-
Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Data analytics center
Unlock the power of data with our expert Data Analytics team. We are a dedicated group of professionals who are passionate about harnessing the potential of data to drive informed decision-making and business growth. With our extensive knowledge and cutting-edge tools, we provide comprehensive data analysis solutions tailored to meet your specific needs.
-
Asset management
Grant Thornton’s profound experience and deep knowledge of asset management (AM) systems and registers development is based on successful implementation of large scale and complex projects in CIS region and beyond its borders.
-
Human capital advisory
Grant Thornton Armenia's human capital advisory services are designed to deliver the results you want throughout the entire lifecycle.
-
Sustainability and ESG advisory
Embark on a transformative journey with our comprehensive Sustainability and ESG services, designed to support your organization's sustainability transition and drive a meaningful impact.
-
Recovery & reorganisation
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
-
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Cybersecurity
Grant Thornton will assist you with raising the level of your protection, offering services in the area of cybersecurity.
-
IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting.
-
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
-
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
-
Legal advisory
Legal advisory involves a wide spectrum of corporate legal consultancy ranging from incorporation and liquidation matters, legal representation, litigation, ad-hoc legal advice, provision of legal opinions to execution of due diligence and structuring deals from a legal viewpoint.
-
Business process solutions
Our business process solutions team provides a range of services to support clients of all sizes, from small to medium enterprises (SMEs) through to the largest international businesses.
-
Tax advisory
We advise our clients on all aspects of corporate tax strategy development and tax planning, tax issues arising from formation or acquisition of a company and provide an overview of local and international perspectives.
-
Energy & environment
Energy and resources markets worldwide are undergoing major changes. With growing energy demand, developments in new forms of energy and the need to invest in a sustainable future, significant shifts in these sectors are taking place all over the world. At Grant Thornton, we can help you prepare for these changes and stay one step ahead of your competitors.
-
Oil & gas
Oil & gas
-
Mining
Rising operating costs, challenging capital markets and falling commodity prices are putting miners to the test worldwide, but dynamic companies can still thrive. At Grant Thornton, we can help you make the most of these opportunities and unlock your potential for growth.
-
Private equity
We bring together international teams from corporate finance, restructuring and turnaround, taxation and assurance services that provide bespoke solutions – from investment, through the growth phase to exit.
-
Asset management
Grant Thornton’s profound experience and deep knowledge of asset management (AM) systems and registers development is based on successful implementation of large scale and complex projects in CIS region and beyond its borders.
Our response to the European Commission's capital market proposals
The European Commission (EC) recently announced plans to explore creating more integrated and deeper capital markets across its 28 Member States. Targeting a 2019 launch, the Capital Markets Union (CMU) aims to streamline financial markets and allow businesses access to more diverse financing sources, regardless of geographic location within the EU. Grant Thornton recently submitted recommendations to the EC on those efforts we believe can most help mid-sized businesses (MSBs) benefit from the proposal (click here [ 277 kb ] to read the full response).
An action plan to benefit growing businesses
As an organisation focused on helping dynamic companies unlock their potential for growth, Grant Thornton is familiar with the challenges facing growing businesses. With more than 50,000 member firm clients operating across more than 130 markets, Grant Thornton member firms are addressing issues which impact clients’ growth. Access to finance remains one of the core challenges for these companies, regardless of where our firms and their clients do business.
According to recent World Bank data, more than 225,000 mid-sized businesses (MSBs) operate in the European Union, generally employing between 50 and 250 people. Grant Thornton is familiar with the challenges these companies face, challenges which reflect the dual track recovery across Europe. Specifically, we have observed:
- lending conditions in Germany, the UK, and France are still tough but appear less stringent than those facing growing companies in Greece, Spain, and Italy
- larger businesses generally find it easier to access finance than smaller MSBs
- companies operating as part of an established supply chain find it easier to secure capital.
The most striking of these challenges, particularly for growing MSBs who are regularly engaged in exporting goods or services, is that similarly positioned businesses in Germany, France and Sweden are far more likely to obtain capital than their equivalents in Spain, Italy and Greece. In a recent Grant Thornton International Business Report survey, 35% of southern European businesses cited access to finance as a growth constraint, compared to just 22% across the EU as a whole (and just 14% in North America).
This is not primarily due to a higher risk thresholds at the banks, but rather that there is limited lending capital in these markets. In the wider view, the challenge for MSBs is that even when bank capital is readily available, access to the equity capital markets is not a feasible option.
There is limited data on the impact of these MSBs to the European economy; yet we know that MSBs are critical to the health of any economy because they are trading, expanding, hiring, and developing new products. To mobilise substantial funding across Europe in to both the MSBs and SME market requires fresh thinking and a capital market that:
- delivers what finance providers state they need to make informed decisions
- is clearly recognised and understood by those seeking capital
- is structured to allow bundling, securitisation, secondary markets to deliver efficient investment flows.
Delivering information providers need to expand access to finance
CMU represents a critical opportunity to expand access to finance to the MSB market segment. However, the needs of MSBs differ significantly from those of the micro and small businesses although they are frequently pooled together. Conversely, information needs from providers do not currently align with information made available from the MSB segment.
We recommend that the Commission consider a study to assess the specific needs of dynamic MSBs, because these companies will be the primary drivers of Europe's growth.
Further, we recommend that the accountancy profession leverage its unique insight into the mid-sized market and support the provision of an aggregate view of financial and non-financial characteristics of successful mid-sized businesses across Europe, using its combined data and analytics power to support risk and credit insights for this market.
Creating an environment for growth
Grant Thornton UK’s work with the Growth Accelerator business support programme has shown us that high growth companies succeed when they work closely with business advisors and consult with experts to understand and access the best finance options. Success is also more likely when growing businesses access government-backed programmes dedicated to these businesses – however, there is low awareness of these programmes generally, including current programmes in place across Europe. We recommend the Commission consider such programmes as an important part of the execution of any capital markets strategy with small and mid-sized businesses as beneficiaries. Further, we recommend that the Commission focus on awareness building of existing programmes as an immediate priority to help support the growth of these businesses while the CMU is in development.
Simple and consistent tax incentives and tax treatment
Finally, we recommend simple and consistent tax incentives and tax treatments be made available across Europe, as investors will have an important role to play in the success of the CMU.
The Capital Markets Union is a programme with significant potential to benefit small and mid-sized businesses throughout Europe. As the major capital markets continue to improve, it is possible to envision capital again flowing freely to large corporates, with small and mid-sized businesses left without access. We encourage the Commission to hold to its vision for the long term structure and intent of the programme, and deliver a CMU that will support Europe’s growth for the future.
For more information about the consultation, contact your local Grant Thornton office.