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Independent advisors offer unrivalled support to the automotive industry

27th March 2020

     

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Cova Advisory is a 51% black owned company with a specific focus on government programmes, including grants and tax incentives, and is a proud member of the National Association of Automotive Component and Allied Manufacturers.

Cova has positioned itself as an independent advisor on matters ranging from Customs and Excise, Carbon and Energy strategy and green related funds, to Carbon Tax and carbon policies, and renewable energy.  Cova has set up a strong local network within the private and government sectors.  To offer a comprehensive service to automotive components manufacturers our team is made up of engineers, accountants and lawyers.

Cova Advisory is one of only seven active inspection bodies accredited by the South African National Accreditation System (SANAS) to measure and verify energy savings (Certification Number EEMV0007).  Our team comprises certified Measurement and Verification (M&V) professionals to do this inspection work.

What we do

Cova Advisory has unrivalled expertise in four key areas:

  • Providing advice on tax incentives such as those offered under the Automotive Production and Development Programme and government grants such as the Automotive Investment Scheme - and the complex factors that must be considered by applicants.
  • The green landscape and South African government measures to encourage firms to become more energy efficient.
  • Customs and Excise advisory work.
  • Corporate finance advisory and finance raising.

Incentive advisory services

The following incentives are available to OEMs and automotive component manufacturers:

  • Automotive Investment Scheme
  • Black Industrialists Scheme
  • Critical Infrastructure Programme
  • Support Programme for Industrial Innovation
  • Section 11D Tax Allowance Incentive (for research and development)
  • Section 12L Tax Allowance Incentive (for energy efficiency)
  • APDP drawbacks and credits, including PRCCs.

Cova offers a comprehensive service to companies on the grants and incentives offered by the South African government to the automotive sector. This includes the assessment of projects to determine the best support schemes available and assistance with the preparation of applications, liaison with government agencies and the vital follow-up on successful applications to ensure all criteria for sustained support are met.

Business advisors on Customs matters

Cova plays an integral role in facilitating inward and outward investment by providing Customs and Excise advisory services to companies operating in the automotive sector.  Our aim is to assist companies with navigating their way through the process of entering new markets as well as mitigating Customs and Excise risks and ensuring compliance.

Our Customs and Excise services include:

  • Registrations with the International Trade Administrations Commission of South Africa.
  • Customs dispute resolution
  • Customs valuation opinions
  • Customs registrations
  • Stage consignment rulings
  • SARS preferred trader programme
  • IDZ / SEZ advisory
  • Tariff opinion
  • Trade agreement advisory (including Rules of Origin)
  • Rebate compliance

Energy and Carbon advisory services

Cova is ideally placed to help companies to understand the challenges related to going green, and to reap the rewards of adopting a green strategy.

Accreditation: 

Cova Advisory is one of only seven active inspection bodies authorised by SANAS to measure and verify energy savings.  Our team comprises certified professionals to do this inspection work in energy M&V.

Our energy advisory services include:

  • M&V services for the Section 12I and Section 12L Tax Allowance Incentives.
  • Energy audits.
  • Drafting of energy management plans.
  • Carbon related services including carbon emissions reporting and carbon policy assistance.
  • Carbon Tax advisory, including Carbon Tax calculations and Carbon Tax registration with government.
  • Carbon offset advisory.

Corporate Finance advisory

Cova Advisory can assist companies in the automotive sector with raising a mix of development finance and commercial funding (debt and equity) through a process of:

  • Opportunity assessments: Assessing the availability of development and commercial funding.
  • Funding strategy and deal structuring: Structuring the opportunity, project or business to access the available funding.Project preparation (if required): Drafting business plans and compiling the associated financial models.
  • Raising funding: Preparing the marketing documents (pitch decks), sourcing, and managing and driving negotiations with funders through to closure.

 

 

Edited by Creamer Media Reporter

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