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| Focus Administration Limited |
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Profile:
FUND SETUP
Dedication of resources in the product development, structuring, launch phase or transfer of the administration operations of the Fund by liaising and coordinating with legal counsel, brokers, custodians, auditors, regulatory bodies and directors
Initial and ongoing consultation and review of requirements of funds
Review of offering documents, custody agreements, administration agreements and any other required documentation
Setting up bank and broker accounts
Establishment of procedures to ensure smooth running of the fund
ACCOUNTING & VALUATION
Maintenance of accounting records and responsibility for record keeping of all transactions/ trades in a multi-currency environment in accordance with regulatory requirements
Reconciliations of all cash/broker accounts and transmission of information to client
Calculation of Management/Performance Fees, other fees and accruals
Preparation of daily, weekly and monthly net asset value calculations as required
Timely preparation of quarterly/annual financial statements including detailed supporting schedules in accordance with International Accounting Standards
Coordination of the funds audit process and liaison with auditors
Preparation of regulatory reports/filings and liaison with regulator
SHARE REGISTRAR & TRANSFER AGENT
Maintenance of share register and shareholder details
Process subscriptions, redemptions and transfers and distribute onfirmations of all to shareholders
Distribution of shareholder valuation statements and communicate with shareholders as needed
Verification of shareholder details and ensure compliance with Cayman Islands Anti-Money Laundering Regulations and perform adequate due diligence procedures
REGISTERED OFFICE FACILITIES
Under Cayman Islands Company Law, a Cayman corporation must maintain its registered office in Cayman, a service offered by FOCUS.
Maintenance of Minute Books and Statutory Records
Statutory filings with the Cayman Islands Registrar of Companies & CIMA
Arranging and conducting shareholders and directors meetings, providing company secretaries and preparing all necessary filings
OTHER CORPORATE SERVICES
Provision of individual and corporate directors
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Overview:
Focus Administration Limited. "FOCUS" is a fully licensed Mutual Fund Administrator in the Cayman Islands and regulated by the Cayman Islands Monetary Authority (CIMA). We pride ourselves on providing a full range of administration and accounting services to our clients in a timely, accurate and professional manner. As an independent "boutique" service provider, we customize our service to accommodate the ever changing needs of our clients. Our technology and innovative systems, combined with our qualified staff, provide the opportunity to increase the efficiency of our operations while reducing costs to our clients. Focusing on the detailed requirements of our clients, we become an integral part of their team. Our flexibility, along with our attention to detail makes us an invaluable asset to any organization.
Specific advantages of the services provided by FOCUS in the Cayman Islands are:
FOCUS has an established network of business professionals including attorneys, auditors, bankers and directors, providing fund promoters the assurance of high quality service, regardless of the complexity of their products
FOCUS has a state-of-the-art level of technological sophistication with first-class international telephone, telex, facsimile, cable and Internet links via satellite. This allows the quick processing of transactions, and provides account information for a wide range of products and currencies efficiently and at a cost-effective rate
FOCUS has extensive disaster recovery procedures in place, enlisting the services of Foreshore in Jersey, the Channel Islands. They designed and implemented solutions that provided an online backup for our mission critical systems. This enables access to our data within their world-class offshore datacenter should we encounter massive data loss due to hardware failure, denial of access or loss of premises during a natural disaster
FOCUS is able to assist in structuring the establishment of a Cayman mutual fund and working alongside your onshore and offshore counsel as appropriate to review documents and provide constructive feedback
FOCUS has a true dedication to each client relationship. Our flexibility of delivery accommodates those outside of our time zone. Our innovative and creative open-minded approach portrays a true commitment of excellence to our clients. We differ from our competitors with our adaptability and sense of loyalty Focus Administration
FOCUS is located in the heart of George Town, Grand Cayman. The Cayman Islands have become the leading offshore jurisdiction in the funds industry and are currently home to an estimated 80 percent of the world's hedge funds. At the end of 2005, over 7,000 mutual funds were domiciled in the Cayman Islands.
Recognizing the world-wide trend and phenomenal growth in mutual funds and other investment funds, the Cayman Islands enacted its Mutual Funds Law in 1993 (now the Mutual Funds Law 2003 Revision). The primary objective of the law was to provide legislation for flexible but effective regulation to a fast-growing sector with widespread implications for the Cayman Islands' financial industry, while positioning it as one of the world's leading international financial centers.
In drafting the legislation, the fact that Cayman tended to attract institutional and sophisticated, high-net-worth investors was taken into consideration, as was the existing good practice and high standard of self-regulation. The law, therefore, aims to ensure that only those with sound reputation and appropriate expertise are permitted to establish and administer mutual funds in the Cayman Islands.
The mutual fund industry has experienced phenomenal growth since it was regulated. The reasons the Cayman Islands are viewed as a jurisdiction of choice include:
An expeditious formation process and a user friendly registration system with the Cayman Islands Monetary Authority (CIMA)
Market access and the availability of professional services
The flexibility afforded by the range of structures used to operate mutual funds
Positive investor perception and the excellent local infrastructure
Listing availability on the Cayman Islands Stock ExchangeGeographic location, time zone and the Cayman Islands' legal, regulatory and tax environment
Specific advantages of the Cayman Islands as a jurisdiction for mutual funds are:
The Cayman Islands is well known for its close working relationship between government and the private sector. This has created a business environment that is efficient and free of timeconsuming bureaucracy
The Cayman Islands Mutual Funds Law is designed to be a user-friendly regulatory framework for fund managers. Regulatory and licensing procedures are straightforward
Cayman has a well-developed and sophisticated legal and court system with ultimate appeal to the Privy Council in London. The legal framework permits flexibility and enables Cayman funds to participate in sophisticated investment techniques. These may include leveraging the portfolio to a substantial extent making loans of securities on an unlimited basis, investing in all types of securities and security derivatives, and investing without restriction in any currency or instruments
Cayman is a "no-tax" jurisdiction; it has no history of taxation whatsoever and the country has no mechanism for future taxation
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