special edition 3a malta’s 10th anniversary · without underestimating the 3 young budding...

REACHING NEWER HEIGHTS, TOGETHER

3a Malta’s10th Anniversary2007 - 2017

S P E C I A L E D I T I O N

Brochure_2017_Ver4.indd 1 26/07/2017 11:10:20

It has been 10 years since the team of young accountants with a dream made a bold move with a management buyout, effectively taking over their former employer’s client base and setting up a new business advisory services company which they called 3a Malta.

Neville Cutajar, Clive Farrugia and Christian Vella were not alone in this venture. Also on board was a veteran in the sector, Franco Azzopardi, who enjoyed some 30 years’ experience in similar ventures apart from his track record at corporate levels, strategy and people management. Without underestimating the 3 young budding entrepreneurs’ own merits, Franco’s touch could be seen from day one. 3a Malta wanted to make a difference in the field of business advisory services on the local scene. It started by offering an approachable and transparent way of engaging with its clients, using fixed-priced agreements. In terms of business development, the firm placed greater focus on start-ups and family businesses, for instance. In many respects, from its very start, 3a Malta distinguished itself from the many larger and longer established firms by being fresher and more appealing. Malta’s economic fortunes were a plus; in spite of the country’s geographical limitations, the 144 square mile island with barely 400,000 inhabitants - smaller than a typical mid-sized European city - has managed to carve for itself a thriving economy that broke all stereotypes related to Europe’s ‘typically’ poor performing economies. The creation of new, niche business

sectors such as those of Finance and Gaming has helped Malta diversify its GDP which was traditionally led by manufacturing and tourism, the first of which has been rapidly replaced with high-end manufacturing (such as micro-electronics, aircraft maintenance and pharmaceuticals) and the latter becoming stronger and an all year round phenomena yet at the same time losing its position as the main bread-winner.

The post-EU membership Maltese economic basket was a diversified, richer one, offering better returns to the country’s coffers and paying higher salaries. Investments by successive governments in education, chiefly in IT and Finance, were clearly paying off. Riding on the wave of Malta’s economic growth and resilience in spite of Euro-wide crises accentuated from 2008 -2012, 3a Malta’s first 10 years were exciting and a proved to be a resounding business success. From start-ups in catering, software or educational services, to governmental entities, providers of financial service and airlines, 3a’s client portfolio grew wider and very appealing for the now 30+ strong team that man the firm. “We were offered partner roles with mid-tier, firms of international repute but we persevered with our work of strengthening 3a Malta’s business”, claims the managing partner Neville Cutajar. This was no easy task considering the uphill struggle of setting up a firm and its brand from scratch. “We placed our collective interest as a firm before our very own”, he adds.

Asked about his views on what places 3a Malta ahead of other Maltese professional accountancy and advisory firms, Neville maintains that the company’s hands-on approach, vibrant entrepreneurial spirit, thorough understanding of grassroots business essentials and the team’s attention to detail is what brings the firm to the fore.

“We make a difference in the business life of each and every company we deal with. For us all clients are important, large or small” – he stresses.

Clearly, with Malta’s economy showing no signs of slowing down, the next decade promises to be even more exciting for this smart Maltese start-up. Until then, we’ll keep you posted: Watch this space!

From start-ups in catering, software or educational services, to governmental entities, providers of financial service and airlines, 3a’s client portfolio grew wider and very appealing for the now 30+ strong team that man the firm.


Asked about his views on what places 3a Malta ahead of other Maltese professional accountancy and advisory firms, Neville maintains that the company’s hands-on approach, vibrant entrepreneurial spirit, thorough understanding of grassroots business essentials and the team’s attention to detail is what brings the firm to the fore.

“We make a difference in the business life of each and every company we deal with. For us all clients are important, large or small” – he stresses.

Clearly, with Malta’s economy showing no signs of slowing down, the next decade promises to be even more exciting for this smart Maltese start-up. Until then, we’ll keep you posted: Watch this space!

From start-ups in catering, software or educational services, to governmental entities, providers of financial service and airlines, 3a’s client portfolio grew wider and very appealing for the now 30+ strong team that man the firm.

Did you know?

3a Malta forms part of a growing networkof professional firms - 3a Global

Malta has a strong manufacturing base for high value-added products such as electronics and pharmaceuticals. Moreover, the manufacturing sector has more than 250 foreign-owned, export-oriented enterprises.

Tourism generates around 15% of GDP. Film production in Malta is another growing industry (approx. 35 million Euros between 1997 and 2011), despite stiff competition from other film locations in Eastern Europe and North Africa, with the Malta Film Commission providing support services to foreign film companies for the production of feature cinema (Gladiator, Troy, Munich, Count of Monte Cristo and World War Z, amongst others, were shot in Malta over the last few years), commercials and television series.

Malta’s Finance sector represents 13% of the country’s GDP, employing over 10,000 people, with some 65,000 companies on the register.

The Gaming sector is a rapidly expanding one, occupying some 12% of Malta’s GDP.

Founded in Malta with Cypriot partners, 3a Global is instituted as a fully-fledged association with the scope of acting as the coordinator of 3a’s international accountancy services network.

3a Global actively seeks to expand connections by bringing more international affiliates on board. Member firms may utilise the structure provided by the network (such as the brand, quality systems & ICT services) and also benefit others by sharing their expertise within a growing client base.

Besides Malta and Cyprus, the 3a Global network is now present in the Czech Republic, UK, Austria and Liechtenstein, with prospective firms in Poland, Hungary, Gibraltar and Switzerland soon following suit.

For more information visit www.3aglobalnet.com

According to the World Economic Forum2014-2015 Global Competitiveness Index, Malta’s enjoys the 10th Soundest Banking Systems in the world.

FDI: €156.7B (June 2016)

GDP growth 4.6%*

Inflation 1.6%*

Unemployment (%) 4.9%*

Gross public debt (% of GDP) 52.5%*

Current account balance (% of GDP) 6.5%*

*Source: EU Commission, 2017

KPIs

SOVREIGN RATINGS

STRONG FOUNDATIONS

A Fitch, 2017

A3 Moody’s, 2017

BBB+/A- Standard & Poor’s, 2017

Spotlight on Malta’s Economy


Meet our Managing Partner

3a Malta was co-founded by Neville and his partners in 2007, and he has been its Managing Director, leading this firm from day one.

Having spent 20 years working as an accountant, auditor and consultant with various companies, professionally, Neville is a specialist in management consultancy, internal and IT auditing, business restructuring and corporate services, particularly corporate structures, as well as mergers and acquisitions. He is also the technical partner responsible for International Financial Reporting Standards and International Standards on Auditing. Furthermore, he holds the position of audit partner for the firm, managing compliance and quality control issues.

Neville is a University of Malta accountancy graduate and Certified Public Accountant who also possesses a practising certificate in auditing, a postgraduate Diploma in International Financial Reporting from the ACCA, a Maltese Financial Regulations Certificate from the Institute of Financial Services as well as a fellow member with the Malta Institute of Accountants.

In addition to being a member of the Scandinavian Business Forum, which is a committee of the Malta Chamber of Commerce & Industry, Neville serves as a member of various committees within the Malta Institute of Accountants (MIA).

Getting to know Neville....

What inspired you to start 3a?

The opportunity to grow a firm based on the values we have believed in from the very start, such as ensuring personalised attention to each individual client’s needs, an innovative and professional working environment for our employees and a commitment to the organisation’s social responsibilities. In short, being different and innovative, yet professional.

If you had to give three pieces of advice to someone interested in starting a business, what would these tips be?

1. Place your passion and drive in a plan which is workable, through a number of milestones to achieve one at a time.

2. Make sure you get the necessary expertise for everything you are not capable of, where it is finance, marketing, strategy, logistics etc.

3. Focus on cash, not just sales or profits.

What’s your favourite motivational quote?

“The future depends on what we do in the present” - Gandhi

What book are your reading at the moment?

Unshakeable by Tony Robbins

Where do you see 3a evolving in 5 years’ time?

I see 3a Malta evolve further its business advisory arm because there is the value which, given our experience, we can now deliver further to our clients. We also see a consolidation of our client base, shifting from mainly compliance focused clients to more value added seeking clients looking at a multi-disciplinary team to provide them with a holistic and hybrid service.

Leading the Way

“3a Malta is Malta’s first professional services firm to expand globally forming 3a Global. Bringing together like-minded professionals in the business advisory & accounting field, we have created a network that spans from London to Cyprus and from Malta to the Czech Republic. As more countries join in, 3a Global is our new horizon. The future beckons.”

Neville Cutajar


Where do you see 3a evolving in 5 years’ time?

I see 3a Malta evolve further its business advisory arm because there is the value which, given our experience, we can now deliver further to our clients. We also see a consolidation of our client base, shifting from mainly compliance focused clients to more value added seeking clients looking at a multi-disciplinary team to provide them with a holistic and hybrid service.

“3a Malta is Malta’s first professional services firm to expand globally forming 3a Global. Bringing together like-minded professionals in the business advisory & accounting field, we have created a network that spans from London to Cyprus and from Malta to the Czech Republic. As more countries join in, 3a Global is our new horizon. The future beckons.”

Neville Cutajar

“3a Malta’s accumulated technical expertise is another feather in this company’s hat; our team is well versed in aspects such as Wealth Management, Cross Border Tax Issues and Funds. We offer a streamlined, efficient service to rely upon.”

Clive Farrugia

“Notwithstanding market competition and the high levels of job mobility, especially among millennials, 3a Malta has enjoyed a stable growth, was always attractive to job seekers and has managed to retain its core team on board. Having been one of the first firms in our sector to adopt flexible working conditions at all levels has paid.”

Christian Vella

Clive FarrugiaExecutive Director & Co-Founder

Christian VellaExecutive Director & Co-Founder

As a director and one of the founding members of the 3a Malta firm, Clive is responsible for business advisory and accounting services. With an extensive portfolio of clients and institutions, as well as over 15 years of work experience for a mid-tier accounting firm under his wing, Clive specialises in accounting, VAT, internal auditing and management accounting.

Having graduated with a bachelor’s degree in accountancy from the University of Malta, Clive is a Certified Public Accountant and a member of the Malta Institute of Accountants. His interests outside work include camping, travelling and photography.

Getting to know Clive.... What inspired you to start 3a?

Running your own company gives you a better insight of the problems and challenges to operate and run a business and as an accountant this is imperative to be able to advise and help clients. Facing the same

problems and issues as your clients makes one understand better the business environment and client requirements. This is the best learning experience in business management.

If you had to give three reasons why one should move his business to Malta, what would these reasons be? 1. A booming, stable economy and

good pro-business environment in which one can easily operate

2. A full imputation tax system which provides local companies with low corporation tax

3. Businesses have the perfect tools to operate being an excellent ICT infrastructure and the availability of a highly skilled workforce where English is an official language

What is your favourite motivational quote?

“He who is not courageous enough to take risks will accomplish nothing in life” – Muhammad Ali

What book are you reading at the moment?

The 4-Hour Workweek by Timothy Ferriss

Where do you see 3a evolving in five years time?In five year’s time I would like to see 3a grow and continue to assist those clients who are succeding in their business ventures together with 3a’s support. Seeing your clients grow and succeed provides the best satisfaction.

Christian Vella is a founding partner of the 3a Malta firm. In his capacity as director, He is responsible for the firm’s Human Resources Development. On the technical side, he specialises in taxation and fiscal strategy. Having graduated from the University of Malta, Christian is a Certified Public Accountant and a member of the Malta Institute of Accountants, as well as the Malta Institute of Taxation. He also holds a postgraduate Diploma in Taxation from the Malta Institute of Taxation ranking first from the course in-take for that year.

Between 2008 and 2016, Christian was elected as a member of the Council of the Malta Institute of Taxation, in which role he represented the Institute at high level meetings in Brussels regarding tax matters affecting EU countries.

Getting to know Christian....What inspired you to start 3a? It never crossed my mind to be an owner of an accounting firm but life is full of surprises and with the support of my loved ones, this is where I am today. Ultimately, I have taken this decision following mentoring which I have received from trusted professionals from whom I have learned a lot and for this I thank them.

If you had to give three reasons why one should move one’s business to Malta, what would these 3 tips be? 1. Robust legislative framework

including fiscal and non-fiscal.2. Sound banking system.3. Safe jurisdiction.

What’s your favourite motivational quote? “You have been faithful over a little; I will set you over much” - Matthew 25:23

What book are you reading at the moment? Nothing much, trying to spend quality time with my family.

Where do you see 3a evolving in five years’ time? Our profession is changing and so 3a’s business approach. Compliance is getting digitised and our role will change purely to that of business support partners, assisting clients with their strategic decision-making process. This will induce 3a with a more challenging role both in the recruitment of talent as well as its operational model.


Franco AzzopardiChairman & Non Executive Director 3a Global

A seasoned business advisor and an avid sportman, Franco is renowned for his non-conservative style of management. He hails from three decades at the helm of a mid-tier accounting firm which he cofounded, where he was responsible for corporate strategy, risk management, quality control and knowledge/people development. Franco is a professional director and a registered member of the UK Institute of Directors specialising in corporate strategy, governance and finance. His directorship portfolio includes positions on boards and audit committees of a number of Maltese and international companies from the banking, software, private equity, professional services and media sectors. Franco’s ongoing commitment to the development of the Malta Institute of Accountants (MIA) is testament to his corporate and social responsibility. He held the prestigious role as the President of the MIA for 2 years from 2015 till 2017 and has left his mark both at management level and with respect to the outlook & communications of this professional organisation.

Getting to know Franco....

What kept you from joining any one of the top 4 firms? Well, actually - I got my formation with the then Deloitte Haskins & Sells, in Malta and in Italy. I left as a manager after ten years and had a fair dosage of auditing big corporates

like General Motors Italia, Fiat-Allis and SKF. They were good years. But I am a bit like a ‘ronin’, a wandering master-less warrior. I have to be in the innovator lab rather than in a pre-set system. Hence my ventures beyond those years.

Where do you see 3a Malta & 3a Global in the next five years?

This is a very common question, where do you see something in the next five years, I mean. Truth is I don’t know really. There are so many things affecting that destiny. If you had to ask me what is my dream for 3a Malta and Global, I’d say that I envision like-minded professionals using communication and technology to weave their people, their knowledge and their clients into a value fabric. To me value is a currency for a better life. Value not only in monetary terms, but especially in human and work relations and in opportunities that can be brought to people with solutions that are doable and sustainable.

Can you share your favourite motivational quote with us?“To dream is free. Knowing what to do is capturing the dream. Doing what you know is what makes the dream come true.”

What book are you reading at the moment?Truth? None at the moment except for professional journals. I am gestating my thoughts.

“3a Malta was a perfect incubator from which the 3a Global network has started to bud, a work-in-progress with exciting prospects ahead’’ - Franco

What is behind the 3a’s name & corporate identity?

The evolution of 3a Malta to 3a Global saw the graphical

metamorphosis of the company’s logo and the retention of the key

colours, as used in the original logo. Red, Green and Blue are the

official colours, where red represents the company’s drive, green

symbolises the firms’ creativity and blue the company’s vision.

The insignia or official company graphic denotes the form of the

letter ‘A’ behind 3A Global’s raison d’etre, i.e. Your Aspirations -

Your Achievements - Our Aims.

The triangular icon recalls the capital letter ‘A’ and is made up of

three parts, reflecting the three a’s. The icon communicates the

multicultural dimension of the network, its interdependence, and

forward-looking professionality.

The logo was the result of extensive brand research and

development, covering the company’s identity across all media, and

strengthening the firm’s expansion globally, in the medium to long

run. Read more here: www.3aglobalnet.com


Now it’s Your Chance to Start Reaping the Benefits

of a 3a Global Membership

Seeking Sustainable, Professional Growth?

The evolution of 3a Malta to 3a Global saw the graphical

metamorphosis of the company’s logo and the retention of the key

colours, as used in the original logo. Red, Green and Blue are the

official colours, where red represents the company’s drive, green

symbolises the firms’ creativity and blue the company’s vision.

The insignia or official company graphic denotes the form of the

letter ‘A’ behind 3A Global’s raison d’etre, i.e. Your Aspirations -

Your Achievements - Our Aims.

The triangular icon recalls the capital letter ‘A’ and is made up of

three parts, reflecting the three a’s. The icon communicates the

multicultural dimension of the network, its interdependence, and

forward-looking professionality.

The logo was the result of extensive brand research and

development, covering the company’s identity across all media, and

strengthening the firm’s expansion globally, in the medium to long

run. Read more here: www.3aglobalnet.com

Agility,not just size3a Global offers its members with many advantages, and one of them is the flexibility and the relative small size of the Group. Being a lean organisation, 3a responds quickly to the ever changing market conditions, enabling the company to be a step ahead of competition in terms of service readiness. The access to key experts in all areas is direct and easy, securing both easier communication within the network and greater satisfaction for the clients.

01A network ripe for expansionThe professional services market was ripe for a new type of professional network that offered its members flexibility and the opportunity to expand into new markets. All over Europe, Small Professional Firms (SPFs) and Sole Practitioners have always wanted the opportunity to step up their market presence by forming part of a network of likeminded professionals which elevated their business clout and allowed them to widen their services. By acting from the 3a Global vantage point, in an ever more cutthroat business environment, members enjoy unparalleled advantages that ultimately ensure greater returns on investment and prestige.

04

Proficiency & nothing lessMembers of the 3a Global network enjoy access to a global IT infrastructure that facilitates the exchange of ideas and data, giving access to untapped resources and knowledge-sharing solutions. Furthermore, members are supported by 3a’s extensive use of email intelligence solutions and global social media presence.

02 3a Global: A Business Catalyst to be reckoned withA 3a global membership enables members to:

a) Avail themselves of 3a Global’s world-class IT infrastructureb) Benefit from sharing 3a’s online presence & corporate identityc) Share in the wealth of professional knowledge and the growing business clout of the associationd) Work with up-keepers of professional ethics and responsibilitiese) Form part of a Socially Responsible Corporate Player

05

Global reach through grass root market knowledgeEmploying a wide selection of business professionals in fields such as tax optimisation, wealth management, family business, succession planning, assurance, fiduciary, business law and financial auditing, allows Small Professional Firms (SPFs) and Sole Practitioners, with otherwise limited in-house technical resources, the opportunity to strengthen their team’s prowess. Being part of the 3a Global makes members stronger and better equipped to handle a more diverse client portfolio not only in their home area but also on an international level.

03What’s in it for your clients?Your firm’s membership in the 3a Global network enables your clients to:

a) Grow stronger while knowing that their business advisors are well-geared to support them along the way both locally & overseas b) Receive the latest and most cutting edge technical and professional advice by some of Europe’s smartest and most forward-looking business advisors.c) Benefit from the reassurance of working with an internationally respected up-keeper of professional ethics.

06


Testimonials3a Global Members

Marinos KarayiannisPartner 3a Cyprus

Floros CharalambousChairman Babbington Croft & Associates, London

Markus KlotzPartner Preston Brant & Associates, Switzerland

Evangelos M. EvangelouPartner 3a Cyprus

For a smaller firm with limited resources like ours, the use of the 3a brand name & network as well as the access to the specific knowledge and marketing services were the biggest factor in our success. It has been a pleasure to see the networks’ members working so efficiently in spite of geographical challenges. The type of clients and work volumes which we are able to deal with now wouldn’t have been feasible for us without 3a Global

With 3a Malta we get a fast response time, experienced professionals, and best of all, peace-of-mind. We know they can handle any issue that comes up so we don’t have to worry about their quality service and integrity when dealing with us and other service providers. We really appreciate the time they dedicated to helping our company move forward.

3a Global Head Quarters - Level 2, Palazzo Ca’ Brugnera Valley Road, B’Kara BKR 9024 Malta, EU Telephones: +356 2757 2757 www.3aglobalnet.com

Filip ReinosoPartner 3a CzechOur company 3a Czech s.r.o. is proud of being a member of 3a Global network. Since 2014 we have been cooperating with 3a Malta Ltd - the founder of the network, and at the end of the day we can state that we found them to be very good business partners and friends. Professionalism, knowledge, confidentiality,trust and flexibility is real asset of the network.

The 3a Global membership has provided our office in Cyprus with unparalleled access to new markets and clients worldwide. Furthermore, the 3a Global’s brand identity, tools and shared resources like the Knowledge Base and the Quality Management System, has strengthened our corporate stance and has widened our service portfolio.

Adam NarwaPartner 3a CzechWe congratulate our partners 3a Malta for their 10th anniversary; we commend the Maltese team for their dedication & professionality as part of the 3a Global network. We look forward to further growth along their side.

3a Malta is a commendable & trustworthy group of professionals and I congratulate them on their 10th anniversary. I must say that the partners and staff in Malta are some of the most pleasant, helpful and trusted people I have come across in my 30 years of business life! I look forward to working closer and expanding further under the 3a Global umbrella.


special edition 3a malta’s 10th anniversary · without underestimating the 3 young budding...

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