Cayman-based, Krys & Associates recently announced its expansion to the Bahamas with the launch of Krys Rahming & Associates (Bahamas) Limited in Nassau, Bahamas. The Bahamian Firm is dedicated to corporate recovery, insolvency, forensic accounting and business advisory services. The Journal reports that this is just the start for this ambitious company.
Announcing the expansion, Kenneth Krys, founder and chief executive officer of Krys & Associates commented “The Bahamas office complements the services and products we are currently providing in Cayman and the British Virgin Islands. This is a logical step that will allow us to extend our network in the Caribbean and provide better service our clients.”
Ed Rahming, managing director of Krys Rahming & Associates, is a highly respected accountant in the Bahamas. His experience includes several years working in the financial advisory services practice of a big four accounting firm in New York, Cayman and London. Ed has over 10 years experience in providing insolvency, fraud and forensic accounting investigations and litigation support services. He holds an MBA from the University of Florida and is a Certified Public Accountant, Certified Fraud Examiner and is certified in financial forensics by the American Institute of Certified Public Accountants. Speaking of his new role, Rahming explains, “My focus will be on building the Bahamian practice. I’m confident that the Firm will grow quickly and expand the level of expertise in the Bahamas. I’m also confident in the long-term prospects of the Bahamas as an offshore financial services jurisdiction. I believe the country is making the necessary adjustments to remain competitive and to re-establish ourselves as a leading player in the Caribbean.”
Commenting further on the expansion strategy Krys advises, “Expanding to the Bahamas is a good technical and cultural fit. We want to be in every major offshore jurisdiction in the Caribbean and while there have been some recent challenges in this sector, we consider the Bahamas to be a steady long-term player. Cayman-based firms would do well to consider the Bahamas for expansion of their operations and services. It continues to be a strong centre in the private wealth management arena with plenty of opportunities for business links with Cayman the entire region.”
Krys adds, “Now that we have expanded our expertise to the Bahamas, we can assess the benefits and commercial opportunities that their regulatory regime has to offer so that we can customise better solutions for our clients there. Our focus will remain insolvency and forensic accounting but with new and diverse perspectives for the Bahamian market based on our existing range of experience. ”
Rahming advises, “A factor in the decision to expand to the Bahamas is the view that it has many similarities with Cayman that will allow us to leverage our resources for faster growth. Of particular interest is the relative congruence between the corporate laws of the two jurisdictions. This bodes well for the insolvency, forensic accounting and litigation support services we will offer in the Bahamas. Many of our services in these areas will be new to the Bahamian market, but we believe they will be useful considering the current economic climate. Often, insolvency and forensic work that should be done in the Bahamas is performed in other jurisdictions that are perceived to be more open and progressive. Hopefully, by building awareness and training, we can attract this work to the Bahamas and use our local expertise. This is an excellent opportunity to increase the level of sophistication within the Bahamian financial services sector.”
The Krys & Associates network is considered to be one of the largest and fastest growing group of independent firms in the in the Caribbean. The firm is committed to achieving successful results by using a practical hands-on approach, along with the depth and range of experience of its professionals, to ensure that clients receive answers and remedies specifically suited to meet their needs and demands. The firm has over 40 professionals in Cayman, British Virgin Islands and the Bahamas with a variety of practical experience ranging from accounting, legal and fund administration to regulatory. Clients receive the benefit of a close-knit team with a depth of experience and a wealth of qualifications supporting their work. Given the firm’s dedication to corporate recovery, insolvency, forensic accounting and business advisory services, the management team is able to provide objective, independent and sound advice. Krys & Associates prides itself on providing creative and practical solutions on a timely basis.