30th June 2022 marks the second year since the Launch of TAG Consultancy. It has been an extremely exciting time for us with continued expansion and exciting new developments in the pipeline . See below for a summary of this:
Summary of business update
Audit & Compilation Services
Our portfolio continues to grow. We continuously sign off on financial audits and compilation engagements and are now working on various others. Summer is proving to be very busy for this department!
The clients we have worked with range from those working in financial services, to crypto funds, and other local entities. We currently have an open vacancy for an Audit and Accounts Manager position.
Company Management Services
Our first set of clients are now starting to renew their services with us and at the same time, the last 6 months has seen some nice steady growth in this department. Our target market continues to be local and Gibraltar resident entities, however, we are open for discussion with all types of clients.
Another significant pillar of the service offering by TAG.
Most noticeably, we are now providing AML Token sale services in order to cover private and public token sales and we are providing MLRO positions for a number of VASP’s registered (or in the process of registering) with the GFSC.
We have also already engaged and completed a number of AML Audits and compliance reviews for entities based in Gibraltar.
Other Business services
We continue to actively engage with other locally based entities in Gibraltar, providing a large number of services ranging from accounting and book-keeping, to redundancy, payroll, generally advisory and consultancy and any other ad-hoc business advisory work required.
Future Service Lines
We have partnered up with a software provider for a white label solution to be able to onboard public sale participants using software. Given the rising demand for this type of work, we are upscaling our internal team significantly to cater for this need.
We recently uploaded an article on this topic, read here!
The TAG team is currently comprised of 10 individuals (7 at the Gibraltar office, 2 remote workers and 1 marketing consultant).
Additionally, we have a summer part time student and another summer part time employee working with us and we have an open vacancy for an Audit and Accounts Manager and a Finance assistant/admin position.
We have been at our current offices since March 2021 and just last week, we purchased it. We now hold a fixed asset property on our balance sheet with a mortgage that will be fully paid off in 10 years’ time.
We will be moving offices on 1st September to a property 3 times our current size. We have a few ideas on how we will use this extra space, for e.g. converting some of it into a co-working space.
If you or any of your clients are looking for some office space, get in touch with us here.
New TAG Subsidiary, new jurisdiction
We are in the process of setting up and incorporating another TAG subsidiary in a new jurisdiction! We are all extremely excited here at TAG Consultancy and can’t wait to share the news with you all soon!
The entire year has just blown up by our standards and our revenues have grown by over 300% since last year.
We have looked at our projections for the next 3 months and the business just keeps growing!
We are expecting organic growth of around 100% for the next financial year as we continue to increase a client base service lines.
The Company is at a stage now where it is looking to acquire similar businesses in the industry. We recognise that there is consolidation occurring and we expect this to continue for the next couple of years as compliance requirements continue to increase and companies with legacy systems and processes do not wish to enter this transformation period.
If you, or anyone you know, owns an accounting, audit, company management or fund administration firm, please get in touch.
Mark Tewkesbury commented:
“It has been an absolutely fantastic second year for TAG and we just couldn’t ask for more. 300% growth in a year is not something you see every day!
We are creating some great networks and relationships, our client base continues to grow, our internal controls and systems are constantly being updated and improved and the entire team is working together as one unit. I could not be prouder of us all and our ambitious roadmap is coming to fruition.
One of the most exciting parts of the TAG journey is about to start, we have some big developments happening in the background and these will start to materialise over the next year.”
The next 6 months for TAG Consultancy will be exciting. We are buying our current office with the view to rent it out, we are moving offices into a bigger space, we may be converting some of this into a co-working space, we are employing more people and we are incorporating a subsidiary in a new jurisdiction. Not only this, we are just about ready to launch one of our biggest service lines, the AML Compliant token sale service line for entities wishing to raise money through a token sale in an AML compliant manner.
We can’t wait to continue on this exciting journey with you all!
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