FAQ

Frequently Asked Questions 2015

 

Please feel free to contact us as we would be glad to provide you with a detailed proposal for our services. info@mgcayman.com Tel: +1 345 749 8181

We prefer to be paid annually in advance and pro rated for part years. The actual fee amount is dependent upon the specific requirements of the appointment and we will wherever possible provide a fixed fee. In addition we would require a minimum of US$500 – US$1,000 towards disbursements depending on the nature of the engagement and we will provide full details of disbursements incurred at least on an annual basis.

Our take on procedure is unobtrusive and transparent with the main criteria being that we understand the operations of the company and role for which we are being appointment.

We have an advanced bespoke IT solution which facilitates secure access to all information and documents at any location at any time. In fact our clients have online access to all their documents 24 hours per day 365 days per year. Our records are stored digitally and the data encrypted and backed-up in realtime. We have a full disaster recovery plan. Our main protection from a disaster is our office which is located on the second floor of the building which is raised well above sea level which also has a full generator and water supply back-up which will ensure a continuity of MG ‘s services.

Yes we are legally obliged to provide an audit to CIMA on an annual basis and we have engaged a CIMA approved auditor.

We aim to make the process as painless and as unobtrusive as possible although we are legally obliged to obtain such information to the benefit of all our clients.

Yes all of our directors are subject to the Cayman Islands Directors Association Code of Conduct which is based on and substantially similar to the UK Institute of Directors. This Code can be found on this link: www.cida2008.com CIDA Code of Conduct.

Yes all of the Cayman based directors of MG are ‘approved persons’ by the Cayman Islands Monetary Authority which includes the evidence of no criminal convictions, relevant experience, verifiable employment and educational history.

Yes we operate from our exclusive secure class ‘A‘ office located at 2F Landmark Square, 64 Earth Close, Seven Mile Beach, Grand Cayman, Cayman Islands and we are happy to host meetings/ due diligence visits.

Yes we maintain a professional indemnity insurance policy in compliance with our regulatory requirement.

Yes we have a Company Manager’s License granted by the Cayman Islands Monetary Authority the current status of which can be verified on their website:

http://www.cimoney.com.ky/search/searchforentity.aspx

We are open and transparent with our clients (including potential clients) as well as investors and we would be glad to discuss the number of actual appointments we hold, the number of relationships we manage so that our clients/investors can make informed decisions regarding our engagement.

As independent directors we are able to make decisions that are in the best interests of the company to which we are appointed without any conflicts of interests. We consider that we can add value throughout the life cycle of each appointment as we have been involved with many hundreds of investment vehicles from their incorporation, investment phase and wind-down to liquidation. We have an understanding of investor protection as well as what is required from a commercial perspective. We regularly speak to prospective investors who are interested in our experience and abilities that we can use in our roles as board members. Put simply we understand that each appointment is unique and so should the boards approach to their appointment. We only accept a limited number of high quality appointments which allows us to dedicate the required time to each appointment.

In addition various investment fund bodies have recommended offshore independent directors such as AIMA in the UK:
“Best practice for any Fund would be to have a majority of independent offshore Directors…” (AIMA Directors guide 2008, click for more)

See 1.2 on page 6 of the AIMA Guide on this link.