This is one of the most in demand roles in Cayman, but what is a Corporate Administrator?
Let’s start by explaining how the industry works. Many of the companies incorporated within an offshore jurisdiction like Cayman are investment holding or dealing companies holding investments throughout the world. So, the majority of offshore companies are registered and managed by specialist company management businesses.
There are larger organisations and institutions that generally have their own company management or corporate administration departments that provide a similar, in-house service. This means that the organisation or institution are not managing these investments for clients but for the organisation or institution themselves. However, both need corporate administrators to help set up these investments and carry out ongoing administration.
So, it’s important you don’t think of this as a general administration role. Corporate administrator roles require specific knowledge and experience of the sector, for example trusts, so that they can support financial service providers. There are a range of tasks, including the registration and incorporation of companies, checking documentation including regulatory checks, liaising with regulatory authorities, filing and maintaining records and invoicing that you’ll be involved in.
This means you will need strong organisational skills and superb attention to detail to support financial services professionals. Alongside this, if working at a service provider you may be client facing so excellent verbal and written communication skills are required. Quite often, along with these soft skills you will need experience in certain software such as CORIS or EDMS.
What would you be responsible for…
- Formation/incorporation and ongoing administration of a portfolio of clients, and these may include trusts, partnerships, limited liability companies and segregated portfolio companies
- Preparation/editing of documentation and correspondence
- Attending statutory filings and maintaining records
- Production of invoices and fee collection
- Keeping of corporate records
- Filings of company’s changes.
What are the standard requirements…
- Previous experience in a corporate environment
- Proficiency in MS Office, Word and Outlook
- Proficiency in CORIS and EDMS
- Software knowledge of systems such as Viewpoint
- Knowledge and understanding of local statutory laws and anti-money laundering regulations.
Essential skills needed…
- Strong attention to detail
- Highly organised
- Verbal and written communication
- Multitask and prioritisation.
To be successful you should…
- Although not necessary an ICSA (Institute of Chartered Secretaries and Administrators) qualification or working towards this qualification will help your career.
What if you are starting right at the beginning….
- As the experience required is quite specific the best way to start is with an internship in a corporate department
- If you’re already working, transferring into an administrative role within a corporate services firm or a law firm with a corporate department can be a great way to learn as much as possible before applying to make the move across as a Corporate Administrator
- Signing up for financial services based course or ideally the ICSA qualification
- Keeping up to date with regulatory changes and read articles on the industry
- Cayman is small and friendly so try and connect with industry professionals both through personal connections and using LinkedIn.