Next Level Governance: The Benefits of an Expert Bermuda Corporate Services Provider

The continued adoption of Bermuda as a corporate domicile for international business has seen the role of a Corporate Services Provider (“CSP”) evolve significantly in recent years.

Sweeping global regulatory initiatives aimed at tax transparency and the complexity involved with structuring and compliance for cross border transactions have highlighted the benefits of working with a CSP that can provide a range of integrated services across a wide international network.

From full-service entity formation and registered office services to independent trustee and directorship services that are critical to good corporate governance, CSPs relieve the administrative burdens and compliance headaches facing businesses across a range of key functions including board support, accounting and agency services, FATCA and CRS compliance and liquidations.

With its reputation as a first-class financial centre, Bermuda is often right at the centre of these conversations.  As a leading CSP, the Maples Group in Bermuda provides a comprehensive range of fiduciary services via a locally based team supported by a global network of nearly 3,000 people across 15 offices.

Trusted by the world’s leading investment managers, multinational corporations and financial institutions, with a legacy now approaching 60-years, our experienced fiduciary professionals have in-depth knowledge of Bermuda’s corporate landscape.  With our firm’s market leadership in alternative funds and cross-border finance, the Maples Group is well placed to provide a range of integrated corporate and fiduciary services for clients doing business in Bermuda as well as those operating in multiple jurisdictions.  Our fast and efficient execution is backed by an institutional grade infrastructure that leverages cutting edge technology to meet the demands of today’s business leaders.

With over 25 people dedicated to company secretarial functions, the Maples Group boasts the largest board support team in the Caribbean.  Similarly, where clients require service in the European time zone, our company secretarial team in Ireland is one of the largest in the jurisdiction, in addition to having a major presence in Asia.  These sizeable teams ensure consistent delivery of service, responsiveness, guaranteed meeting coverage as well as stability and continuity for client companies.

We also provide specialist AML compliance officers across our global network to funds and ILS transactions, drawing on the Group’s depth of experience performing due diligence on various entities, including helping funds to comply with various anti-money laundering regulations.  Through our Know Your Customer (“KYC”) and due diligence / compliance Centre of Excellence established in our Montreal office in Canada, our team has performed KYC and due diligence / compliance checks on more than 50,000 unique investors.

Working with the Maples Group, clients appreciate the responsiveness of our qualified fiduciary professionals, who are accessible and always available for time zone convenience.  Questionnaires and enquiries from the Registrar of Companies (“ROC”), for example, are dealt with promptly within the required timeframe so entities are always in compliance.  In addition to fines and any reputational damage related to regulatory infractions, directors could be held personally responsible if a company fails to make the correct filings and meet requirements of the Companies Act.

While consolidation among CSPs in recent years continues to create instability in the corporate services industry in Bermuda, the Maples Group’s privately owned model ensures we are well positioned to create long-term partnerships with our clients and can add value to their operations.  With our extensive global network, clients gain access to genuine expertise across jurisdictions, through a dynamic and stable team.

While changing service providers can often be viewed as quite arduous, transferring entities to the Maples Group in Bermuda is a straightforward and efficient process.  Our highly responsive approach ensures that this can be completed in a streamlined manner, and the team can typically complete everything in around a week following receipt of the required KYC documents. All new clients will be welcomed by a dedicated relationship manager to lead and ease the transition phase and then continue to action all requests and regulatory filings once onboarded.  If you have any questions about using the Maples Group as a CSP in Bermuda or any of our fiduciary services offered globally, please reach out to a member of our team.

For legal and regulatory disclosures please visit: maples.com/legal-notices.