Financial services sector welcomes Cayman Firm
Wednesday, October 15, 2014
CNS Accounting Solutions Ltd. is opening its first Canadian office in Halifax.
CNS Solutions is a wholly owned subsidiary of BDO Cayman Ltd., a member firm of BDO International, the fifth-largest accounting firm in the world that specializes in auditing offshore mutual funds, and captive insurance companies. Recognized as a Top Employer in the Cayman Islands for the last three years, BDO Cayman's growth has required the company to offer more middle-office support for accounting, auditing and financial analysis.
Nova Scotia Business Inc. has signed a six-year payroll rebate agreement with CNS Solutions to encourage the growth in Nova Scotia. The company must create at least three full-time equivalent positions in the first year. It can then earn a rebate on payroll for up to 50 new positions.
If CNS Solutions creates 50 new jobs, it would add more than $7 million in salaries to Nova Scotia's economy, and employees would pay provincial personal income taxes of about $754,000. The company would then earn up to $528,000 in payroll rebates through NSBI's Strategic Investment Funds.
"There are many reasons why Nova Scotia is a great location for us," said Paul Arbo, partner, BDO Cayman. "Halifax's strategic location and compatible time zone, coupled with its highly educated and skilled labour force made perfect sense to us to be located here."
"The growth of Nova Scotia's financial services industry is rooted in the province's inherent advantages including proximity to major financial centres like New York and London, as well as our time zone," said J.P. Robicheau, director financial services at NSBI. "What differentiates us in the eyes of our clients is our approach to facilitating long-term partnerships between industry, academia and government."
Ken Mahadeo who is leading the firm's start-up in Halifax, said he plans to hire local senior accountants.
"We'll then introduce co-op students and junior accountants early next year," Mr. Mahadeo said. "It's important we establish close relationships with the universities, colleges and accounting bodies to give students the necessary skills and experience needed to complete their degrees and designations."