Business Update 2020 Y/E

Introduction

We provided you with our last business update 6 months ago in June 2020, and a lot has happened since then. Below we summarise some of our most significant achievements:

Summary of business update

Revenue growth: Our business has seen consistent monthly revenue growth since July 2020, with December being our best month to date and January already projected to be better.

Clients: Our client base has grown significantly, ranging from the simplest of self-employed engagements to more complex ones such as companies regulated by the GFSC.

Team: We brought on board Ivan Perez as Compliance Director and Kevin Tewkesbury as Company Executive.

Additional hires: We have commenced the process of hiring a Senior Associate to assist us in the audit and accounting department.

Audit License: We received our Audit license in August 2020 and are now providing audit services.

Compliance Services: We expanded our service offering to also include Compliance services, such as AML audits, AML training, GDPR work and more.

Company manager License Application: We filed an application for a Company Manager license with the GFSC and we expect to receive this in the next month or two. The team has already implemented the policies, processes, and controls necessary to provide the service in a safe and secure manner. Regulatory Capital has also been sourced.

Mark Tewkesbury commented:

“I must admit, there was a slow start to business in general when we first started the TAG idea in March, 1 week before lockdown. However, this gave us the opportunity to invest time into building up the company’s infrastructure and to acquire the necessary licenses. Our company is now built on solid foundations and ready for complete scaling. In light of the results of the last quarter, I can safely say that we are starting to reap the fruits of all the hard work we have put in. This is clearly visible through the need for additional hires we are making and planning for the near future.”

Next steps

TAG Consultancy continues to grow and is now starting to gain a foothold in the market. It has the right team in place to provide its target market; the locals, with a transparent and complete service offering, tailored to their needs.

The next six months will be all about growing our client base and providing a high-quality service offering.