Moore Global https://www.moore-global.com/ Wed, 19 Nov 2025 15:10:45 +0000 en-US hourly 1 From Capital to Impact: Private Equity Reshapes Africa’s Mining Future https://www.moore-global.com/news/from-capital-to-impact-private-equity-reshapes-africas-mining-future/ Tue, 18 Nov 2025 09:56:14 +0000 https://www.moore-global.com/news/from-capital-to-impact-private-equity-reshapes-africas-mining-future/ Private equity is returning to African mining with greater precision, stronger governance frameworks, and a growing focus on ESG-aligned value creation. This shift reflects not only evolving investor expectations, but also a deeper structural transition in the global economy, one that places critical minerals and sustainability at the centre of long-term strategies. ESG: From Risk […]

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Private equity is returning to African mining with greater precision, stronger governance frameworks, and a growing focus on ESG-aligned value creation. This shift reflects not only evolving investor expectations, but also a deeper structural transition in the global economy, one that places critical minerals and sustainability at the centre of long-term strategies.

ESG: From Risk to Strategic Imperative

ESG considerations have moved from compliance to core. According to recent industry analysis, environmental and social factors have now overtaken traditional concerns such as licence to operate, supply disruptions or commodity volatility as the primary risks shaping mining investment decisions.

In response, several African governments have introduced or updated legal frameworks to improve ESG clarity and investor confidence. Countries such as Ghana, South Africa and Namibia have embedded sustainability principles into mining codes, with a stronger focus on land use, labour rights and local benefit. These efforts are increasingly backed by development finance institutions, which now often require transparent ESG commitments as a condition for funding.

At the same time, development finance institutions (DFIs) and sustainability-linked lenders increasingly require measurable ESG outcomes as a condition for financing. Metrics such as carbon intensity, water efficiency, and local procurement are not only audited but also tied to pricing mechanisms.

Targeting the Transition Economy

The focus of private equity investment has shifted decisively towards “green minerals” — lithium, cobalt, nickel, graphite, rare earth elements —all essential inputs to battery storage, EV production, and renewable energy systems.

This strategic tilt is well aligned with Africa’s geological profile. Several countries across the continent hold reserves of global significance, yet remain underdeveloped. For investors with long-term horizons and the ability to manage frontier risk, this creates a compelling proposition: access to high-growth assets with built-in ESG relevance.

Firms such as Equitane (formerly the Africa Transformation and Industrialisation Fund) have taken leading positions in large-scale projects, notably in Gabon and the Republic of Congo. Their models integrate job creation, beneficiation, and decarbonisation strategies – positioning themselves for sustainable returns and broader stakeholder alignment.

The Evolution of PE Structures

To support this shift, private capital is also innovating structurally. Impact funds, blended finance vehicles, and sustainability-linked instruments are increasingly used to balance commercial returns with developmental goals.

According to Private Equity International (2024), most capital deployment into mining still comes from specialist funds — those with deep technical expertise and dedicated ESG frameworks. Generalist funds, by contrast, remain cautious due to perceived exposure to governance risk, reporting opacity, and environmental liabilities.

However, for funds with operational sophistication and cross-border structuring capability, the sector offers clear entry points. Notably, renewable-powered mine sites, digital ESG tracking tools, and co-investment models with DFIs are helping reduce both reputational and regulatory friction.

Key Considerations for Gulf-Based Investors

Middle East sovereign and institutional investors – including those with growing exposure to Africa — are increasingly active in the energy transition, infrastructure, and logistics sectors. Mining now presents a complementary play: one that combines access to critical inputs with influence over sustainability outcomes.

Yet success in this space will require:

  • strong ESG due diligence frameworks,
  • reliable local partnerships,
  • and the ability to navigate divergent regulatory landscapes across jurisdictions.

The growing complexity of mining investment — and its rising strategic importance — calls for advisors with both technical depth and regional insight.

Moore Global Perspective

At Moore, we support private equity clients through the full investment lifecycle — from feasibility assessment to ESG assurance and transaction structuring. Our cross-border mining and energy teams work alongside local member firms to offer in-market intelligence, regulatory clarity and strategic execution.

As global capital reallocates toward transition assets, African mining will play a pivotal role. For investors who can align operational rigour with sustainability ambitions, the returns may go beyond financial.

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Fine Wine as a Tangible Asset: What Investors Need to Know https://www.moore-global.com/news/fine-wine-as-a-tangible-asset-what-investors-need-to-know/ Tue, 18 Nov 2025 09:53:37 +0000 https://www.moore-global.com/news/fine-wine-as-a-tangible-asset-what-investors-need-to-know/ Fine wine is increasingly viewed as a stable, tangible asset with growing relevance for investors seeking resilience, diversification and long-term value. It offers low correlation with traditional markets and has shown consistent performance across multiple economic cycles. According to the Moore Global Wine Report 2025, investment interest is accelerating not only in historic regions such […]

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Fine wine is increasingly viewed as a stable, tangible asset with growing relevance for investors seeking resilience, diversification and long-term value. It offers low correlation with traditional markets and has shown consistent performance across multiple economic cycles.

According to the Moore Global Wine Report 2025, investment interest is accelerating not only in historic regions such as Bordeaux and Burgundy, but also across high-altitude and emerging producers in South Africa, Central Europe and South America. Supply-side constraints, shifting global consumption patterns and ESG-aligned production models are creating a new landscape for capital deployment.

A Market in Transition

The global fine wine market reached an estimated €30 billion in 2024, with projections indicating continued growth over the next five years. Price indices tracking fine wine have demonstrated lower volatility than equities and, in certain periods, delivered stronger risk-adjusted returns. As the Moore report notes, long-term investors are approaching the sector with a level of diligence traditionally reserved for real assets such as real estate or private credit.

Fine Wine in a Portfolio Context

Fine wine is becoming part of the real conversation around allocation — not as a novelty, but as a strategic response to volatility, inflation and asset fatigue. The asset’s characteristics are increasingly aligned with long-term capital: limited supply, transparent valuation benchmarks, and physical custody models that reduce abstract risk.

Recent cross-asset analyses confirm this logic. Over the past 15 years, leading fine wine indices have delivered average annualised returns in the range of 8–10%, with volatility significantly lower than public equities and minimal correlation to bond markets. Liquidity remains selective, but increasing — and pricing today is shaped less by taste and more by data, provenance and global scarcity.

For capital allocators looking to stabilise portfolios while maintaining exposure to value-generating real assets, fine wine now earns a place in the strategic asset mix.

Risk, Regulation and Resilience

Institutional entry into fine wine comes with a set of structural considerations. Provenance and certification remain essential to protect asset integrity — without them, long-term value is difficult to defend. Secure storage infrastructure, insurance and traceable movement are no longer optional.

At the same time, import duties, VAT regimes and export constraints vary significantly across jurisdictions. For investors active across the EU, UK and US, regulatory clarity can be as critical as wine selection itself.

Climate change adds another dimension. Established producers face volatility from droughts, frosts and hailstorms, with vintage reliability under pressure. Yet as noted in the Moore Global Wine Report, climate also creates new opportunity. Cooler-climate regions, including parts of the UK, Nordics and South Africa’s interior, are gaining traction. Climate, in this context, becomes both a risk and an asset selector.

Why Moore

At Moore, we bring together sector-specific insight from the wine and agribusiness industries with cross-border tax, ESG and alternative asset expertise. Our teams advise estates, investors and asset managers on structuring, succession, regulatory exposure and strategic positioning.

This is not about collectibles. It’s about understanding how a tangible asset behaves under pressure — and how it can contribute to a broader investment thesis.

Download the full Moore Global Wine Report 2025:

Moore Wine Report 2025 (PDF)

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The Execution Gap: Why Private Equity’s Next Chapter Demands More Than Capital https://www.moore-global.com/news/the-execution-gap-why-private-equitys-next-chapter-demands-more-than-capital/ Tue, 18 Nov 2025 00:00:00 +0000 https://www.moore-global.com/?p=6241 Global private equity has no shortage of capital. What it increasingly lacks is the operational discipline required to convert that capital into sustainable, long-term value — particularly as Gulf investors take on a more prominent role in shaping global investment dynamics. Capital is abundant – execution is not! Global buyout dry powder remains near record […]

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Global private equity has no shortage of capital. What it increasingly lacks is the operational discipline required to convert that capital into sustainable, long-term value — particularly as Gulf investors take on a more prominent role in shaping global investment dynamics.

Capital is abundant – execution is not!

Global buyout dry powder remains near record highs — estimated at approximately $1.2 trillion. Middle Eastern sovereign wealth funds, family offices and institutional investors are now among the most important sources of that capital, backing transactions in the US, Europe, Asia and across emerging markets.

The Gulf region is undergoing a fundamental economic transformation. National agendas such as Saudi Arabia’s Vision 2030, the UAE’s diversification strategyand Qatar’s knowledge-based economy push are all driving investment into new sectors and ownership models. Dubai and Abu Dhabi are strengthening their positions as wealth hubs, with more than 300 financial firms active in Abu Dhabi Global Market (ADGM) alone and a growing ecosystem of asset managers, private offices and funds.

Yet generating sustainable value is becoming increasingly complex. Signing-to-closing times for private equity deals have lengthened sharply over the past two years. Investors now expect more frequent and detailed reporting. Cross-border deals come with more regulatory, tax and operational complexity than ever. The gap between promised returns and realised outcomes is widening.

Identifying the right assets is no longer sufficient. Increasingly, value creation depends on execution architecture — the systems, structures and governance frameworks that convert capital into tangible results. Based on our work with fund managers and institutional investors across offshore fund jurisdictions, developed private equity markets, and fast-growing economies, we have identified four recurring execution gaps.

Gap 1: Emerging-market ambition, execution reality

Across the Middle East, Africa and Southeast Asia, investment theses remain highly attractive: demographic trends are supportive, digital adoption is accelerating, and governments are actively pursuing infrastructure development and economic reform. Fundraising often reflects this optimism.

A business that looks scalable  on paper can quickly run into fragmentation in practice. A regional platform may need different systems to meet Saudi regulatory requirements, UAE corporate and tax frameworks and Egyptian currency controls. Finance functions built for single-market reporting can quickly become overstretched. Talent strategies assuming seamless regional mobility frequently face legal and administrative barriers.

Many funds are structured for cross-border growth but still operate with single-market governance. Value-creation plans assume playbooks can be copied and pasted from one jurisdiction to another. “Regional champions” stall not because demand disappears, but because systems, processes and board rhythms have not been built to match the strategy.

The most effective firms in emerging markets price complexity upfront. Governance, financial infrastructure and cross-border coordination are treated as value enablers – not administrative overhead.

These firms align board calendars across jurisdictions, set clear expectations for reporting frequency and content, and invest early in people and platforms that can handle multi-country growth. In these markets, ambition is not enough – execution precision determines who wins.

Gap 2: The transparency tax – and blockchain as discipline

Private equity has long promised institutional-grade transparency: timely reporting, clear capital accounts and auditable waterfalls. Delivering that transparency has become expensive. Firms layer on ERP systems, reconciliation teams and long close cycles. LPs still wait weeks after quarter-end for numbers they cannot independently verify.

That is the “transparency tax” — a significant operational burden to provide information that ultimately still depends on trust rather than verification.

In parallel, the digital-asset world has been quietly building a different transparency model. Exchanges such as Luno and VALR now publish cryptographic proof-of-reserves reports that allow users to verify that customer balances are fully backed. These are not theoretical pilots – they are live attestations, repeated on a regular basis, supported by external assurance.

The same underlying technologies can be applied to parts of the private equity stack. Distributed ledgers can support more continuous verification of portfolio metrics, rather than purely quarterly “archaeology”. Smart-contract logic can be used to enforce co-investment terms and waterfalls automatically, reducing manual reconciliation and the risk of errors. Cross-border capital movements can be recorded in near real time with an immutable audit trail.

Most firms still see blockchain primarily through the lens of tokens and fund digitisation. The more immediate question is simpler: can distributed infrastructure reduce the cost and friction of the transparency we already owe investors?

The answer, increasingly, is yes — but only when combined with robust assurance, governance and regulatory design. Blockchain without assurance is speculation. Blockchain with assurance is infrastructure.

Gap 3: The tax structuring penalty

Headline IRRs tell only part of the story. The more hidden figure is the proportion of value that never reaches the LP because of avoidable tax leakages.

Gulf investors are now committing substantial capital to US and other international private equity funds. The opportunities are real — but so are the risks of unnecessary tax drag if structures are not carefully designed and maintained.

A common pattern illustrates the point. A Gulf LP invests $50 million into a US real estate fund, targeting an 18 per cent IRR and assuming treaty-level withholding relief through its chosen investment vehicle. Without robust structuring and documentation, effective tax outcomes can look very different: up to 37 per cent withholding on effectively connected income for direct investments; a 30 per cent branch profits tax plus dividend withholding if the wrong blocker structure is used; and 15 per cent withheld on the sale of US real-property interests under FIRPTA, even when relief might be available in principle.

Over a typical seven-year holding period, that can mean $5–8 million lost to tax that could, in many cases, have been mitigated. That is the difference between top-quartile and third-quartile performance.

The underlying issue is often a “treaty realisation gap”. Routing investments through a treaty jurisdiction does not, by itself, secure treaty benefits. The outcome depends on vehicle selection, pre-investment planning, timely completion of forms and ongoing compliance at federal and state level. Missing one element can bring investors back to full statutory rates.

Disciplined LPs are now treating tax structuring as part of deal architecture. Before signing subscription documents, they model alternative structures and ask a direct question: which entity structure do you recommend for our jurisdiction, and what does our after-tax IRR look like under each scenario? If the answer is vague, they reconsider the commitment.

Gap 4: Due diligence as an execution filter

In an environment where capital is plentiful, the real constraint is capacity to execute. Due diligence has therefore shifted from a backward-looking check to a forward-looking filter on execution risk.

Traditional financial due diligence remains essential, but it is no longer sufficient. Commercial, operational, technological and ESG considerations all need to be assessed early. That means testing whether leadership teams are truly equipped for cross-border growth, whether finance and IT systems can support multi-jurisdiction reporting from day one, whether key licences and contracts can withstand regulatory change, and whether sustainability plans are credible in light of tightening disclosure and transition expectations.

This is particularly important in the Gulf, where the ambition to build “regional champions” is common, but the execution path is demanding. The most effective investors now use the due-diligence phase to identify structural execution gaps and decide whether they can be closed within a realistic timeframe and budget. Where the gaps are too wide, they walk away, even if the headline numbers look attractive.

In that sense, due diligence is becoming less about finding problems after the fact and more about deciding which execution risks a fund is willing to own.

From capital to creation

Global private equity is entering a new phase. Capital is not the scarce resource. Execution capacity is.

For Gulf investors, this shift is particularly significant. Sovereign wealth funds and family offices in the region are no longer simply passive providers of capital; they are increasingly influential in shaping how global funds operate and where they deploy. At the same time, GCC economies are projected to grow by around 3.5 per cent in 2025, and private equity is expected to play an important role in delivering that growth.

The firms that will define the next chapter of private equity will not be those with the boldest theses or the largest pools of capital. They will be those that recognise execution architecture as a source of competitive advantage: building governance that can keep pace with cross-border growth, investing in technology that makes transparency structural, integrating tax into deal design rather than treating it as an afterthought and using due diligence to filter for execution risk as much as financial return.

The capital is ready. The opportunities are real. The question, for Gulf investors and global managers alike, is whether their execution infrastructure is ready to match their strategic ambition.

About the authors

Candice Czeremuszkin is Global Private Equity Sector Lead at Moore Global and Managing Partner of Moore in the Cayman Islands.

Dale Russell is Director of Moore Blockchain & Digital Assets in Johannesburg and Founder of TrustReserve Solutions.

Josh Whitworth is a Tax Partner at The Bonadio Group (Moore North America), specialising in international tax structuring.

Gurkaran Singh is a Partner at Moore JFC Dubai, focusing on strategy, corporate governance and advisory services across the Middle East.

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Moore Armenia joins the Moore Network https://www.moore-global.com/news/moore-armenia-joins-the-moore-network/ Fri, 03 Oct 2025 13:03:37 +0000 https://www.moore-global.com/?p=6081 Moore is delighted to welcome Moore Armenia to the Moore Global network! With deep roots in Armenia and a full suite of services – from audit and assurance, tax and legal advisory, to outsourcing and business consulting – Moore Armenia brings a compelling blend of local insight and global capability. By joining Moore, Moore Armenia […]

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Moore is delighted to welcome Moore Armenia to the Moore Global network!

With deep roots in Armenia and a full suite of services – from audit and assurance, tax and legal advisory, to outsourcing and business consulting – Moore Armenia brings a compelling blend of local insight and global capability.

By joining Moore, Moore Armenia is uniquely positioned to connect local clients to international opportunities, combining technical excellence with a deep understanding of their local business environment. Their addition further strengthens Moore’s reach and reflects our continued commitment to helping clients thrive wherever they do business.

We look forward to seeing them thrive as part of our global network.

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Anton Colella launches new leadership series on LinkedIn https://www.moore-global.com/news/anton-colella-launches-new-leadership-series-on-linkedin/ Fri, 19 Sep 2025 09:51:04 +0000 https://www.moore-global.com/?p=6013 Moore Global’s CEO, Anton Colella, has launched Leading Life with Anton Colella, a new monthly leadership series on LinkedIn. The series explores universal themes — from finding purpose to aligning values and leading with humility — offering Anton’s perspective on how leadership can bring fulfilment in work, life, and community. Chapter 1: Finding Purpose is […]

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Moore Global’s CEO, Anton Colella, has launched Leading Life with Anton Colella, a new monthly leadership series on LinkedIn. The series explores universal themes — from finding purpose to aligning values and leading with humility — offering Anton’s perspective on how leadership can bring fulfilment in work, life, and community.

Chapter 1: Finding Purpose is now available.

Chapter 2: Working Hard is now available.

Join the conversation on LinkedIn.

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Game Development Incentives: Comparing Jurisdictions, Maximising Value https://www.moore-global.com/news/game-development-incentives-comparing-jurisdictions-maximising-value/ Wed, 20 Aug 2025 13:37:59 +0000 https://www.moore-global.com/?p=5796 An international analysis of tax reliefs, compliance realities, and strategic implications for studios in 2025 As global competition for video game production intensifies, studios are under increasing pressure to make smart, strategic decisions about where to develop, structure, and scale their operations. With over $200 billion in annual value and a growing emphasis on cross-border […]

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An international analysis of tax reliefs, compliance realities, and strategic implications for studios in 2025

As global competition for video game production intensifies, studios are under increasing pressure to make smart, strategic decisions about where to develop, structure, and scale their operations. With over $200 billion in annual value and a growing emphasis on cross-border IP strategy, understanding international tax incentives has become a board-level priority.

Based on our experience advising clients in the gaming sector, Moore Global’s analysis suggests that the most effective location strategies are tailored to a studio’s structure, IP ambitions, and operational model. Optimisation is key, rather than a one-size-fits-all approach.

“As the UK video games development industry continues to grow, so does the Video Games Tax Relief (VGTR)… HMRC have paid out £1.48 billion in relief since VGTR’s inception in 2014, with 525 claims totalling £282 million in the financial year 2022–23.”

Rob Husband, Partner and Head of Video Gaming Team, Moore Kingston Smith

This global analysis outlines the structural, fiscal and operational features that define the world’s most competitive locations for video game development — enabling decision-makers to align incentive strategies with commercial growth.

Comparative Landscape of Game Development Incentives

Tier 1: Cashflow-Optimised Jurisdictions

Canada
Québec, Canada remains the benchmark jurisdiction for immediate liquidity support in the game development sector. However, recent structural changes to its flagship programme require close attention.

The Tax Credit for E-Business Integrating Artificial Intelligence (TCEB) maintains a 30% total rate, but the composition is shifting. From 2025, the refundable portion will gradually decrease from 23% to 20% by 2028, while the non-refundable portion increases from 7% to 10%.

Additionally, a major recalibration affects eligible payroll costs. The previous salary cap of CAD $83,333 has been replaced by a lower exclusion threshold of CAD $18,054, aligned with the basic personal tax credit. This policy change materially adjusts the benefit distribution: higher-compensated roles now attract proportionally greater relief, while entry-level and support roles receive reduced incentives.

United Kingdom
The United Kingdom’s Video Games Expenditure Credit (VGEC) offers a 34% credit on UK development spend, delivering a net 25.5% benefit after corporation tax. The transition from VGTR creates both opportunities and timing considerations—games in production before April 2025 can continue claiming VGTR until March 2027, while new productions must use VGEC from April 2025. The cultural test remains mandatory, requiring 16 of 31 points, but the minimum UK spend requirement has dropped to just 10%.

Australia
Australia’s Digital Games Tax Offset provides a 30% refundable credit with a $20 million cap, stackable with state incentives. New South Wales offers an additional 10% rebate, while Queensland provides a 15% rebate, creating effective rates of 40-45% for qualifying projects.

Tier 2: Strategic Trade-offs Between Rate and Reliability

Ireland
Ireland’s Digital Games Tax Credit offers a 32% refundable credit, capped at €25 million per project — one of the highest thresholds globally. The cultural test and interim certification process support steady cash flow, while Ireland’s EU membership ensures treaty access for international expansion.

New Zealand
New Zealand’s Game Development Sector Rebate provides a 20% rebate, capped at NZ$3 million per studio annually. In 2025, 40 studios shared NZ$22.44 million in relief. While the rate is modest, the programme’s reliability and the government’s commitment to supporting local IP development offer a stable foundation for long-term growth.

Tier 3: Jurisdictions Focused on Long-Term Tax Efficiency

Cyprus
Cyprus offers one of the most favourable regimes for IP income extraction. Its IP Box framework enables an effective tax rate of 2.5% on qualifying IP income, supported by an 80% deduction on IP profits. Combined with a full exemption on capital gains and amortisation periods of up to 20 years, the regime presents strong long-term value for studios managing valuable IP portfolios.

Malta
Malta combines development-stage incentives with advantageous profit repatriation tools. An effective corporate tax rate of as low as 5% is achievable through investment tax credits and a refund mechanism, while a flat 15% tax rate for qualifying gaming professionals enhances Malta’s ability to attract global talent.

Singapore
Singapore supports early-stage development through targeted IMDA grants of up to $50,000 for prototypes, particularly those that reflect local culture. Although not offering a broad-based tax credit regime, its digital economy focus, strong IP protections and strategic location provide clear benefits for regional scaling.

Compliance Realities: Hidden Costs, Traps and Critical Timelines

Compliance obligations across jurisdictions differ not only in complexity but also in their potential to delay or derail access to incentives. For example, the UK and Ireland’s cultural tests require detailed advance planning and evidence, with failure to meet minimum criteria — such as the UK’s 16-point threshold — resulting in complete ineligibility.

Timing risks are equally significant. In Australia, the Digital Games Tax Offset (DGTO) must be claimed with the initial corporate tax return; no amendments are allowed post-submission, making precise coordination essential. This has already led to missed opportunities for several studios.

Transfer pricing rules and substance requirements present further challenges for companies with cross-border structures. The UK’s VGEC explicitly excludes connected party profits, while Cyprus’ IP Box regime mandates genuine R&D activity to meet OECD nexus standards.

In this environment, professional guidance is not optional—it is essential to ensure full compliance, maintain eligibility, and avoid unexpected tax exposures or regulatory scrutiny.

Best-Fit Jurisdictions Based on Studio Profile

Cash-Constrained Start-ups
Québec and Australia stand out for their generous and accessible liquidity support. Québec’s revised salary threshold now offers enhanced benefits for higher-compensated roles, while Australia’s inclusive eligibility framework accommodates a broad range of development models—particularly beneficial for early-stage studios seeking predictable cash inflows.

Growth-Stage Studios
The UK’s Video Games Expenditure Credit (VGEC) combines operational flexibility with a low minimum spend requirement, ideal for scaling teams. Ireland complements this with one of the world’s highest project caps and an efficient interim certification process—supporting both domestic development and international co-productions.

IP-Driven Companies
Cyprus and Malta provide structurally advantageous environments for studios focused on IP commercialisation. Cyprus offers a 2.5% effective tax rate on qualifying IP income, capital gains exemptions, and long amortisation periods, while Malta combines development support with favourable post-profit tax treatment through its credit and refund regime.

Firms Targeting Regional Expansion
Singapore offers targeted prototype grants and serves as a strategic hub for accessing the broader Asia-Pacific market. New Zealand, while modest in rate, provides a consistent and transparent incentive framework—making it an attractive platform for studios aiming to scale original IP with long-term global ambitions.

Jurisdiction Comparison Table: Rates, Requirements and Key Dates

REGIMEKEY POINTSCOMPANY ELIGIBILITYGAME ELIGIBILITYOPERATION OF RELIEFCLAIMSINTERACTIONKEY DATES
Québec (Canada)30% total rate (23% refundable, 7% non- refundable in 2025)Québec- incorporated, min 6 employeesAI integration required, interactive gamesRefundable + non- refundable creditRevenu Québec + CRAExclusion threshold $18,054Rates change annually
UK (VGEC)34% credit (25.5% net), 10% min UK spendUK base or SPV, min 10% UK spendMust pass cultural test (16/31 points)Payable credit, annual returnHMRCPAYE cap, no R&D overlapVGTR ends Mar 2027
Ireland32% credit, €25m cap per projectIrish entity, min €100k spendPass cultural test, commerc ial intentRefundable, interim/final certificationIrish RevenueDouble-tax treaties, EU accessSince 2022
Australia30% federal + state rebates (up to 45% total)Australian entity, min $500k spendOriginal games, not gamblingRefundable offset, $20m capATO + state officesMust claim with primary returnOngoing
Malta5% effective CIT, investment tax creditsMalta- based, substance requiredInteractive digital gamesInvestment credits, IP-Box for profitsMalta Enterpris eEU compliance, 15% flat tax for professionalsOngoing
Cyprus2.5% IP box rate, 80% deductionCyprus- incorporate d, nexus complianceIP creation/exploitationReduced income tax, full CG exemptionCyprus tax return20-year amortization, treaty networkOngoing
New Zealand20% rebate, NZ$3m studio capNZ- registered, min $250k spendGame developm ent onlyAnnual rebate, capped per studioNZ On Air$40m annual fundApr 2023 start
France30% tax credit, €6m annual capMin €100k spend, EU/EEA basePass cultural testTax credit, annual filingFrench tax authorityExclusive of R&D creditsOngoing
Singapore$50k prototype grants, targeted supportSingapore entity, cultural relevanceSingaporean narratives /cultureDirect grants, not tax creditsIMDA applicationFocus on cultural promotionOngoing

What’s Next: Strategic Choices in a Shifting Incentives Landscape

Game development is no longer bound by geography — but incentive regimes still are. As studios scale across borders, the challenge is no longer just finding generous tax credits, but building a strategy that aligns relief opportunities with creative, financial, and IP goals.

From our work across Moore Global’s international network, we see that the most effective studios:

  • Integrate incentive strategy into their early-stage planning.
  • Tailor IP structures to support future monetisation and exits.
  • Use cross-jurisdictional optimisation to align cashflow and compliance.
  • Adapt quickly as programmes evolve, without losing benefits.

“Whether you’re developing an indie title, scaling a mobile studio, or managing a global IP franchise, Moore can support you every step of the way. We work across all the jurisdictions covered in this analysis — and many more — to align incentive strategies with your commercial goals. Our local tax specialists and sector-focused advisers collaborate globally to deliver clear, practical advice where and when you need it.”

Leon Dutkiewicz, Global Tax Leader, Moore

Across markets and mandates, Moore serves as a trusted partner — helping studios align financial incentives with creative ambition and commercial strategy.

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Moore Sejong joins the Moore Network https://www.moore-global.com/news/moore-sejong-joins-moore-network/ Thu, 14 Aug 2025 13:01:19 +0000 https://www.moore-global.com/?p=5766 Moore is proud to welcome Sejong Accounting LLC as the newest member of our global network. Based in Seoul, Moore Sejong is a highly respected accounting and advisory firm with a strong reputation for serving international clients in Korea. Established in 2002 as an independent accounting firm originating from leading Korean law firm Shin & […]

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Moore is proud to welcome Sejong Accounting LLC as the newest member of our global network. Based in Seoul, Moore Sejong is a highly respected accounting and advisory firm with a strong reputation for serving international clients in Korea.

Established in 2002 as an independent accounting firm originating from leading Korean law firm Shin & Kim, Moore Sejong specialises in audit & assurance, tax, and advisory services, with deep expertise in IFRS standards, international tax, cross-border transactions and business consulting services. Sejong has strong capabilities in high-growth sectors such as ESG, manufacturing and IT.

Sejong’s close strategic alliance with Shin & Kim enables it to offer clients a unique combination of integrated legal and financial solutions, making it a trusted partner for complex engagements including M&A, IPO, business restructuring and forensic investigations.

We are delighted to welcome Sejong into the Moore family and look forward to seeing them thrive as part of our global network.

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First Moore Global Thrive Index Shows Mid-Market Upbeat https://www.moore-global.com/news/first-moore-global-thrive-index-shows-mid-market-upbeat/ Mon, 14 Jul 2025 00:00:00 +0000 https://www.moore-global.com/?p=5465 2,000-plus business leaders surveyed show resounding optimism on economic prospects Moore Global, the global accounting, audit, and advisory network, has launched the Thrive Index, a unique insight into the concerns and strategic thinking of leaders of ambitious businesses across the world. This first edition of the Thrive Index revealed that the mid-market companies that form […]

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2,000-plus business leaders surveyed show resounding optimism on economic prospects

Moore Global, the global accounting, audit, and advisory network, has launched the Thrive Index, a unique insight into the concerns and strategic thinking of leaders of ambitious businesses across the world.

This first edition of the Thrive Index revealed that the mid-market companies that form the backbone of the global economy are generally upbeat about the future, despite confusion over tariffs and ongoing geopolitical tensions.

Moore Global surveyed more than 2,000 business leaders across 14 of the world’s most important economies on five key areas: general sentiment about the business environment; revenue; costs; the labour market; investment.

The Thrive Index scores capture the balance of positive responses minus the balance of negative responses. It is scored on a scale from -100, representing unanimous negativity, to +100, representing unanimous positivity.

The score for the first Thrive Index is +35.1, indicating positivity among the leaders of mid-market businesses. Almost 75% of those surveyed improved business performance last year.

The highest score was recorded in India, at +48.7, driven by particularly strong reports of revenue, headcount and investment growth. By contrast, four of the five lowest scores were in the European Union, reflecting the slow growth outlook for the bloc.

In terms of business sectors, IT showed the highest score (+44.2) while the wholesale trade was the laggard at +17.6. However, when wholesalers look ahead over the coming year their sentiment is much more positive, particularly on revenue and employment expectations.

Anton Colella, Moore Global CEO, said: “Our findings are fascinating and illustrate the agility of ambitious mid-market business leaders. They are investing more in people and technology to gain an advantage in challenging economic conditions.”

You can download the full report here: https://www.moore-global.com/intelligence/the-key-strategies-that-make-mid-market-businesses-thrive/

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Moore Global Named Network of the Year https://www.moore-global.com/news/moore-global-named-network-of-the-year-in-unanimous-decision/ Mon, 30 Jun 2025 12:59:10 +0000 https://www.moore-global.com/?p=5337 Moore Global, the global accounting, audit, and advisory network, was named Network of the Year at the International Accounting Forum and Awards 2025 (IAFA 25) in a unanimous decision by the judges. Vivienne Muir, Moore Global Chief Operating Officer, was presented the prestigious award on June 28 at the IAFA 25 ceremony in London. Vivienne […]

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Moore Global, the global accounting, audit, and advisory network, was named Network of the Year at the International Accounting Forum and Awards 2025 (IAFA 25) in a unanimous decision by the judges.

Vivienne Muir, Moore Global Chief Operating Officer, was presented the prestigious award on June 28 at the IAFA 25 ceremony in London.

Vivienne said: “This award is recognition of the quality, dedication, and collaboration that defines our global network. It reflects the outstanding work of our member firms and our people around the world. A heartfelt thank you—and congratulations—to everyone across Moore who made this possible.”  

The judges reached their unanimous decision after considering a broad range of milestones and accolades achieved last year by the Moore Global network.

In 2024 Moore Global recorded 13 per cent growth, making it the only top 20 network to have a fourth consecutive year of double-digit growth. At the same time 83 per cent of member firms grew in 2024, with 44 per cent of the network recording growth above 10 per cent.

Anton Colella, Moore Global Chief Executive Officer, said: “We have always known we are building something very special here at Moore. To have that confirmed by no less an organisation than IAFA is gratifying indeed. This recognition belongs to every single one of our 37,000 people. Congratulations to all.”

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Moore Global Announces Strategic Partnership with Beeye https://www.moore-global.com/news/moore-global-announces-strategic-partnership-with-beeye/ Fri, 27 Jun 2025 09:12:23 +0000 https://www.moore-global.com/?p=5140 New Strategic Partnership with Beeye

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Moore Global, one of the world’s leading networks of independent accounting and advisory firms, today announced a new strategic partnership with Beeye, an award-winning provider of intelligent resource planning and project management software for accounting firms.

The partnership forms a key part of Moore Global’s strategy to support member firms in their digital transformation journeys—connecting them with innovative tools and forward-thinking technology providers.

“This partnership is about putting the right tools in the hands of our firms to drive smarter decision-making and better outcomes for clients,” said Anton Colella, CEO of Moore Global. “Beeye’s platform is a strong fit for our network and our ambition to lead in digital excellence.”

Adrien Sicard, CEO and co-founder of Beeye added: “Resource management touches everything that matters to firm leadership; profitability, capacity, client experience, and talent retention. We’re excited to work alongside Moore Global to share what we’re doing with Moore DRV to help more of the network plan and adapt with confidence.” 

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