Issue link: https://maltatoday.uberflip.com/i/620229
maltatoday, SUNDAY, 27 DECEMBER 2015 Finance VII Evolving along with the business sector Nexia BT has established itself as one of the island's top consulting firms, one that is extending its reach far beyond our shores. Managing Partner Brian Tonna spoke to MaltaToday about the firm's services and how Malta is becoming an increasingly desirable destination for business This has been a good year for investors and investments. What are the main reasons for this? Malta has a robust foundation in cor- porate planning and structuring. As tax planning becomes more difficult in many countries, Malta has a strong competitive advantage when compared with others seeking to attract foreign investors. But it is not only our tax regime. The strength of our economy, the rigour and innovative- ness that marks Malta's financial services regulatory regime and Malta's cost-effi- cient and professional business environ- ment are also key components. As more foreign companies invest in Malta, the country's reputation is en- hanced. Investors who have located their operations in Malta praise the modern business infrastructure, excellent commu- nications and the quality and cost of skilled labour. That is why Nexia BT is promoting "Come to Malta, relocate your people and establish an office here!" Some of our cli- ents have already shifted their operations. Malta is a stable country and many clients appreciate having a base here where they can work without political or economic uncertainty. Apart from the country's inherent financial and tax advantages, what makes Nexia BT an effective partner in business? We are proud to say that Nexia BT is one of the top consulting firms in Malta. Established for over 20 years, we have built a strong reputation for nurturing long-term relationships and delivering high quality services, both locally and inter- nationally. We pride ourselves on being able to offer a full range of financial and business advisory services to a diversi- fied client base, and by working closely with customers we create cost-effective and innovative bespoke solutions that are delivered on time to meet their specific requirements. Nexia BT's key strength lies in its highly trained, professional, motivated, technical- ly competent, internationally qualified and multi-lingual staff. They underpin every- thing we do and together we are driven by our ethos - "We make things happen!" In recognition for its excellence in the accounting profession, this year Nexia BT was honoured with the 'Advisory Firm of the year' title in the single firm category at the International Accounting Bulletin (IAB) Awards held in London. What is the profile of a Nexia BT client? We relish the fact that there is no typi- cal profile. The firm's client base is very diverse, including blue chip companies, local and international firms, financial and other institutions, the public sector as well as high-end organisations. It also ranges from individuals, self-employed persons, and SMEs to large multi-nationals and world-listed entities. It is this diversity that spurs us on to be innovative and offer bespoke solutions. However, all our clients have one thing in common. They expect and receive a first-class, personalised and professional service that meets their specific needs. This is something that we are genuinely proud of at Nexia BT. How has Nexia BT managed to cater for the new discerning business interests? By investing in our staff and attracting the right high-calibre talent. As our clients' needs evolve, we must seek to evolve with them. This means keeping abreast with latest developments, technologies and ways of doing business. At Nexia BT we unreservedly support the ethos of continuous professional develop- ment. All our staff is able to maintain and enhance their professional knowledge and skills through in-house and external training as well as through exchanges and internships with other professional companies. We have a thriving inward internship pro- gramme too. This affords foreign profes- sionals the opportunity to build experience and skills, but the benefits are two-way. We gain too by expanding our internation- al network of contacts, learning new skills and methods of operating and benefitting from new perspectives. We are large enough to provide special- ist advice with different teams. We even have a separate team that caters for the Russian and the CIS market. Another particular line of service, called Turnkey BT, provides for the management of entire projects for clients, including the sourcing of key experts such as architects, engi- neers and IT managers. Nexia BT offers a range of advisory services. What are the main areas of specialisation in this department? Over the past six years, three areas of specialisations have been developed: Corporate Finance, Internal Audit and EU Funding. The advisory services arm of Nexia BT provides tailor-made solutions to meet customers' specific requirements. Forward-looking enterprises are seeking our specialist services to consolidate their market and are seeking our support to provide a sound financial and operational structure. Combing the collective intellectual capital of the partners leading this specialised service area and their wealth of experi- ence in transaction services, over the years they have provided independent advice on debt and equity financing and on how to restructure a business. Nexia BT has achieved a track record of advis- ing clients on mergers, acquisitions and disposals, strategy, and corporate govern- ance. In what way does the firm specialise in internal audit? Having been at the forefront of restruc- turing complex finance functions, the part- ner responsible has developed a unique internal audit service line for the benefit of Nexia BT's clients. As Internal auditors have experienced a remarkable shift from traditional financial programs and compli- ance work to strategic and operational as- surance efforts, Nexia BT's service areas hinges on the alignment of strategic goals with the development of the operational supporting functions that will see through the achievement of the long-term goals. The Internal Audit service team at Nexia BT plays a greater advisory role as a catalyst for business improvement and to sharpen organizational focus on emerging risks. Managing this specialist area, we have engaged highly qualified Certified Internal Auditor (CIA) professionals. Our unique service combines experience and professional expertise and provides the supporting elements for our specialist in- ternal audit team to assist clients in jointly implementing the required organisational changes that add value to the clients and their businesses. Malta attracts global investors due to its citizenship scheme. How has this reputation been achieved? Malta's Individual Investor Programme, the first and only such programme in the EU to have the support of the European Commission, is ranked very highly, placing first in the 2015 Global Residence and Citizenship report. This report gauges the relative worth of residence and citizenship programmes around the world through a benchmarking process that considers im- migration laws, taxation, and quality of life, as well as transparency, risk and compli- ance issues. But we must not forget what other advantages Malta has to offer. Malta enjoys political and economic stability with a robust legal and fiscal framework. The economy is doing well and business is booming, with strong and thriving financial services, tourism, real estate, I-gaming, manufacturing, maritime & aviation, phar- maceuticals, IT and call centre sectors. Our small islands are an ideal European business hub and Malta remains a popular destination for multinational companies wishing to conduct business within the EU, the Middle East and African markets. Mal- ta's business regulation is transparent and effective. Our workforce is highly qualified and multi-lingual. Malta is a safe place to live and work and was recently voted the third best place to live among expatriates by InterNations. The real estate market is buoyant and Malta has become one of the most sought after European locations for foreign nationals seeking to purchase homes as an investment or for relocation purposes. Our rich history and culture are also a draw. From the citizenship perspec- tive, Malta being part of the EU and the Commonwealth, a Maltese passport offers visa free travel to 167 countries, one of the highest in the world. So it is this combination of factors as well as the professionalism of firms like ours who are accredited Authorized Registered Mandatories, a designation required by the Maltese Government to manage citizenship and residency applications, that continues to attract ever higher numbers of investors. And as more and more investors come to Malta, the better our reputation gets! Nexia BT won 'Advisory Firm of the Year' at the International Accounting Bulletin (IAB) Awards 2015. This award marks yet another major milestone. How do you see Nexia BT growing in the next five years? In recent years Nexia BT has expe- rienced significant growth owing to provision of new services and increasing demand, both local and international, for our services. Previously Nexia BT pre- dominantly focussed its attention on the local Maltese market. This remains vitally important and continues to be, rightly so, a central pillar of our business. But it is our international work where we see most po- tential for further growth and development. In recent times our international work has been driven by referrals from our global network and the services we offer to foreign individuals wishing to relocate to Malta or who wish to take advantage of the benefits available through a Malta citizenship such as The Malta Citizen- ship by Investment Programme (IIP), the Residence and Visa Programme or the Global Residence Programme. Now we see many of our clients in Malta seek- ing to expand and tap into new markets themselves. As mentioned, as our clients' needs change, we need to change with them. This means developing new sub-special- isations and services and increasing our overseas footprint. In pursing these goals, we have recognised the benefit of working alongside others such as Malta Enterprise, Trade Malta and the Malta Chamber of Commerce and Industry in promoting Malta's trade and investment potential. Whether it be attracting foreign compa- nies and individuals to relocate to Malta, seeking inward investment to support local businesses or projects, helping foreign clients to establish holding and/or trading companies in Malta or persuading foreign companies to utilise our services offered, such as business advisory, there is great potential. Nexia BT's professional staff have considerable knowledge and experience related to international financial reporting, strategic, organisational and operational set-ups and the more we explore foreign markets the more new and discerning customers we attract. We must therefore continue to do well in what we are already doing and through Nexia BT's talented and diversified staff offer and deliver new, relevant, creative and successful solutions for our clients.