprus resident, he/she is taxed only for the incomes accrued or earned from Cyprus sources.
A company can be acknowledged as a tax resident of Cyprus if it is controlled and managed from Cyprus.
In addition, the company’s board meetings should be held in Cyprus regularly in order for the company to be acknowledged as a tax resident. Therefore, if a company is managed and controlled in Cyprus we would consider that the company’s director is a resident of Cyprus.
We can build together a careful structure for your business. Our professionals have dealt with numerous situations thus mitigating problems arising with Cypriot and international companies, in order to ensure that no tax savings are lost in the process.
We hand over assistance for matters such as:
Capital Gain Tax
Ensure tax compliance
Giving advice to our clients on Tax Objection for specific matters and help to prepare and submit it.
In the examination of companies by the Cyprus Tax Department.
Land Transfer fees
On obtaining a tax clearance certificate for expatriate employees. The Tax clearance certificate is a necessary document for the renewal of the work permit in Cyprus.
On obtaining Tax Residence Certificates for individuals and companies.
On other administrative reports.
On personal taxation applicable in Cyprus based on the Cyprus Tax.
On the issue of Certificates by the Social Insurance Department.
Registration with Income Tax Authorities
To companies wishing to obtain tax compliance services to ensure all statutory and tax filings are made within time.
We Work For Your Success
The team comprises of qualified Chartered Certified Accountants, Lawyers, industry experts and corporate administrators with many years of experience.
Member of the Association of Chartered Certified Accountants, FCCA
Member of the Association of Certified Accounting Technicians, CAT
Ernst & Young Cyprus as an auditor
Interfrontiers Services Ltd as Finance & Operations Manager
Mallouppas & Papacostas Group to the position of Financial Controller and then at the position of the Group General Manager
Director - Head Of Audit
Member of the Association of Chartered Certified Accountants, FCCA
University of Patra Bachelor's Degree Economics
Alpha Bank Lending Officer
PwC Senior Manager Assurance Services
Our mission is to provide professional services of the highest quality in a timely and efficient manner, continuously exceeding clients' expectations. All client's affairs are treated with utmost confidentiality and we are consistent to our core values of professionalism, loyalty, integrity, honesty and trust.
We want our relationship to be both mutual and lifelong. Each of our clients, irrespective of their size, are important to us. Our commitment is to work with our clients and guarantee their satisfaction and success. After all, our clients' success is our success.
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