With increasing demand from regulators and investors for the highest standards of corporate governance and stringent compliance with a growing list of complex regulations, more and more companies are turning to professional corporate service providers (CSPs) for expert help.
In the recent past, there has been a rise in the regulatory responsibilities and requirements required of companies in all jurisdictions, Bermuda not excluded. The management of Bermuda companies have the legal and fiduciary responsibility to ensure it fully adheres to the set legislation in the jurisdiction. Professional CSPs are one key way to efficiently meet these responsibilities and reduce compliance risk.
In Bermuda, CSPs are licensed under the Corporate Service Providers Business Act 2012. The types of CPSs fall within a wide range, from small boutique firms with a limited number of few key clients to larger firms a large number of clients. CSPs will attract a wide range of clients; small to large, local to global, limited companies to partnerships and all operating in different industrial sectors.
In Bermuda and indeed across all Jurisdictions, CSPs provide a broad range of fiduciary, administrative, legal, corporate secretarial and support services. A highly regarded CSP is Valsen Fiduciaries that providing fiduciary services to businesses for over a decade. Valsen Fiduciaries is a full-service global service provider that offers multi-level solutions to international companies, financial institutions, investment firms, advisory groups and family offices. Valsen’s Bermuda offering includes but it is not limited to Bermuda Captive Insurance Lincense; Bermuda Excempt Corporation; Bermuda Institutional Fund License; Bermuda Trust; Bermuda Administered Fund License; Bermuda Standard Fund License; and Bermuda Virtual Office Services.
The need for companies gaining professional assistance is more so now where the regulatory landscape has become so fluid and the world is facing increased uncertainties. For companies, CSPs become a needed business tool as they are essential in navigating unchartered waters, reducing administrative costs and subsequently allows them to focus their energies in their core business.