Audit and Assurance

Whether you are an entrepreneurial owner-managed business, a local company, an international company, a provident fund or fully listed company, Staygray Ltd has the expertise to deliver a first class audit.


A value added approach

Should you be required to have an audit by law, or choose to have one, we at Staygray Ltd highly understand that the process must add value.

Whilst undertaking a robust and technically advanced audit, Staygray Ltd will take the time to form a deep understanding of your business, looking way beyond the numbers to see what really makes the business tick. We will use the audit process as a platform to provide real business advice, helping you to grow and develop your business.


Technical excellence, pragmatically applied

Staygray Ltd’s specialist audit team have a depth and breadth of accounting, audit and financial reporting experience unrivalled in other regional independent firms. The senior members of our audit team share a wealth of audit experience gained over many years with larger firms as well as many years at Staygray Ltd.

This unique mix of experience gives Staygray Ltd’s audit team the ability to perform a robust, technically advanced audit, but to use that experience and expertise to apply our knowledge pragmatically. Our short reporting lines and the deep technical knowledge of our service team means that we can and do reach conclusions quickly without the need for lengthy consultations with technical people outside of the service team.

We will combine great expertise, a pragmatic and commercial approach and a deep understanding of your business to provide a first class audit service which is tailored to your business and your needs.


Accountants’ compilation reports

This is the most basic report provided by accountants. It gives no assurance over the underlying figures in the financial statements, but confirms that the accounts have been compiled by an external professional firm, thus giving comfort that the accounts are presented in accordance with relevant legislation.


Limited assurance review

This report sits between a full audit and the compilation report described above. The scope of a limited assurance review does not include verification procedures as in a full audit, but does include discussions with management about the accounting treatment of key items, detailed analytical review of results and balance sheet, and consideration of the appropriateness of the accounting policies and their application.

The scope is insufficient to allow the reviewer to give an opinion on whether the accounts give a true and fair view. Instead, the review report concludes upon whether, based on the review, anything has come to the reviewer’s attention which suggests the accounts are not true and fair. This is known as “negative assurance”.



Corporate Tax

Corporation tax compliance and advice is becoming increasingly complex in Cyprus. With risk assessment for larger corporate taxpayers and constant changes to legislation, the need for a corporate tax adviser has never been greater.

Staygray Ltd provides a comprehensive range of services to corporation tax paying clients, including:

  • advice on the tax implications of any business decisions you are about to make
  • assistance with documentation and planning when undertaking major corporate change including property investment, new plant or machinery and business expansion at home or overseas
  • corporate tax advice on acquisitions, disposals, mergers, corporate reorganisations and demergers
  • negotiation with the relevant Authorities in Cyprus on difficult matters of importance to your business and handling tax enquiries on your behalf
  • the provision of tax opinions on complex corporate matters
  • outsourced tax services for businesses without dedicated tax resource or where you would like a particular project delivered externally


International Tax

Most international businesses include taxation in their strategy: whether it be part of risk management strategy, outsourcing international compliance, management of total tax burdens or structuring for tax efficiency. Staygray Ltd has the expertise to help you with all these issues and we have particular expertise in the following areas:

  • international tax structuring
  • cross border M&A - tax. Due diligence, deal structuring and post acquisition integration planning
  • structuring international joint ventures
  • foreign tax credit planning
  • reviewing contracts and advising on transfer pricing
  • international VAT, sales tax and customs duties advice
  • advising internationally mobile senior executives, including expatriate tax services
  • advising high net worth families on multinational tax issues


Tax Investigations

We, at Staygray Ltd, are recognised for the provision of discreet and comprehensive service to individuals and businesses facing Tax enquiries, tax problems and expert witness or advisory work on tax disputes.

Our service is tailored to your needs, achieving value for you at competitive rates. We seek innovative solutions for our clients and employ our skills, based on years of experience, to apply tax legislation to our clients' advantage.

Our team’s relationships with clients and their advisers are built on trust and mutual respect. We are accessible and approachable, and ready to answer your questions, giving you the confidence you want when dealing with a sensitive issue such as a Tax enquiry.

We provide expertise in all areas of Tax Investigations.



Business Direction

From project appraisal to raising finance or planning for growth, Staygray Ltd’s tailored business direction service will help get you where you want to be.

When you deal with our business direction service, you won’t just receive expert advice from our partners. We work as a team across the entire firm, to offer carefully considered business guidance, sharing our knowhow with you at all levels.

We tailor our services to your requirements, from phone support through to regular attendance at board meetings to inject objectivity, balanced opinion and professional advice. We work flexibly to meet your needs, whether you want regular input or help with a one-off project.

Strategic workshops are an effective way to clarify aims and we can devise and facilitate these for you and your team. They can help deal with various situations, ranging from managing a rapidly expanding business to dealing with business succession issues. These sessions are followed up with on-going support.

We’ll seek out opportunities and identify any threats - then focus on the solutions. When you need very specific strategic support, we’ll hone in on the area in question. Above all, you can count on our keen eye and wealth of specialist experience to help you succeed.


Specialist Projects

Our specialist team are experienced in delivering a range of specialist projects including:

  • Strategic review
  • Management assessment
  • Profit enhancement
  • Project viability
  • Improving credit ratings
  • Implementing key performance indicators
  • Optimising the value chain
  • Benchmarking
  • Pricing strategies


Business Restructuring and Insolvency (BRI)

We pride ourselves on working with our clients to achieve the best solutions to financial problems. We advise large corporate businesses, SMEs, partnerships and individuals across every sector. The problems facing each business or individual are unique; our experienced team will tailor a solution to fit with your particular circumstances.

Our primary focus is to advise and support in the recovery of a struggling business. This can often be achieved through a refinancing or restructuring although we recognise that this is not always possible in which case, as licensed insolvency practitioners, we are able to act in a suitable formal insolvency procedure.

But we also help clients realise successful business investments tax efficiently and securely by means of a solvent liquidation (MVL) on which we offer a competitive fixed price service.


Business Solutions

At Staygray Ltd, our Business Solutions Team provides accountancy and business related services to companies of all sizes – both in Cyprus and overseas, ranging from a fully outsourced accounting support service to statutory year-end compliance services.

We support companies with entire accountancy and business operational needs, often acting as strategic advisers to help develop a pace that suits them. We want to understand your business, so that we can provide you with a range of tailored services designed with your business in mind.

We provide international businesses with a full suite of finance, accounting, tax and payroll services, designed to overcome the problems associated with expanding overseas. Staygray Ltd can assist you with implementing international expansion plans, supporting your business through the unfamiliar rules and regulations that need to be complied with when developing in new territories. Our professional, reliable and friendly staff is first and foremost client focused.

Our professionals include chartered certified accountants, bookkeepers, computer software specialists and outsourcing advisers. Each one combine’s knowledge and experience with the versatility necessary to provide a flexible solution based service.

Our services include:

  • day-to-day bookkeeping
  • management accounts and reporting
  • tax compliance
  • payroll administration
  • VAT
  • year-end accounts compliance
  • company secretarial
  • business advisory


Forensic Accounting

Staygray Ltd has an established and well respected practice in forensic accounting, litigation support and investigations. We assist the legal profession, regulators, law enforcement agencies and other professional clients engaged in contentious and non- contentious work, by preparing expert financial information, analysis and reports for both litigation support and investigations.

With our concentration of expertise and our specialised legal department, we expert in:

  • personal or corporate disputes
  • civil or criminal matters
  • arbitration proceedings
  • regulatory tribunals

Our world is becoming increasingly litigious. More and more companies and individuals are finding themselves involved in legal action either as claimant or defendant. Incidences of serious fraud have risen and, with advances in technology, criminals are becoming more sophisticated in their methods of defrauding businesses and individuals. Staygray Ltd’s Forensic Accounting team works in Cyprus with great success.


Valuation Services

Staygray Ltd through its Valuation Services Manager, Mr. George Tingis, provides clients with the financial knowledge and experience they require. Our aim is to deliver a quality valuation service, which meets the needs and expectations of clients, using the base of knowledge we have built up over many years’ experience.

Our Valuation Services team is highly experienced as expert witnesses and as advisers in both corporate and personal disputes. We have extensive knowledge in share and business valuations and experience in providing fiscal valuations for IHT, CGT and EMI schemes.

We offer a range of business and asset valuation services including:

  • valuing all types of businesses
  • providing financial valuations
  • valuing businesses and assets in shareholder disputes
  • providing intellectual property valuations
  • valuing assets in matrimonial proceedings
  • valuing businesses for the purpose of sale
  • providing accounting and financial reporting support (for purchase price allocation and impairment reviews)

All valuations are unique, nevertheless some of the most common reasons for our work include:

  • a sale, when you may need to decide what you think the shares or business are worth for commercial purposes
  • a gift of the shares or the business when a value may need to be established for tax purposes
  • establishing the market value of shares or of the business assets such as goodwill at 31 March 1982 for tax purposes death
  • divorce, where as part of the matrimonial settlement a value needs to be established
  • financing arrangements
  • shares acquired by employees when a value needs to be established for tax purposes, but also to show employees what the shares are worth with particular reference to EMI Schemes
  • flotation
  • share buyback


Corporate Services

Staygray Ltd can assist our clients through the expertise of Mrs. Leonie Tserioti, with a wide range of services for their corporate needs.

Our services include:

  • Formation of Companies in Cyprus and other jurisdictions tailored to client needs
  • Opening and monitoring bank accounts
  • Preparation and legalisation of official documents
  • Preparation of minutes of directors and shareholders meetings
  • Maintenance of statutory records of companies
  • Preparation, review and execution of contract agreements
  • Completion and submission of company returns and other forms and notifications to the Registrar of Companies (annual returns, changes in share capital, directors or shareholders etc)


Corporate Administration

At Staygray Ltd, we provide a broad range of corporate related services to individuals, companies and commercial businesses.

In light of increasing global business competition & regulation, effective back office administration and reliable statutory compliance can ensure you make the most of your business opportunities. In addition, many individuals and business organizations have little justification in incurring the overheads associated with a fully functioning office facility or have the expertise/desire to keep fully abreast of the regulatory environment in which they operate. Professional advice and practical support will enable you to concentrate on your core business objectives, reduce costs and remain compliant.

Staygray Ltd’s team of will work closely with you, your staff and/or your representatives to ensure the day to day administrative and periodical compliance duties are met and carried out professionally, reliably, accurately and efficiently.

Staygray Ltd encompasses the incorporation and day to day maintenance of companies, branches, representative offices and associations in any jurisdiction as well as liquidations or strike off the companies. The day to day maintains includes but not limited to reviewing and signing of the agreements, issuing of invoices for the counterparties, drafting resolutions for different corporate matters, such as allotment, change of directors, shareholders etc., submitting the relevant forms to the authorities, maintain the minutes books and registers of the company, communication with the overseas agents, authorities, issuing of the powers of attorney etc.

We, at Staygray Ltd, provide a comprehensive range of services which include the provision of nominee services of director, shareholder and secretarial services as well as registered office services. To incorporate our clients’ requirements we have a wide range of the nominee officers.

Our experience and knowledge enables us to advise our clients on different corporate matters at short notice. Staygray Ltd’s stuff has experience on the setting up different organizational structures to meet clients' specific requirements as well as optimize the tax input. Our work experience on corporate matters relates to all types of business.

Staygray Ltd can also provide advises in respect of international tax planning offering clients alternative tax structures either via the utilization of the Cyprus or overseas Company, to ensure clients have, at their fingertips, the most commercially practical options.

Our range of Corporate Administration and Corporate Compliance services

  • Corporate Compliance and Company Secretarial Services
  • Formation of Companies in Cyprus and in other jurisdictions
  • Corporate Management and domiciliation services
  • International Tax Planning
  • Directorship Services
  • Nominee Shareholder
  • Bank Administration
  • Everyday administration support