3a Cyprus: The interview

3a Cyprus, represented by the leading business advisory firm AuditLine in Nicosia, happens to be one of the founding members of the 3a Global network which was launched in 2014 (read more). In this interview with senior partners, Evangelos M. Evangelou and Akis D. Kolokotronis, we learn more about the Cypriot experience in the 3a Global network to-date.

Above: 3a Cyprus senior partners, Evangelos M. Evangelou (left) and Akis D. Kolokotronis (right)

Q1: 1. Alongside 3a Malta, 3a Cyprus was a founding member of the 3a Global network. Since then, this young network has expanded to five countries throughout Europe, with new firms likely to join in 2019. How was your experience so far and where do you see your 3a Global membership taking your business in the next five years?

The 3a Global network experience has been very positive for AuditLine in Cyprus. Forming part of a network of professional European firms with shared interests was very useful. It has supported and supplemented our team and allowed us to tap into new areas of expertise. In fact, the 3a Global membership has offered AuditLine, or 3a Cyprus as we’re also known here, with a number of new business opportunities not only in our country but also overseas. We believe that in 5 years’ time, 3a Cyprus will be part of an even larger 3a Global network – and we see this as a huge opportunity for business growth for our office in Nicosia.

Q2: If one looks at the economy from a wide perspective, the world is experiencing some very interesting and potentially game-changing developments, particularly where Fintech and blockchain technologies are concerned. How are these sectors affecting Cyprus?

"We have seen the 3a Global helping our firm by promoting 3a Cyprus online, particularly via social media channels. This has helped by generating interest and business enquiries that help us expand our business and service capabilities."

Cyprus cannot be unaffected from all these changes which are coming towards us on a daily basis through social media and marketing materials. We have to give little time for us to react to them.

Cyprus has a sophisticated financial services sector with a growing banking and investments sector, which makes it attractive to Fintech interests. Many international companies are attracted to Cyprus’s openness, and seek to establish themselves on our island through investment, partnerships and collaborations to exploit the opportunities that the country’s dynamic Fintech sector offers to grow their business.

Cyprus offers attractive fiscal EU-approved advantages for start-ups and small innovative companies, to Fintech businesses and entrepreneurs to protect and commercially exploit their IP rights). Cyprus also enjoys a highly qualified, multilingual, knowledgeable and experienced workforce in the services industry; the country’s infrastructure is modern and residents can enjoy a high standard of living.

The Cypriot government supports the promotion of digital currencies and facilitates the availability of infrastructure for the boosting of talent in this field, making the island one of the best places for blockchain start-ups.

Q3: One of the most difficult challenges affecting small professional firms in Europe right now is recruitment; it is hard to find qualified talent. This lack of HR is a pain that hampers growth. How does 3a Cyprus manage where recruitment is concerned? Is it hard to find the right people? How do you see your firm's 3a Global membership helping you in this regard? Do you have any suggestions?

We cannot agree more! It is very difficult to find good, talented and experienced qualified personnel, especially with an expanding economy. We are rather traditional in this regard as we use newspaper advertisements and recruitment firms in finding qualified personnel. Since we are far away from Central Europe, where people can travel more easily with different ways, we must find personnel from our country and this is not an easy task. Here is where 3a Global comes in handy. They help to promote our recruitment drives via the 3a Global Social Media channels, reaching thousands of people across Europe. Furthermore, when limited in HR, we can share projects with fellow network firms – working hand-in-hand to support clients, sharing expertise and people.

Nicosia’s skyline keeps morphing as renewed economic growth boots the real estate sector.

Q4: The Cypriot economy keeps gathering momentum, with the European Commission forecasting a 3.6% GDP growth this year and 3.3% in 2019. This development is attracting foreign investment in Cyprus and creating more job opportunities. How is this economic revival being felt by your firm? How do you see your 3a Global membership helping your firm's business growth?

We felt this growth in 2018 especially in the retail / wholesale sector, construction projects, professional and scientific services and of course in tourism. Foreign investment has brought more job opportunities – a positive trend that makes us very excited about our country’s future.               

Nicosia, where 3a Cyprus offices are located, is the largest city on the island of Cyprus.

Q5: The 3a Global network is working on its expansion. What are your suggestions as to how this network can position itself to offer small professional firms (SPFs) both greater leverage on their business growth and knowledge-¬sharing, as well as broader specialisation potentials?

In our view, 3a Global needs to work harder in its efforts to find other likeminded Small-Professional-Firms (SPFs) in countries with the same size, knowledge and expertise. With new members such as these on board, the network will be in an even stronger position – with more opportunities for business - to benefit all those involved. The more we are on board with the 3a Global Network, the more we stand the chance to attract and undertake larger projects. We feel that 3a Global is heading towards the right direction and here in Cyprus look forward to its expansion.

Q6: 7. What would be your advice to those firms considering membership with the 3a Global network?

Now it’s the time to join the 3a Global network. 3a Global offers flexibility, the option to take the full 3a brand on board or to retain one’s own brand. 3a Global is results-oriented, and supports members through technology, knowledge-sharing and technical expertise in many fields, from family business to wealth management, from crypto-currencies and Fintech, to fiduciary services and aircraft or yacht registration.
3a Global Headquarters (above) is in Birkirkara, Malta

With offices in London, Gibraltar, Malta and the Czech Republic, this young network is poised for growth! If one is interested in learning more about 3a Global, this link will help: http://www.3aglobalnet.com/en/becoming-a-member/member-benefits.html

On a practical level, I would advise prospective members to contact 3a Global via http://www.3aglobalnet.com/en/becoming-a-member/interested-in-becoming-a-member.html

For more information about 3a Cyprus visit: http://www.3acyprus.com


News Details

Last Updated
20th of September 2018 10:13 AM

Jonathan Galea