By Staff
Copyright caymancompass
Deloitte’s decision to launch new business-process solutions on the islands demonstrates the jurisdiction’s key role in global financial services.
On 17 Sept., Deloitte announced it was bringing its global legal entity management business to Cayman. To deliver the business-process solutions, the company said in a press release that it created Deloitte Corporate Services (Cayman) Limited, a newly licensed entity under the Cayman Islands Monetary Authority.
The new business unit will offer standard business process solutions, such as entity formation, FATCA/CRS reporting, registered office and corporate secretarial services, bookkeeping and financial statement preparation, and economic substance and global tax transparency.
It’s entering a competitive market, with plenty of firms already offering those services on the islands. Yet more significant is the fact that Deloitte, which has been in Cayman since 1973, is investing in expanding its local operations.
The move partly reflects trends in the global finance industry, which is facing increasingly complicated regulatory landscapes, Anthony Fantasia, tax leader at Deloitte Cayman Islands, said in the release, “Investment managers today are navigating more complexity than ever. We see clients experience increasing demands to operate across borders, navigating complex corporate structures and regulatory environments, and dedicating resources to balancing strong governance with operational efficiency.”
But the move also demonstrates the growing importance of the Cayman Islands as the solution for global firms looking to pool capital from multiple regions. “As a leading jurisdiction for investment funds, the Cayman Islands represents a pivotal market within our global LEM offering,” said Daniel Connell, Deloitte’s global legal entity management leader.
And while there are an abundance of firms already offering these types of business process solutions here, the fact that Deloitte, one of the largest professional service networks in the world, is expanding its Cayman offering is positive for the jurisdiction.
“By leveraging our collective expertise, we are further strengthening Cayman’s industry capabilities to deliver excellence at a global scale,” said Deloitte Cayman Islands’ managing partner, Cindy Hislop.
