Vimal Damry

Premier Financial Services Limited is a fast growing licensed and regulated Management Company/Trust Company by the Mauritius Financial Services Commission servicing private clients, listed and private companies. Its group companies and associates are based in Mauritius, Singapore, UK, and Seychelles. Premier’s Promoters and Directors have been in financial services for more than a decade and have managed companies and trusts holding assets of more than US$1 billion in aggregate.

Awards:

2012

• Advisory Firm of the Year in 2012 in Mauritius for Company Formation; by Acquisition International.

 2013

• Legal Awards 2013;  by Acquisition International
• Company Formations Accountancy Firm of the Year in Mauritius for 2013; by Global Law Experts Practice Awards

 2014

• Company Formation Advisory Firm of the Year in 2014 for the Africa region (ICFM Global Awards 2014)
• Company Formation Advisory Firm of the Year in 2014 for Mauritius (ICFM Global Awards 2014)
• Cross Border Investments, Structuring and Taxation Advisory Firm of the Year (Legal Comprehensive Law Awards 2014)
• Company & Trust Formation Advisory Firm of the Year

2015

• Cross Border Investments Structuring & Taxation Advisory Firm of the Year – Africa

Directors & Key Staff Members:

The Directors and key staff are members of the Society of Trust and Estate Practitioners-STEP), Association of Chartered Certified Accountants (ACCA), Legal, Accounting, Economics and Tax professionals who hold UK qualifications and experience. The support team are dedicated professionals and graduates from reputable institutions. A high standard of service is therefore guaranteed.

Premier is a Member of the INAA Group (www.inaa.org), a worldwide association of independent accounting firms consisting mainly of audit, tax and accounting firms. Premier is able to draw resources from experts in this network for the benefits of its clients. INAA's influence is worldwide.   The organisation is represented by 65 firms in 50 countries and the number is constantly increasing. It is the intention to provide an international client service which is second to none. Each member is responsible for its own work and members are not associates, partners or agents. INAA members come from all parts of the continent.  

Our Mission & Vision

Our goal is to be a leader in providing best international, corporate, international tax and business advisory services. Our vision is to provide international clients with a personalised high quality service and help them grow and succeed through our presence in major financial centres. To be different from other service providers, we place big emphasis on the satisfaction of our clients’ needs by providing a personalised service. There is no need for you to ask for it, you will get the best services!

Our Services:

Premier specialises in providing professional services whether your need is to minimize tax or protect your wealth. We help you in setting up the right structure whether it is an onshore company, offshore company or offshore trust. The solutions we provide are adapted to your needs and are smartly structured.

Our expert services include:

• Professional Advisory servicesCompany Formations, Directorship, Secretarial and Compliance
• Bookkeeping and Accountancy Services
• Mail Forwarding/ Virtual Office Services
• Licensed Trustee Services
• Foundation Services
• Offshore Funds (Hedge/Mutual Funds) Licence applications and advice
• Broker Licence applications and advice
• Investment Adviser/Manager Licence applications and advice
• Other Financial Activity Licence applications and advice

Offshore Company:

We can form your Offshore Company through our offices, associates and members worldwide. If you are looking for an offshore company in a reputable Jurisdiction which offers confidentiality, limited liability, asset protection, tax savings or double taxation treaties then we may have the kind of solutions that you are looking for.

The main advantages of an Offshore Company are: 

• Confidentiality
• Professional nominees 
• Highest level of privacy protection 
• Limited liability with minimum capital 
• Tax exemption and savings 
• No audit requirements 
• No reporting requirements 
• Offshore banking facilities (with debit/credit cards and online banking) 
• Lower costs  
• Modern laws and flexibility 
• G-20 white list jurisdiction

Premier offers offshore companies in the following jurisdictions: 

• Mauritius GBC1
• Mauritius GBC2
• Seychelles
• Singapore
• UK
• BVI
• Cyprus
• Dubai/UAE (free zones)
• Hong Kong

1. Professional Advisory Services:
   Our Expert Team consisting of chartered accountants, lawyers and other professionals will be able to advise you on your business needs.
   
   These advices can be on:
   1. the best structures that you need
   2. benefits of different offshore companies and jurisdictions and how to establish such companies 
   3. benefits of offshore trusts and how to establish a trust
   4. market entry into Asia, Africa and Europe
   5. International Tax Planning structures to save on tax
   6. use of double taxation treaties 
   7. Company Formations, Directorship, Secretarial and Compliance
   
   These companies are provided together with Registered Office/ Registered Agent services, professional directors (if needed), other company officers and nominee shareholders.

Using Premier implies that you can take advantage of our depth of services such as:

• Provision of professional directors and other officers such as secretary
• Provision of nominee shareholders 
• Company formation and registration
• Preparation of statutory records, filing of various returns and payment of all Government fees
• Compliance with laws
• Drafting of board minutes, power of attorney, providing appropriate templates
• Opening of bank accounts worldwide and application for various banking services and facilities (debit/credit cards)
• Arranging for legal advices and services
• Prepare business plans and forecasts
• Notarisation and apostille of documents under Hague Convention or other certifications

Our Expert Team is here to provide you with all:

• Bookkeeping and accounting required for your company 
• Liaise with auditors to complete any audits where required
• Do your company’s tax computations and filings with revenue authorities

Mail Forwarding / Virtual Office Services:
Our Group offices allow you to stay in a global world with customised mail forwarding and virtual office services. You do not have the incur costs of having a physically rented office with employees and other office costs.

Our mail forwarding and virtual office services include:

• Provision of a prestigious city address with phone and fax numbers 
• Mail receipt and forwarding to you or your clients or as directed

Licensed Trustee Services:
If you want to create an Offshore Trust whether your need is to protect your wealth or provide for your family then we may have the right solution for you. We are a licensed trust company and as  trustee, we: 

• Set up and register your trust
• Advise on type of trust to be set up
• Act as trustee of your trust
• Liaise with beneficiaries, settlor, protector
• Manage and administer the trust assets 
• Do the accounting of the trust assets 

Offshore Funds (Hedge/Mutual Funds) Licence applications and advice

Mauritius is a fast growing international financial centre for structuring of offshore funds and their administration. These Funds can be effectively used for investments by worldwide investors particularly into emerging countries like India, Asia, Middle East and African countries.  

The Securities Act 2005 and the rules and regulations made under it allow for the creation of Collective Investment Schemes (Open-Ended Funds), Closed Ended Funds, Professional Collective Investment Schemes, Specialised Collective Investment Schemes and Expert Funds. The Funds can be structured as Umbrella Funds, Protected Cell Companies, Feeder/Master Funds, Fund of Funds, Exchange Traded Funds and others. Foreign recognized schemes may also be registered in Mauritius.

Mauritius has a number of benefits for the management and administration of Funds as compared to centres such as Cayman Islands, BVI, Bermuda and others. It has several advantages for Funds set up and administration. 

Mauritius Foundations:

A Foundation is broadly defined as a legal entity without members and with its own organisation, the ownership of which is to achieve a certain specific purpose by means of endowment made. It comes into existence when ownership of assets is transferred to the foundation by the Founder. A Foundation enjoys legal personality which fulfills similar functions as those of a trust, but with the administrative flexibility of a company.

The Mauritius Foundation provides a legitimate means to protect one’s assets against personal liability, high taxes, exchange controls or risk of confiscation. It could be the preferred vehicle for those from civil law jurisdictions and why not common law countries. 

Foundations in Mauritius are governed by the Mauritius Foundations Act 2012 and managed by the Foundation Council which carries out the objectives and purposes of a Foundation.

Broker Licence applications and advice 

If you want to operate as a securities broker, we shall be glad to advise you on your requirements. We usually recommend a Mauritius broker licence which is a licence issued by the Mauritius Financial Services Commission under the Securities Act 2005 and rules & regulations made under it. This is attracting a lot of interest at the moment due to the increasing popularity and acceptability of this jurisdiction. Mauritius you should know has been classified as a white list country by the G20 summit and all other government agencies list. There are different types of broker licences.

Investment Adviser Licence applications and advice:

The Securities Act 2005 and the rules & regulations made under it allow for Investment Advisers to be set up and licensed in Mauritius. There are basically 2 types of Investment Advisers in Mauritius. The Investment Adviser Companies are particularly beneficial to Mauritius has the advantage of having a modern and flexible securities law, it issues clear Investment Adviser licences within a reasonable time, requires reasonable minimum capital requirement, charges low licence fees and has a low tax rate. 

CIS Manager Licence applications and advice:

The Securities Act 2005 and rules & regulations made under it allow for Fund or CIS Manager Companies to be set up and licensed in Mauritius. These are particularly beneficial for Investment Houses who manage Offshore Funds or Fund sponsors who have Offshore Funds set up worldwide. Mauritius has the advantage of having a modern and flexible securities law, it issues clear Fund Manager licences within a reasonable time, requires reasonable minimum capital requirement, charges low licence fees and has a low tax rate.

Mauritius is one of the best places to save on costs for Investment Houses and Fund sponsors and at the same time enjoy the array of fund administrators, service providers and fund lawyers in the country.

Other Financial Activity Licence applications and advice Following the Financial Services Act 2007, Mauritius FSC now issues a GBC1 licence and also other specific licenses for specific financial activities. The Company needs to obtain a GBC1 licence first and the specific licence.

Other Financial Activity licences include:

• Payment Intermediary Services Licence or Payment Service Provider Licence
• Financial Service Activities- Assets Manager, Distribution of financial products, etc
• Specialised Financial Services- Leasing, factoring, etc
• Securities or capital market intermediaries- Investment brokers , Investment managers
• Collective Investment Schemes and their functionaries such as Custodians, Fund Managers, Fund administrators
• Insurers/ reinsurers and insurance service providers
• Credit Rating Agencies
• Representative office of a Financial Services provider based elsewhere

Our Clients 

Our valued clients come from various business categories and from all regions. They make the most of our services and quality of service to progress, achieve their goals and succeed against challenges. They may not be having the same aims but preserving their wealth is their key consideration. This is where Premier expert services can be effectively used. 

By business category classification, our clients fall mainly as:

High Net Worth Individuals (HNWIs)/Ultra High Net Worth Individuals, tax and accounting firms, MNCs, private and public companies, listed companies, law firms, estate agents, securities houses, fund managers, banks, other financial institutions, independent financial advisors, firms in various fields such as IT, marketing, commodity traders, pharmaceutical traders, shipping companies amongst others.

Vimal Druvnath Damry BA (Hons.), DIP (ITM), LLB (Hons.), LLM (Business Law), TEP. Vimal is the Managing Director of Premier Financial Services Limited, he is a senior trust and offshore practitioner, a Law graduate from University of London, Graduate in Economics from Sri Ram College of Commerce (SRCC) - University of Delhi, holds a Masters in Business Law (De Montford Leicester University), Postgraduate in International Trust Management from Society of Trust and Estate Practitioners (STEP) and Central Law Training UK, Member of STEP, Member of International Business Structuring Association (IBSA), Member of Family Firm Institute (FFI) and other professional bodies.  

Vimal is the first Mauritian to become a STEP Member through the STEP qualifications in International Trust Management and most capably led teams rendering fiduciary and corporate services. He has vast experience in offshore matters and management of offshore funds and investments.

Vimal advises on international tax, trust structuring and family business succession planning. He has featured and written many articles on international tax, trusts and Mauritius and also delivers speeches on topics related to the offshore/trust industry. He was past Director of STEP Mauritius, past STEP Treasurer and Chairman. He also acts as professional director of various Mauritius companies.

References

Vimal holds a BA (Hons.) Economics; DIP (ITM) from STEP; LL.B (Hons.) from University of London 
He became the first Mauritian to become a T.E.P through the examination route. 
Vimal has written several articles on Tax Planning Opportunities in Mauritius and Trusts and Trustees, to mention others.
He is also a speaker on topics relating to Africa and Mauritius investment structuring.Managing Director of Premier Financial Services Limited, a licensed trust company.

Vimal speaks English, French, Hindi and has knowledge in spoken Urdu.  He is also fluent in written English, French, Hindi.