We are licenced by the Bermuda Monetary Authority to conduct Fund Administration and Corporate Secretarial Services. From our office in Bermuda, the Regent Group offers premier products and high-quality service to our clients. We have a highly experienced management team that believes in providing a level of service that exceeds all expectations. Our highly skilled and qualified employees strive t
o achieve and deliver accurate products and services on a timely basis. Regent prides itself in being able to provide a tailored, flexible service according to your needs. We have three companies under our the Regent Group umbrella:
Regent Management Ltd - provides accounting, payroll and compliance related services, including AML Audits. Kensington Fund Services Ltd. - licenced as a Fund Administrator by the Bermuda Monetary Authority
Mayfair Corporate Services Ltd. - licenced to conduct Corporate Service Provider business by the Bermuda Monetary Authority. Regent Management Ltd,
Regent – Accounting Services
Regent has qualified accountants that are able to provide you with professional accounting and bookkeeping services. We have a variety of clients that we perform services for in differing industries such as Trust companies and local Bermuda businesses. We can take care of your accounting function so that you can focus on managing your business. We can handle everything from issuing invoices, making payments of invoices issued to you and the subsequent recording on the general ledger. We also handle reconciliations of payments and receipts from your bank account. We can help you in the following areas:
Initial company setup
Accounts Receivable and Invoice Issuance
Bank reconciliations
Payroll
Financial Statement preparation
Assistance with financial statement audit
Regent – Payroll Services
Payroll is a necessary but often time-consuming and complicated part of running a business. Regent can take care of this for you. We will ensure that your employees are taken care of in good time and that your obligations as an employer are met. We can help you in the following areas:
Calculate payroll
Pay stub preparation and issuance
Payment to employees
Payroll liability reconciliation
Calculation of payroll tax
Regent – Compliance Services
The Regent Group provides the following Compliance Services. Please click on the relevant link to the left to find out more:
AML Policies
AML Audits
CRS Compliance Reviews
Regent – AML Policies & Procedures
At the heart of any robust and strong compliance program are Policies & Procedures. Bermuda Compliance Consultants can help you update existing Policies and Procedures to ensure compliance with your regulatory obligations or prepare new Policies and Procedures in support of your business operations and risk profile. Every regulated institution in Bermuda should have an effective corporate governance framework in place that is appropriate to its size, complexity, structure and risk profile. Bermuda Compliance Consultants can help you build a strong and effective corporate governance policy to support your business and Board of Directors. Regent – AML Audits
All AML/ATF regulated entities in Bermuda must complete an independent AML Audit in accordance with Regulation 17(A) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. We can ensure you meet this annual requirement and provide you with a Report that will satisfy regulatory standards. Our Managing Director has the Certified Anti-Money Laundering Specialist (CAMS) designation and will oversee all AML audits. Regent – CRS Independent Compliance Reviews
Bermuda, as a Common Reporting Standard (“CRS”) participating country, has an obligation to guarantee that financial institutions’ CRS requirements are effectively implemented, as well as to monitor and ensure that these institutions’ continued compliance with both the Standard and the CRS Regulations. To date, the Bermuda Ministry of Finance has undertaken a number of measures to ensure that Bermuda Financial Institutions effectively execute the CRS standards, mostly in the form of communication, guidance, desk-based evaluations, and outreach. The Ministry will issue notices requiring specified Bermuda Financial Institutions to conduct a CRS Independent Compliance Review in order to provide additional confidence that the CRS requirements are being followed correctly. If you are told by the Ministry that you need to undertake an independent review of your CRS implementation, we have the necessary skills in order to undertake this review for you. Kensington Fund Services Ltd. Kensington’s highly qualified and experienced team provides a full range of portfolio and fund accounting services to investment entities domiciled in onshore and offshore jurisdictions. We are licensed by the Bermuda Monetary Authority (“BMA”) and are subject to their oversight. The BMA have a very thorough licensing criteria and conduct regular on-site reviews of the entities are under their supervision. Our Fund Administration license therefore provides you with an additional layer of comfort when deciding on which administrator to use, regardless of where your fund is domiciled. Kensington has experience in various fund structures. The common structure we see in Bermuda are closed ended Private Equity Funds and open ended Hedge Funds. Private Equity
With increasing pressure from regulators and investors, more and more Private Equity Fund Managers are looking to outsource back-office operations to Fund Administrators so that they can focus on generating alpha for their investors. Here at Kensington, we have specialized skills and technology to provide you with best of class accounting and administration services. As a boutique fund administrator, we are flexible and can provide a solution that is tailored to your needs. Our private equity services include:
Formation and liquidation of Private Equity structures
Administration of General Partner and Limited Partners
SPV services including SPV resident representative
Carried interest vehicle administration
Shadow Accounting
Financial statement preparation
Annual audit services
Investor services
Compliance
Director provision (in certain cases)
Corporate Secretarial Services
Registered office
Regulatory reporting
FATCA and CRS services
Hedge Funds
We collaborate with hedge funds to create tailored solutions that help them manage their companies more efficiently. We are in a unique position to help our clients lower their costs and improve their operational efficiencies so that our clients can focus on generating returns for their investors. Kensington can provide value to your company regardless of its strategy, structure, or domicile. We have specialized skills and technology to provide you with best of class accounting and administration services. Our hedge fund services include:
Formation and liquidation of Hedge Fund structures
Daily, Weekly, Monthly, Quarterly, Custom NAV Calculations
Independent Portfolio Valuations
Performance/Management Fee Calculations and Payments
Series accounting and equalization support
Automated data upload with minimal manual processing to ensure accuracy
Three-way reconciliation of investments and cash with brokers/custodians and clients
Income and Expense Reconciliations
Report generation for Investment Managers performance analysis
SPV services including SPV resident representative
Transfer Agency/Registrar Services
Corporate Actions Monitoring
Corporate Secretarial Services
Director provision (in certain cases)
Shadow accounting
Financial Statement preparation
Annual Audit Assistance
FATCA and CRS services
Long/Short Funds
Long-short equity is an investment strategy in which long positions are taken in stocks that are projected to rise in value and short positions are taken in equities that are expected to fall in value. A long-short equity strategy aims to reduce market risk while gaining from stock price increases in long positions and price drops in short ones. A long/short fund is a fund that utilizes this strategy. These funds frequently employ a variety of unconventional investing strategies, including leverage, derivatives, and short positions, to buy inexpensive securities and sell overvalued ones. Many Hedge Funds use a market-neutral strategy, in which the long and short positions are equal. Kensington can assist Funds that practice this widely used strategy. We can price your long/short portfolio with an independent source and perform a three-way reconciliation with the broker/custodian to your own records and identify discrepancies. Real Estate Funds
A Real Estate Fund will typically invest in income-producing real estate. Our team has experience in working on real estate and we understand the complexity and challenges of this type of fund and our automated technology solution will provide the financial information that you and your investors need. Let Kensington take care of the back-end operations so that you can focus on effectively managing these funds through these challenging times. Cryptocurrency Funds
Cryptocurrency Funds are entering the mainstream as more and more managers see the potential in this very interesting new asset class. Whether you are focusing on generating alpha or are content to allow your investors have exposure to an asset class that might otherwise be unavailable to them, Kensington can provide you with the accounting and administration help that you need. Bermuda is seen as one of the world leaders in Cryptocurrency services and has the regulatory framework and service provider infrastructure in place to ensure that your Fund and its investors are looked after. Kensington is one of these service providers. Our staff have experience in working with Cryptocurrency and our Managing Director has obtained the Certified Cryptocurrency Expert certificate from the Blockchain Council. Pension Funds
We understand the importance of well managed pension funds so that workers in Bermuda can enjoy their retirement. As a locally owned Bermuda business, consider Kensington to independently administer your pension fund. Our experience on working with Bermuda pension funds coupled with our automated technology solution means that we can accurately calculate and issue your pension fund’s NAVs on a daily or weekly basis as required. Mayfair Corporate Services Ltd. We offer a full range of corporate secretarial services including the following:
Company Formation
Provision of a company secretary
Provision of a registered office
Filing Services
Full Service
Company Formation
Mayfair has an in-house lawyer with 30 years’ experience in Bermuda Corporate Law. Whether you wish to incorporate a local Bermuda company to conduct business on the Island or if you wish to set up an exempt company to conduct international business, then we can help you. Our company formation services include:
Reserve your company name with the Registrar
Setting up your company in the structure you require
Preparation of Company Registration Forms
Preparing the Articles of Association and Bye-Laws
Filing documents with the Bermuda Monetary Authority (if applicable)
Government filing fee on registration of the company
Government Fees
Government application fee for Tax Exemption (if applicable)
Government consent permit to incorporate
Obtaining the Certificate of Incorporation
Provision of a Company Secretary
A Bermuda company just needs one director, who does not have to be a Bermuda resident. The Companies Act of 1981, on the other hand, stipulates that a Bermuda company must have at least one Bermuda resident statutory officer, and if there are no Bermuda resident directors, the company secretary or an additional officer known as the Resident Representative must be based in Bermuda. Mayfair has qualified individuals that can act as a Company Secretary for your Bermuda company. Registered Office
Bermuda law states that all companies registered in Bermuda must have a physical presence there by way of having a Registered Office. The share register, register of directors, minute book, and all other corporate documents will be kept at the registered office of your company in Bermuda. Mayfair is situated in a very central location within Hamilton, Bermuda’s capital city. As well as providing a registered office, we also offer an address for accommodation, correspondence, and administrative purposes. If required, we can accept service of process on behalf of your company and accept any notices required to be served on it. Filing Services
All Bermuda companies will need to file documents with the authorities on an ongoing basis. Mayfair is familiar with this process and can prepare and file the necessary documents for you. Preparation and submission of annual returns to the Registrar. Filing of documents with the Registrar and acting as a liaison between the entity and the Registrar. If applicable, file documents with the Bermuda Monetary Authority as a result of a notifiable action having taken place (such as a change in Director of the Company). Full Service
We provide a full Corporate Service package which we can provide for a fixed fee and which includes:
Provision of a company secretary
Provision of a registered office
Filing Services
Maintenance of company books and records
Arranging meetings and preparing minutes
We can also offer additional services upon request:
Company searches. Certification, notarization and legalization of documents. Obtaining tax exemption certificates. Obtaining certificates of good standing. Preparation of Certificates of Incumbency.
