Since its establishment in the Cayman Islands in October 2002, the office of BDO Cayman has evolved in step with the country’s economy.
Now marking its 10th anniversary, the firm looks back on years of rapid growth in the financial services sector and looks ahead to innovations as Cayman’s economy diversifies beyond the traditional industries of financial services and tourism.
“In some ways I guess we’re again following the economy. We’ve gone through the growth phase in financial services, and now the economy is giving alternatives and developing other arenas that we ourselves would like to work in,” Managing Partner Glen Trenouth said.
The firm is holding a special birthday celebration at the Cayman Islands National Gallery, with performances by Canada’s famed “Zero Gravity Circus”, flair bartenders and other surprise entertainment.
“It’s a good way to raise our profile a bit. We want to make it clear to people that we have been here for a while now. The market is dominated by the big four accounting firms, so I think this is a good way to publicise that we’re here, we’ve been here for a long time, and we have a pretty sizeable operation in the Cayman Islands,” Partner James George said.
Trenouth said the party will give the firm the opportunity to thank the businesses it’s worked with on Island over the years, and also give the office’s employees the chance to let their hair down, in style.
Recognised as a Top Employer in the Cayman Islands for three consecutive years, BDO Cayman Islands is a people-based organisation with a deep commitment to providing high-quality, personalised client service. The BDO Cayman Islands office has blossomed from a single person to a successful, thriving business which continues to grow in strength.
The BDO Cayman Islands team is committed to delivering a high standard of client service. They have all been carefully selected for their audit and accounting expertise and knowledge. The team is one that you can trust to deliver and get things right from the outset, working closely with clients throughout the year providing practical support. BDO Cayman Islands believes in its people’s ability to be proactive, innovative and connected, with a flexible approach and methodology to manage each individual assignment.
“We are focused on our clients needs and pride ourselves in delivering excellent service which is much appreciated by our clients,” Partner Muzaffar Soomro said.
As the world’s fifth-largest public accounting service, BDO comprises over 1,100 offices in 135 countries.
“I don’t think a lot of people realise how big we are in relation to the other mid-tier firms that we’re ‘competing with’. In terms of size, if you combine the next largest of our four or five competitors in the mid-tier space, I think we’re bigger in terms of total numbers,” Partner Paul Arbo said.
Giving back to the community
BDO Cayman Islands’ signature community event of the year is the 2012 Cayman Islands World Squash Open. Hosted by the Cayman Islands Squash Association from 13-21 December, the tournament is expected to draw scores of the world’s top women squash players, hundreds of visitors and international media coverage to the country.
The firm also assists with NORCECA Beach Volleyball and is one of a handful of corporate ambassadors for Junior Achievement of the Cayman Islands.
Adapting to the economy
BDO Cayman Islands specialises in the areas of auditing offshore mutual funds and captive insurance companies, though the firm has a diverse client base which includes banks, hotels and many local enterprises. As well as providing audit services to fund and investment manager clients, the firm has been involved with various tax aspects of international funds and fund management groups.
The firm’s auditing group grew along with the boom in the hedge fund industry in 2002-2008. BDO Cayman Islands was not immune from the effects of the global recession, but now looks forward to steady growth in the coming years.
The firm’s insurance group is well-established and is poised to take advantage of any trends that may bring more captive insurance business to the Cayman Islands. The firm also performs accounting and business consultancy services.
“These are all relatively small for us compared to our other groups. That provides great opportunity for expansion and growth,” Trenouth said.
“Actually with the new Cayman Enterprise City, Shetty Hospital and other nonfinancial services businesses developing here, they will be looking for advice and outsourcing.”
In preparation for the new era of diversification in the country’s economy, BDO Cayman Islands is creating a new advisory group that will initially act as an advisor on United States tax issues to US businesses seeking to establish a presence in Cayman.
Responding to the global economic downturn, BDO Cayman Islands introduced corporate restructuring and insolvency services in 2011. The services include liquidation, receivership, court supervised inspectorship, corporate schemes of arrangement, administration and regulatory body controllership for a variety of engagements in both the financial services and nonfinancial services sectors.
In the past 12 months, the corporate restructuring and insolvency services group has grown from one person to four people.
“We’ve put ourselves in a position to be a leading alternative to the other more established insolvency service providers on Island,” Trenouth said.
As evidence of the firm’s continued growth, BDO Cayman Islands has recently appointed its fifth director – Michael Garofolo, who specialises in audit.
For more information please visit www.bdo.ky