May 10, 2021

Cayman Islands firm CNS accounting sets up shop in Halifax, lands NSBI payroll rebate deal

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CNSBy Bill Power From The Herald

Cayman Islands financial services firm CNS Accounting Solutions Ltd. is setting up its first Canadian office in Halifax and has plans for international growth.

“We have a growing number of clients in the finance sector in Halifax,” Ken Mahadeo, managing director of the Halifax office, said Wednesday.

“The city is ideally situated between our base in Cayman Islands and clients in the United Kingdom and the eastern seaboard of the United States, especially New York and Boston.”

The firm has signed a six-year payroll rebate agreement with Nova Scotia Business Inc. that is good for up to 50 positions.

The company could earn up to $528,000 in payroll rebates through Nova Scotia Business Inc. if it achieves the maximum hiring limit within six years.

“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,” said a Nova Scotia Business Inc. news release.

Several people have already been hired as part of a plan to hire local senior accountants, and job postings are also being circulated at area universities offering co-operative work experience potentially leading to full-time employment, Mahadeo said.

“Growth will depend on economic circumstances, but we’re anticipating we’ll have at least 25 positions filled by year four.”

The plan is to introduce co-op students and junior accountants early next year, he 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.”

CNS Solutions is a wholly owned subsidiary of BDO Cayman Islands Ltd., a member firm of BDO International, which specializes in auditing offshore mutual funds and insurance companies.

Paul Arbo, a partner at BDO Cayman, said Nova Scotia is an ideal location for the firm.

“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,” Arbo said in the release.

CNS Solutions has opened an office at the Founders Square complex on Hollis Street.

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