Due to globalization and the interconnectivity between countries, the rules and regulations have become a heavy burden to the manufacturing and industrial companies, resulting in spending most of their time and effort on compliance issues instead of on their core business and innovation.
On top of that, the industrial and manufacturing sector is an industry that is heavily affected by the price fluctuations of raw materials and oil, freight rates variations, transportation costs, technology, labour and production costs, among others.
Consequently, the financial statements of an industrial and manufacturing company should be closely monitored to confront possible difficulties at an early stage.
With decades of experience, our audit, tax, accounting specialists are well informed about the national and international audit and tax regulatory framework that applies to the industrial and manufacturing industry. Our professionals can offer their services in various aspects of your business and provide their advice on how to mitigate industry risks to navigate sector challenges successfully.
As part of our consultation services, along with our audit, tax and accounting services, we can assist you in optimizing your operations processes, financially audit your current procedures and suggest relevant amendments that will increase your productivity and efficiency.
Moreover, we can proactively identify possible risks and apply solutions to ensure your company's readiness through our support and advice.
Cyprus Industrial Strategy 2019 - 2030
There are 5.000 + industrial and manufacturing small and medium enterprises (SMEs) in Cyprus, mainly family-owned.
The Ministry of Energy, Commerce and Industry (MECI) announced the Cyprus new industrial strategy 2019-30 in May 2019, after the ratification by the Council of Ministers. Following the fourth industrial innovation, the new industrial strategy aims to enhance and upgrade the manufacturing and industrial sector by altering the existing manufacturing competencies of the country. Through technological advancements, focusing on digitalization and education, the new industrial strategy aims to transform the industry into resilient and agile, characterized by intelligence.
For accomplishing the new industrial strategy, Cyprus is adopting various initiatives that support the maximization of opportunities and provide access to financing resources that SMEs can use to increase their collaterals. But for manufacturing and industrial companies to benefit from the incentives, accurate financial accounts and reports are needed from an accredited provider.
Our comprehensive market knowledge and experience can assist you in dealing with all matters and challenges of your industry in order to navigate through them with success.