Mauritius can provide administration support services for client-facing teams in Singapore. «This allows us to provide an integrated solution to our clients,» Udit Gambhir from Cim Global Business says.
Mr. Gambhir, Singapore is a gateway to Asia for many firms. How does this apply to the work you are doing?
Cim Global Business has over 23 years of experience in fund, corporate and trust formation and administration. We are headquartered in Mauritius and have expanded our presence into Singapore since 2011 to service companies and funds wishing to use the country as hub for investment into Asia.
Singapore has a well-reputed financial infrastructure and the Monetary Authority for Singapore (MAS) aspirations to make it not just an Asian but a global hub for investments, made it a destination of choice for us to set up our business.
Do you see ASEAN as being your main business hinterland or is North Asia also very important?
Our primary focus is currently on the ASEAN region; with its population of over 600 million and nominal GDP of $2.31 trillion, it is an emerging hotspot for global investors. Furthermore, we are able to cover the whole of Asia from our Singapore office with solutions for structures in Singapore, Cayman Islands, British Virgin Islands (BVI) and Mauritius.
Do you envisage a Hong Kong office in the near future?
For the time being, we believe that Hong Kong can be covered from Singapore. We are not planning to open an office there in the near future.
«We have rolled out our strategic plan for Asia»
However, we have just rolled out our strategic plan for Asia and following that, if we see a growing flow of business originating from Hong Kong, we might hire a dedicated business development person based in Singapore who will cover Hong Kong and North-East Asia.
Corporate services firms are coming under increased regulatory scrutiny. How does this affect you?
I believe that it is a very good thing for the sector. It gives clients further confidence in the system and at the same time protects our sector from reputational risk issues.
In Mauritius, corporate and fund services firms are regulated by the Financial Services Commission. As we form part of a listed Group, we need to adhere to a strict compliance framework. Hence, increased regulatory scrutiny from the Singaporean authority will not affect us as we are already adhering to the best practices in this business.
What is the benefit for clients in the region in having a Mauritius-based partner?
Cim Global Business is the leading corporate and fund administrator in Mauritius. We have a solid reputation and this gives our clients further confidence in our brand.
«This allows us to provide an integrated solution»
We have a team of over 250 staff in Mauritius with vast expertise and knowledge of dealing with various jurisdictions like Cayman Islands, BVI and Singapore besides Mauritius. This gives us the opportunity to provide our clients with cross-jurisdictional offerings.
What exactly are you providing?
We focus on bespoke solutions as well as high-calibre services that have allowed us to build an impressive and loyal client-base. And Mauritius also provides administration support services for our client-facing teams in Singapore and South Africa. This allows us to provide an integrated solution to our clients by combining products like corporate secretarial, accounting, fund administration, along with consultancy services like legal, compliance for a one-stop shop proposition.
«Mauritius has positioned itself as the country of choice for investments in Africa»
As these services are outsourced to a lower-cost jurisdiction, we are able to pass on the cost savings to our clients.
A last word about Mauritius?
Mauritius has positioned itself as the country of choice to facilitate investment into Africa over the past decade thanks to its business-friendly environment, stable legal and political frameworks and list of signed Double Taxation Avoidance Agreements (DTAA) and Investment Promotion and Protection Agreements (IPPA) with the Continent.
Hence, through our Mauritius office, we can also facilitate Asian enterprises wishing to invest into Africa by setting up their companies or funds.
Udit Gambhir was recently appointed as the new Managing Director of Cim Global Business for Singapore. He also acts as Business Head for Asia. He joined from Standard Chartered Bank in Singapore, where he was leading the sales initiatives for Investors and Intermediaries. finews.asia met with him recently to get a snapshot of how business is developing in the region.
Cim Group is a financial services group listed on the Stock Exchange and headquartered in Mauritius. In its wholly-owned subsidiary, Cim Global Business, they provide fund, corporate, trust formation and administration services and outsourcing solutions to corporate and institutional clients. At present, Cim Group has over 900 employees across its Mauritius, Singapore and South Africa-based operations, and has over $150 billion of assets under administration. Cim Global Business has been operating in Singapore since 2011.
