SAN Group is a multinational corporation that operates across five continents, offering innovative solutions in animal health, crop protection, and food safety. Their business strategy centres on three key pillars: Plant Health, Animal Health, and Planet Health. This structure supports their long-term vision of contributing to a sustainable future.
With ambitions to expand into Mexico, SAN Group required the guidance of a professional services firm with both local expertise and global insight. They sought a partner who could navigate Mexico’s regulatory landscape while aligning with their global operational standards.
The Challenge
When SAN Group decided to establish its operations in Mexico, they faced several challenges. From navigating complex legal and tax frameworks to managing the operational setup, they needed a partner who could provide local insight while ensuring global business continuity. Establishing a new entity required expert knowledge of local compliance, tax regulations, and business structuring to ensure a smooth and cost-effective entry into the market.
Choosing Kreston FLS
SAN Group partnered with Kreston FLS, who provided tailored guidance from the outset. With Enrique Pastor, Partner at Kreston FLS, leading the collaboration, the firm worked closely with SAN Group’s headquarters and Brazilian teams to devise an operational structure for Mexico that minimised costs and risks while maximising benefits.
Kreston FLS advised on the optimal corporate structure, aligning with SAN Group’s global values and business strategy. They ensured compliance with local laws, provided monthly financial reports, and offered expert tax advisory services to meet the stringent demands of Mexican regulatory authorities.
Results
Since 2016, Kreston FLS has been an integral partner in SAN Group’s successful expansion into Mexico. They delivered professional and timely advice, ensuring that SAN Group’s operations in Mexico remained compliant, efficient, and strategically aligned with their global objectives. By managing financial reporting, tax advisory, and compliance, Kreston FLS enabled SAN Group to focus on their core business and growth.
“Kreston supported us in implementing our business unit in Mexico, always working with great professionalism and transparency.” – Ricardo Felix, Regional Finance Director, AMERICAS
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Mersen Oceania and McLean Delmo Bentleys, Australia
August 21, 2024
In Australia, Mersen Oceania has operated for over 65 years, with Financial Controller Slobodan Brzica, who has 25 years of experience, overseeing the financial operations. Mersen, a global leader in electrical power and advanced materials, has been serving high-tech industries for over 130 years.
Mersen Oceania’s new auditor
When Mersen Oceania sought to appoint a new external auditor, they needed a partner who understood their complex business, provided expert auditing services, and offered value for money. The transition to a new auditing partner was critical, as it had to ensure continuity and compliance with the strict reporting deadlines set by Mersen’s global headquarters.
Choosing McLean Delmo Bentleys
McLean Delmo Bentleys was selected as the new auditing partner due to its robust auditing expertise. McLean Delmo Bentleys developed a detailed project plan that focused on conducting a comprehensive audit while adhering to the necessary reporting deadlines, incorporating technology to streamline the audit process and established clear timelines to meet all global reporting requirements efficiently. From the outset, McLean Delmo Bentleys demonstrated a deep understanding of Mersen Oceania’s operations and their approach provided valuable insights and recommendations that were well-received by Mersen’s Board of Directors. Slobodan Brzica commented: “Impressive. The team is dynamic and we are pleased with the recommendations and suggested actions.”
Ongoing support
A key factor in the success of this partnership has been the continuity of McLean Delmo Bentleys’ team, which has allowed for the retention and sharing of critical knowledge. This consistency ensures that even as team members change, the quality of the audit remains consistently high, supported by a strong technical foundation and an intimate knowledge of Mersen Oceania’s business. McLean Delmo Bentleys successfully met the tight global reporting deadlines, completing the audit within two months. Their efficient and effective service delivery continues to support Mersen Oceania’s commitment to innovation and excellence.
Slobodan Brzica concluded: “The transition was impressive and their understanding of our business was evident from the start. They are a team of real professionals and switched on.”
London: The Kreston Reeves Corporate Finance team have recently played a pivotal role in two significant financial developments for major infrastructure and cleantech companies.
The firm’s Corporate Finance team has successfully advised a global infrastructure services provider on securing a £5 million funding facility from HSBC. This facility is the first of its kind provided by HSBC in the UK. The London-based infrastructure company is known for its rapid growth and involvement in some of the largest construction projects worldwide, including data centres, utilities, and aviation projects across Europe.
Craig Dallender commented, “We are delighted to work alongside this infrastructure services company and HSBC on this innovative funding facility. It will further contribute to the growth and development of this market-leading infrastructure developer. Kreston Reeves has a strong Corporate Finance team that can bring forward new and novel funding facilities for UK businesses.”
The infrastructure company’s Chief Financial Officer added, “As a company, we never stay still. We embrace change and thrive on new challenges, constantly looking to break into new sectors, new countries, and new opportunities. This funding facility from HSBC will help support that, and we thank Craig and the Kreston Reeves team for their support in securing this new facility.”
In another significant development, Kreston Reeves acted as Reporting Accountants for Time To ACT plc on its admission to the Aquis Stock Exchange (AQSE). Time To ACT plc, which was admitted on 29 May 2024, is the first admission of the year. The Middlesbrough-based company focuses on cleantech, renewables, and energy transition opportunities, with two main operating divisions: Diffusion Alloys and GreenSpur.
Diffusion Alloys supplies diffusion coatings that protect metal components in high-temperature and corrosive environments, such as hydrogen and nuclear energy generation. GreenSpur has developed innovative electrical generator designs for the wind industry that eliminate the need for Rare Earth magnets and copper coils without any loss in performance.
The Kreston Reeves team, led by Craig Dallender, Sakshi Gupta, and Senior Manager Jeremy Marshall, guided Time To ACT plc through the listing process.
Craig Dallender expressed his enthusiasm, stating, “We are thrilled to have worked alongside the TTA team on its admission to the Aquis Stock Exchange. It is an exciting step in its continued growth journey. Kreston Reeves has a strong reputation and track record in acting as Reporting Accountants to companies wishing to list on the Aquis exchange and shows the strengths we have to help businesses grow through listings, fundraising, and mergers and acquisitions.”
Chris Heminway, Executive Chairman at Time To ACT plc, remarked, “Listing on the AQSE Growth Market marks a significant milestone for the company, and I would like to thank the Kreston Reeves team for their assistance in making this day a reality. Time To ACT is committed to fostering innovation in this sector and developing engineering-led solutions for a cleaner, greener world. Being listed on the AQSE Growth Market will play an important role in helping us to deliver on this commitment.”
These achievements underscore Kreston Reeves’ expertise and dedication to supporting businesses through innovative funding solutions and strategic market listings.
If you would like to speak to one of our corporate finance experts, please get in touch.
News
Energy, utilities & resources
June 24, 2024
The energy, utilities, and resources sector is grappling with a range of challenges that demand strategic financial planning. As the world shifts toward renewable energy sources and faces increasing regulatory scrutiny, companies in this sector must navigate fluctuating commodity prices, compliance costs, and the need for sustainable practices. Poor financial management can lead to significant operational setbacks, affecting not only profitability but also long-term viability. To thrive, organisations must unlock capital, streamline operations, and prepare for both growth and potential market disruptions.
Kreston Global’s worldwide network of professionals are equipped to support businesses within this sector through change and the adaptations that will accompany it. As leaders in sustainability focused financial accounting our services can support energy, utilities, and resources companies through transitional periods, growth and acquisition and through the fundamental process of auditing and establishing stability.
Financial consultancy for energy, utilities & resources businesses
Kreston Global offers a comprehensive suite of financial consultancy services specifically designed for the energy, utilities, and resources sector. Our expert teams understand the complexities of your industry, providing tailored solutions that help mitigate risks and capitalise on opportunities. Our services include:
Cash flow
Effective cash flow management is critical in the energy sector, where capital-intensive projects and fluctuating revenues are the standard. Our specialists conduct detailed cash flow audits to identify potential shortfalls and recommend strategies to optimise liquidity. By ensuring that you maintain sufficient cash reserves, we help you navigate operational demands and swiftly capitalise on market opportunities.
Forecasts and budgets
Accurate forecasting and budgeting are essential for strategic decision-making in the energy, utilities, and resources sector. Kreston Global employs advanced analytics and industry insights to create precise forecasts that consider market trends, regulatory changes, and operational costs. Our expertise ensures that your organisation is well-prepared for future challenges and can allocate resources efficiently.
The intricacies of tax regulations and compliance within the energy sector require specialised knowledge. Our dedicated team provides personalised accounting and tax advice, ensuring adherence to local and international regulations while identifying opportunities for tax efficiencies. We tailor our services to meet the unique needs of your business, enabling sustainable growth.
Overseas VAT, transfer pricing and payroll
Operating internationally introduces complexities in VAT, transfer pricing, and payroll compliance. Kreston Global’s experts assist in navigating these challenges, conducting thorough audits of your existing practices, and developing strategies that ensure compliance across jurisdictions. Our goal is to optimise your tax position while mitigating potential risks associated with international operations.
International subsidiary tax structuring and planning
For companies with international subsidiaries, effective tax structuring is vital. Kreston Global’s specialists help you design tax strategies that align with your global operations, reducing liabilities and ensuring compliance. Our expertise in international tax planning positions your organisation for success in diverse markets.
Growth and exit plans
Strategic growth and exit planning are crucial for achieving long-term objectives in the energy sector. Our consultants provide detailed analyses and strategic insights to guide you through expansion initiatives, mergers, or exits. We assess market opportunities, evaluate risks, and develop tailored plans that align with your vision and goals.
Obtaining finance
Securing financing for capital-intensive projects is often essential in the energy, utilities, and resources sector. Kreston Global’s team works closely with you to develop robust financial strategies that support your funding needs. We assist in identifying potential funding sources, preparing comprehensive proposals, and navigating the complexities of financing options to ensure your business thrives.
Overseeing business acquisitions
Acquisitions can serve as a powerful growth strategy in the energy sector. Kreston Global’s professionals provide support throughout the acquisition process, from due diligence to integration. Our expertise ensures that you can effectively manage transitions, capitalise on synergies, and achieve your strategic objectives.
Sales transactions
Sales transactions in the energy sector can be complex and require meticulous oversight. Our team provides guidance on optimising sales processes, ensuring compliance with regulatory requirements, and enhancing profitability. We help you navigate the intricacies of client relationships and contractual obligations to drive success.
What are Kreston Global’s professional standards in the energy, utilities & resources space?
Kreston Global’s member firms adhere to rigorous professional standards, ensuring compliance with local regulations and international guidelines. Our internal monitoring programs guarantee that all partners meet the International Standards on Quality Control and the International Standards on Auditing for transnational audits. Our teams operate under the ethical framework established by the International Ethics Standards Board for Accountants (IESBA), fostering trust and integrity in all our services. As a member of the Forum of Firms, Kreston Global is committed to maintaining the highest standards in financial reporting and auditing practices. Our extensive experience in the energy sector equips us to deliver consultancy that is both precise and aligned with best practices.
Kreston Global stands out through its deep industry expertise and a robust network of professionals. Our interconnected teams provide seamless access to global insights, enabling energy, utilities, and resources firms to navigate complex challenges and seize growth opportunities. We understand the nuances of your sector and offer tailored solutions that align with your specific needs. Partnering with Kreston Global means gaining the confidence and expertise necessary to thrive in a rapidly evolving landscape.
Contact Kreston Global to find out how we can support your energy, utilities & resources business
Want to know more about our financial services for energy, utilities & resources businesses? Get in touch
Kayode Oni is an accomplished finance analyst with a proven track record of accounting and consulting. Experienced in finance, accounting, financial analysis, investment appraisal, tax laws and regulations, consulting, project management, and data analytics, Kayode is a valuable asset in the financial sector at Kreston Pedabo.
With over 12 years of experience spanning diverse sectors such as financial services, real estate & hospitality, consumer markets, and oil & gas, Tyna Adediran is a resourceful and self-motivated Business Analyst and Management Consultant. Specialising in areas like Strategy Design & Execution, Project Management, and SME Transformation, she is known for her strong skills in data collection, diagnostics, and critical thinking. Beyond her professional expertise, Tyna is a passionate advocate for continuous learning, sustainable business practices, and youth empowerment, reflecting her commitment to making a positive impact on both the business world and society at large.
Kreston Pedabo on the Africa Industrialisation Agenda
May 9, 2024
Nigeria’s role in Africa’s industrialisation
Nigeria is a critical force in Africa’s ambitious Agenda 2063, a sweeping blueprint for the continent’s sustainable socio-economic transformation. Nigeria has achieved significant milestones in the plan’s first ten years, Kayode Oni and Tyna Adediran from Kreston Pedabo, explore the integral contributions and the broader implications for international businesses considering African markets.
Africa’s Agenda 2063
Agenda 2063 is Africa‘s development blueprint for inclusive and sustainable socioeconomic growth and development. African Heads of State and Governments adopted the continental agenda during the golden jubilee celebrations of the Organisation of African Unity (OAU)/African Union (AU) in May 2013. Agenda 2063 seeks to deliver on seven development aspirations, each with its own goals to move Africa closer to achieving “The Africa We Want.”
The blueprint contains key activities to be carried out in five Ten-Year implementation plans, ensuring that Agenda 2063 delivers quantitative and qualitative transformational outcomes for Africa’s people over a 50-year timeframe.
10-year plan
The implementation of Agenda 2063 at continental, regional, and national levels has progressed steadily during the reporting period. This is attributed to remarkable progress and achievements made towards the realisation of several goals and targets of the First Ten-Year Implementation Plan of Agenda 2063. The data in the second continental progress report on the implementation of Agenda 2063 indicates that Nigeria has achieved a 40% score concerning the goals set for the seven development aspirations. This marks a significant increase of 208%, up from the 13% recorded in the first continental progress report on implementing Agenda 2063.
Key areas where Nigeria has contributed significantly to the implementation of Agenda 2063 include:
• Increased access to internet and electricity • Reduced under-five mortality rate • Increased access to anti-retroviral treatment • Increased women’s access to sexual and reproductive health services • Reduced prevalence of underweight among under-five children • Reduced the proportion of Official Development Assistance (ODA) in the national budget • Reduced unemployment rates • Increased real GDP per capita and annual GDP growth rates • Increased enrolment in pre-primary, primary and secondary schools • Increase in the proportion of the population with access to safe drinking water and safely managed sanitation services. • Increase in the share of manufacturing in GDP.
Key beneficial legislation for international businesses
No specific, unified legislation applies to all international businesses looking to expand into Africa. The legal landscape in Africa is diverse, and each country has its own set of laws, regulations, and policies governing international business activities.
However, some regional economic communities in Africa/Trade blocs, such as the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), have taken steps to harmonise certain aspects of business laws among member states to facilitate trade and investment. International businesses aiming to expand into Africa typically need to navigate a range of legal considerations, including investment laws, taxation, employment laws, industry-specific regulations, trade agreements, intellectual property laws, and local content laws, among others.
Businesses must conduct thorough due diligence and seek legal advice tailored to the country or countries in which they plan to operate. Additionally, regulations and business environments can change, so it is advisable to consult legal experts with the most recent and relevant information.
A focus on Nigeria
In Nigeria, however, efforts have been made to attract foreign direct investment (FDI) through its investment promotion agency, the Nigerian Investment Promotion Commission (NIPC). The NIPC Act provides the legal framework for investments in Nigeria and incentivises investors in various sectors. The Federal Government of Nigeria has adopted rigorous efforts to ensure that areas of concern for foreign investors, such as bureaucratic red tapes, incorporation processes, taxation, capital repatriation, and visa policies, are relaxed to the fullest extent possible to open up Nigeria’s economy to fair competition and prosperity.
Consequently, in line with the NIPC Act 22, the Nigerian Investment Promotion Commission regularly consults with crucial Government agencies to negotiate specific incentive packages in identified strategic areas of investment interest. These consultations have led to an increasingly attractive business environment with tax holidays for pioneer companies producing exportable goods, newly established industries in manufacturing, or expansion of production in sectors vital to the economy. The Government also grants non-tax incentives to non-pioneer firms in addition to industry-specific incentives.
NIPC Act
Section 24 of the NIPC Act provides that a foreign investor in an enterprise to which the Act applies shall be guaranteed unconditional transferability of funds through an authorised dealer in a freely convertible currency of:
• dividends or profits (net of taxes) attributable to the investment; • Payments in respect of loan servicing where a foreign loan has been obtained; and • The remittances of proceeds (net of all taxes) and other obligations in the case of the sale or liquidation of the enterprise or any interest attributable to the investment.
Foreign Trade Zones
Foreign investors can set up businesses directly in Free Trade Zones (FTZs) without incorporating a company in the customs territory. Registered companies may also apply as a separate entity to operate in an FTZ that would append the company’s name with the FZE (Free Zone Enterprise) suffix to gain the FTZ benefits.
FTZ incentives include: • Exemption from all Federal, State, and Local Government Taxes, Rates, and Levies. • Duty-free importation of capital goods, machinery/components, spare parts, raw materials, and consumable items in the zones. • 100% foreign ownership of investments. • 100% repatriation of capital, profits, and dividends. • Waiver of all import and export licenses. • One-stop approvals for permits, operating licenses, and incorporation papers. • Permission to sell 100% of goods into the domestic market (in which case applicable customs duty on imported raw materials shall apply). • For prohibited items in the customs territory, free zone goods are allowed for sale provided such goods meet the requirement of up to 35% domestic value addition. • Rent-free land during the first 6 months of construction (for Government-owned zones).
To speak to one of our experts in Nigeria, please get in touch.
News
Coumba Betty Diallo
Communication, Marketing and Organizational Development Manager at EXCO GHA Mauritania
With over 15 years of professional expertise in strategic communications, media engagement, digital branding, and communication for development, Coumba Betty Diallo is a seasoned Communication, Marketing, and Organizational Development Manager at EXCO GHA Mauritania. She brings extensive experience from corporate and digital branding projects, coupled with a track record of successful consultancies both locally and internationally. She offers hands-on support in analysis, strategic campaign development, and event planning management, with a focus on community mobilisation in humanitarian and business sectors. Passionate about volunteering, women’s empowerment, and advocacy for women’s rights, Coumba is dedicated to driving positive change through her work.
Green hydrogen in Mauritania: Advancing a towards sustainable energy future
May 1, 2024
New plans have recently been announced to develop a $34 billion green hydrogen project in Mauritania. The country is aware of the current climate challenges, and has taken ambitious steps in energy transition, with a focus on green hydrogen as one of the pillars of its strategy. As climate change continues to threaten populations worldwide, this Sahelian nation has chosen to position itself as a key player in the fight against climate change.
Renewable energy plans in Mauritania
Since the adoption of its national energy transformation strategy in 2020, Mauritania has set clear objectives, including reaching a 60% share of renewable energies in its energy mix by 2030. This approach is in line with its nationally determined contributions (NDCs) under the Paris Agreement.
Mauritania’s energy potential relies on several assets. First, the upcoming exploitation of the offshore Grand Tortue Ahmeyim (GTA) gas field, shared with Senegal, will provide a vital source of liquefied natural gas (LNG) to meet domestic demand and assert itself in the global market. Additionally, the country benefits from a significant potential in renewable energies, particularly solar and wind, with estimated capacities of 457.9 GW and 47 GW respectively.
The challenge of future energies has led Mauritania to explore the potential of green hydrogen. Preliminary studies have confirmed the viability of this energy source, supported by the country’s solar and wind resources. In 2021, framework agreements were signed with international companies specialised in energy transition, marking a crucial step in the development of this sector.
International partnerships
The first agreement concluded with CWP Global, aims to develop a project of 30 gigawatts of wind and solar energy, powering electrolyzers for green hydrogen production. This partnership was reaffirmed at the COP26 climate summit in Glasgow, highlighting the ongoing commitment to this initiative.
The second agreement, signed with Chariot Ltd in partnership with Total Eren, involves the development of the Nour project, covering a vast land and sea area. This ambitious project, aiming to achieve an electrolysis capacity of 10 GW, demonstrates Mauritania’s growing commitment to green hydrogen and its role in global energy transition.
In 2023, these initiatives progressed with concrete steps towards the implementation of green hydrogen projects in Mauritania. International partnerships are strengthening, while feasibility studies are advancing, paving the way for a new energy era for this West African country.
Diversifying
In conclusion, green hydrogen represents a major opportunity for Mauritania to diversify its energy mix, reduce its carbon footprint, and actively contribute to the global fight against climate change.
Through these innovative projects, Mauritania is positioning itself as a regional leader in the transition towards a green and sustainable economy.
Coumba Betty Diallo, Communication, Marketing and Organizational Development Advisor at Exco GHA Mauritanie. If you would like to speak to one of our experts in Mauritania, please get in touch.
News
Julius Cincala
Partner at Kreston Slovakia
Julius Cincala is a partner at Kreston Slovakia, leading risk advisory and management consulting practices.
Zuzana Siderova
Tax Manager, Tax Advisor and Transfer pricing specialist, Kreston Slovakia
Zuzana, a Slovak accounting specialist, manages tax advisory and compliance projects, has expertise in financial audits, corporate and personal taxation, international taxation, value-added taxation, and transfer pricing across diverse business domains.
EU Sustainability Regulations
January 12, 2024
Central Europe’s manufacturing sector is being reshaped by EU Sustainability regulations, impacting countries like Slovakia, Romania, and Hungary. The aftermath of the Ukraine war and Germany’s reevaluation of its reliance on China have disrupted supply chains, driving up power costs and prompting a shift towards cleaner energy sources.
EU sustainability regulations impact on Central European manufacturing
Central Europe has traditionally played a smaller role in global manufacturing figures than other European neighbours. However, since the outbreak of the Ukraine war and Germany’s pre-Covid reliance on China, broken supply chains have driven up power costs.
Higher prices and new carbon reduction regulations favourably reposition countries like Slovakia, Romania and Hungary who have some of the highest shares of electricity from clean sources well above the West European average.
As the European Union grapples with balancing new environmental standards and maintaining its competitive edge on the global market, ambitious countries like Slovakia are becoming test beds for the new sustainability-focused landscape. With the advent of carbon emissions reporting within the EU, will listed and large companies relocate in droves to save money and carbon?
Driving carbon emissions down and costs up
The EU’s commitment to environmental sustainability is not without its challenges. Činčala believes that it will be easier to relocate manufacturing outside of Europe, rather than deal with the complexity of carbon emission reporting, while the process is being established,
“Slovakia has always been an industrial country. However, the higher power costs have seen companies seek to relocate manufacturing operations to China. We see this with our clients now. They are freezing operations as transforming their business to meet carbon emissions far outweighs any cost saving or carbon saving they receive from being in Slovakia.
Tax on imports
Although alarming, Činčala has been advising the Slovak government on dealing with these challenges for over 25 years, so has a clear view on the options available to the EU.
“If we want higher investments in green energy and business transformation we have to invest more in education, people, and transformation models. Currently, products that are manufactured outside of the European Union are cheaper because they’re not subject to the same level of regulation and transformation costs we face in the EU. This is why we need to find a way to fortify ourselves and our market. For example, by introducing new tax regulations on products made in third countries and imported into the EU.”
Transfer pricing compliance
With some unrest in the region, Činčala’s colleague, tax expert Zuzana Sidorová, has advice for any businesses moving operations around Europe, specifically into Slovakia,
“In recent months, a number of companies have approached us to transfer their business from Ukraine territory to Slovakia or to another European country.”
In Slovakia, any company that does transactions within its group, either locally or across borders, must follow transfer pricing rules, in line with the OECD (Organization for Economic Co-operation and Development) guidelines.
Common Transfer Pricing challenges in Slovakia
In Slovakia, many international companies are considered “limited risk,” like manufacturers, distributors, or service providers. These companies often report losses despite having little decision-making power. Sidorová has clear advice for companies with limited risk businesses in satellite European countries;
“From a transfer pricing perspective, they shouldn’t be reporting losses. Tax authorities often investigate these loss-reporting, internationally-owned companies, leading to lengthy and difficult tax audits. These audits can result in extra corporate taxes and can be extended to cover multiple tax periods.”
Transfer Pricing benchmarks
Sidorová advises her clients making cross-border or local (Slovak) intra-group transactions needs to review and update its transfer pricing file on a yearly basis. The benchmarking analysis must be prepared every three years, with annual financial updates of comparables (compliance with OECD transfer pricing guidelines).
Staying competitive
As the EU intensifies its sustainability focus, companies in Slovakia must adapt quickly. Success hinges on embracing green technology and understanding local tax and transfer pricing rules. It’s essential for businesses to align their operations with EU environmental goals, not just to comply with regulations, but to stay competitive and sustainable in the long run. Keeping up to date with any rapid tax updates in response to competitive markets is vital to maintain the viability of companies based in Slovakia. This strategic alignment by Slovakian companies is not only crucial for their own sustainability but also serves as a model for the wider European Union, demonstrating how economic resilience and environmental responsibility can coexist and drive progress across the continent.
Kreston SNR, India, knowledge partner for International Climate Summit
August 18, 2022
Kreston SNR will be taking part in the International Climate Summit 2022 – Opportunities for Green Hydrogen in India, scheduled to be held in Bergen, Norway on 30 and 31 August 2022.
Kreston SNR as knowledge partner
Kreston SNRis the knowledge partner to the Summit which has been organised by Greenstat of Norway and the PHD Chamber of Commerce and Industry (PHDCCI), in partnership with Invest India and other notable support partners.
The summit is an excellent opportunity to engage the international community in India’s transition journey from fossil fuel to zero carbon energy. A knowledge book on green hydrogen opportunities in India will be released on the first day of the summit. The book has been authored by Dr JP Gupta, Chairman of Kreston SNR Advisory Board, and the Chairman of the Summit with Mahendra Rustagi, CEO of Kreston SNR, also contributing an article on ESG.
About the International Climate Summit 2022 – Opportunities for Green Hydrogen in India
The main feature of the summit is to showcase India’s unique position as an attractive destination for the production of green hydrogen due to the availability of renewable energy at the lowest price. This summit will undoubtedly attract interest from investors in this industry, safety companies, hydrogen production companies and R&D labs looking to collaborate with Indian partners for the production of green hydrogen to make India Aatam-Nirbhar (self-reliant).
Norway has been working with hydrogen for the last 125 years and is the front runner in the green hydrogen space today. This is an international event, involving several key territories, including Norway, the European Union, US and Japan.
Also, a delegation of around 100 participants from India and several large companies in the oil sector from Norway and the European Union are participating in the Summit, in person.
How to register
If you would like to attend, you can register herewww.ics-hydrogen.com. Online registration is free.
News
Kreston Reeves goes carbon neutral
May 10, 2022
The UK firm which provides accountancy, business and financial advice has successfully achieved becoming officially carbon neutral.
Kreston Reeves partnered up with environmental experts, Anthesis to calculate and assess their carbon footprint and then chose to offset their carbon footprint by creating a Kreston Reeves forest through Ecologi. They arrange for trees to be planted by world renowned tree planting experts, Eden Reforestation Projects and source Gold Standard certified carbon credits for sustainability. In order to achieve this during 2021, they planted a tree for every single client and pledge to do this every year to continue to reduce their carbon footprint.
They have also adapted working environments to assist with becoming carbon neutral such as switching to recycled and environmentally-friendly stationery, reducing paper consumption and beginning to alter offices to renewable electricity.
James Peach, Partner and Head of CSR at Kreston Reeves said;
“We’re really proud as a firm to have achieved this initial target. Our people are passionate about continuing to reduce our emissions and our impact on our environment, so we won’t be stopping here. We know there is still more work that can be done.”
Dan Firmager, Audit Senior and member of the CSR team comments;
“By using Ecologi we are ensuring we only purchase the highest quality genuine carbon credits. Each year we will continue to offset our verified carbon emissions and we also remain committed to planting a tree for each of our clients, every year.”
News
Exxon Mobil, Mauritania, Africa
April 6, 2022
Exxon Mobil, one of the world’s largest oil and gas companies, appointed member firm Exco GHA Mauritanie to carry out accounting, tax and payroll services for three of their subsidiaries in Mauritania from 2018 – 2021.
Neil P Roach, Business Services Manager- Exxon Mobil Mauritania
“Exxon Mobil values our relationship with Exco Afrique very much, it has been a pleasure working with Exco GHA Team in Mauritania.”
The two new members are now both group leaders in their e-teams, Kreston Egypt now specialising in individuals moving in or out of Cairo and McLean Delmo Bentleys now responsible for the same in Melbourne.
The two firms are working with our two global mobility partners; Expatland, who co-ordinate the e-teams all around the world, offering one-stop service, organising everything from expatriate tax to finding a school, for their clients. andHarmony Relocation, a global relocation expert.
If you are moving abroad or looking to move staff overseas, the Kreston Global mobility network can offer tax advice and co-ordinate all other services, from organising a visa to moving your house contents to another country.
Learn more about our network and how we can help you and your employees move country.
News
Kreston Menon launches latest investment guide for ‘Doing Business in Dubai’
Dubai-based member firm, Kreston Menon, has launched the seventh and latest edition of ‘Doing Business in Dubai’, a guide to investment in Dubai, UAE.
The publication was recently launched by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Kreston Menon partners, Raju Menon, Chairman and Managing Partner, Kreston Menon and Sudhir Kumar, Senior Partner and Head of Corporate Communications. The handbook is approved by the Business Registration and Licensing Department of the Dubai economy.
The publication has been celebrated in the press for raising the profile of Dubai, its free zones and offers a comprehensive understanding of the setting up process of Dubai International Financial Centre (DIFC) and on Nasdaq Dubai which allows companies to benefit from a unique investor pool that combines regional and international wealth. The guide is a great resource for start-up businesses, looking to benefit from the various support and incubation programmes provided by Dubai.
‘Doing Business in Dubai’ highlights the competitive start-up ecosystem of Dubai and acts as a guide for the innovative and enterprising youth from all over the world, as the book emphasizes on the various Startup Support initiatives and Business Incubation and Acceleration facilities provided by Dubai.
The book provides a complete overview of the incorporation process in the Mainland and Free Zones of Dubai, and helps the investor have clear understanding of the costs, impacts and benefits of each jurisdiction on his business. It also offers guidance on setting up in the Dubai International Finance Centre, and on NASDAQ Dubai, giving access to a unique investor pool.
The handbook gives insight into the decisive economic measures and new amendments to the residency and investment legislation initiated by the leadership of UAE which has stimulated the flow of foreign investments into the country. 30, 000 copies have been distributed around the region, including banks and high profile business events, such as the 2020 Expo in Dubai.
Burmeister & Wain Scandinavian Contractor (BWSC) is a Danish energy company. In 2018 they built Mali’s largest and most efficient thermal power plant located in Kayes, Western Mali. BWSC have an ongoing responsibility to manage and maintain this plant. Kreston Global Member firm EXCO EGCC (Mali) was appointed by BWSC to provide management accounting and bookkeeping, as well as preparation of their year-end accounts. They provide fiscal and social accounting assistance as well as monthly periodic financial statements to ensure robust financial reporting for the business.
Client testimonial : “We would like to sincerely thank the firm for its remarkable assistance and unfailing support in our collaboration to date.” Jean Philippe DUHAMEL, Manager.
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Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
This cookie is set by the GDPR Cookie Consent plugin to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Other".
cookielawinfo-checkbox-performance
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Performance".
CookieLawInfoConsent
1 year
Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.
device_id
10 years
Cookie used to maintain a local copy of the user's unique identifier.
viewed_cookie_policy
11 months
This cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not a user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
currency
1 year
This cookie is used to store the currency preference of the user.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
li_gc
6 months
Linkedin set this cookie for storing visitor's consent regarding using cookies for non-essential purposes.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Cookie
Duration
Description
ac_enable_tracking
1 month
This cookie is set by Active Campaign to denote that traffic is enabled for the website.
device_view
1 month
This cookie is used for storing the visitor device display inorder to serve them with most suitable layout.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
__kla_id
2 years
Cookie set to track when someone clicks through a Klaviyo email to a website.
_ga
2 years
This cookie is installed by Google Analytics. It is used to calculate visitor, session and campaign data and it also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to identify unique visitors.
_ga_M0XVMQMRZ1
2 years
This cookie is installed by Google Analytics.
_gat_gtag_UA_188891991_1
1 minute
This cookie is set by Google and is used to distinguish users.
_gat_gtag_UA_7661078_5
1 minute
This cookie is set by Google and is used to distinguish users.
_gid
1 day
This cookie is installed by Google Analytics. It is used to store information on how visitors use a website and helps to create an analytics report on how the website is performing. The data collected includes the number of visitors, the source of visitors and the pages visited in an anonymous form.
AnalyticsSyncHistory
1 month
Linkedin set this cookie to store information about the time a sync took place with the lms_analytics cookie.
CONSENT
16 years 5 months 19 days 16 hours 12 minutes
These cookies are set via embedded YouTube videos. They register anonymous statistical data e.g. how many times the video is displayed and what settings are used for playback. No sensitive data is collected unless you log in to your Google account, in that case your choices are linked with your account, for example if you click “like” on a video.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
