Evolution of Amicorp

At Amicorp, we thoroughly evaluate our clients’ specific needs and create customized solutions to fulfill them.

We have found that developing personal and long-term relationships with our clients and maintaining a free and open exchange of information is key to understanding the needs and providing our clients with unparalleled service.
amicorp_group_evolution

1992 - 2015

The Bahamas

We opened an office in Nassau in the Bahamas.

Established AmiLife in the Seychelles

We established AmiLife, a life insurance company, in the Seychelles.

Amicorp Monaco

Monaco, Montevideo and Caymans

We agreed to acquire a portfolio of up to 1,000 management mandates for trust and corporate entities.

In early 2013 we opened an office in Montevideo, Uruguay, focusing on servicing corporate and private clients in South America. We also opened an office in the Cayman Islands.

In September 2013, we acquired a company management provider in Monaco and thus added Monaco to our list of services on offer to our clients.

Amicorp Mauritius

Office in Mauritius

We opened an office in Mauritius. Besides offering services geared primarily to African and Indian markets, we created a full backup platform for our fund administration services which became operational mid-2013.

In Hong Kong, we started our pre-IPO desk to help primarily Chinese customers with legal and administrative procedures required to become eligible for a listing on the Hong Kong Stock Exchange.

Amicorp Dubai

China, Dubai, Colombia, South Africa, the Philippines

We opened new offices in China (Guangzhou, Chengdu, Taipei and Beijing). In Shanghai, we established a sourcing company to help non-Chinese clients find the right partners in China.

In Dubai, we opened an office to build a relationship network in the Middle East and to offer free-zone trading companies from Dubai.

Opening Bogota ensured we had a presence in all key Latin American markets. With the economy of Colombia booming, foreign direct investments are growing and need proper structuring.

In South Africa, we established an office in Pretoria to provide back office accounting in Dutch, Afrikaans and German within the European time zone, but at a much lower cost than Europe.

We established an office in South Africa and opened an office in Moscow, achieving our goal of having a physical presence in all BRICS economies. A new office in Madrid complemented the Barcelona office and gave our Latin American investors’ greater choice.

We acquired facilities in Davao, the Philippines, enabling us to offer scanning and accounting services from a very inexpensive location in a practical time zone.

Shenzhen

First systems for the bank

We opened offices in Shenzhen (China), Malta, and Delhi (India).

We acquired the first systems for Amicorp Bank and Trust (ABT), enabling us to open bank accounts for our clients, and to offer credit cards and make payments (via SWIFT).

In 2010 Amicop Bangalore became ISO 9001 and ISO 27001 certified, and Amicorp BVI became ISO 9001 certified. Amicorp Fund Services achieved ISAE 3402 certification.

Improved our systems

We worked hard to establish a presence in Asia (both India and the Far East), and to eliminate inefficiencies and outmoded solutions throughout the organization.

We improved quality systems, introduced an enterprise risk management (ERM) system and gave internal audit more substance.

In 2009 Amicorp Curaçao transitioned to ISO 2001 certification.

BPO services commence

We focused on improving overall quality and capabilities in Bangalore which became the largest office in the Group. We began offering accounting and other BPO services to third parties.

In Barbados, we obtained permission to establish a bank, Amicorp Bank and Trust, with a limited license. The Guangzhou office was moved to Shanghai and we increased marketing activities in East Asia.

Amsterdam

Barbados and Cyprus

We re-established an office in Amsterdam, and opened offices in Barbados and Cyprus. Sales offices were opened in Mumbai and Buenos Aires. Fund administration services out of Bangalore were restarted.

In Curaçao, we created a unique childcare center, Tuma Mi Man, as part of our CSR program. It became a success and an example for other companies on the island.

Amicorp Bangalore

Key internal units to India

We moved several internal and client accounting functions to India, enabling all other offices to focus on client-facing functions. We opened an office in Santiago and in Warsaw, and established a sales office in Vilnius, Lithuania.

A production office for trust activities was established in Auckland, New Zealand.

We sold the activities in Copenhagen and Stockholm to the local management.

Singapore

Office in Singapore

We opened the Singapore office and moved our Internal Administration Department to Bangalore.

We opened a sales office in Rio de Janeiro and established the Guangzhou office.

Our Swiss activities were consolidated into one office, closing down the offices in Lugano and Geneva, and opening an office in Zurich.

Mexico City

The Swedish brassplate office was converted into a full office in November. The Amsterdam office (42 employees) was sold to a private equity investor. We opened a sales office in Mexico City.

Centralizing Group functions

A brassplate arrangement was established in Stockholm, Sweden and Singapore. We moved most Group functions from Curaçao and Amsterdam to Barcelona. Amicorp Funds Services (14 employees) was sold to SS&C Technologies, Inc.

Amicorp Hong Kong

Office in Hong Kong

In September, we opened a representative office in Miami, and another office in Geneva, focused mainly on marketing our services in the French speaking regions of Europe.

We acquired a 25% stock participation in a Hong Kong-based management company, subsequently named AMICORP HONG KONG LIMITED We later acquired the remainder of the shares and this became the base for our Hong Kong office.

Amicorp Luxembourg

Amicorp Community Foundation and new offices in Luxembourg and Spain

We established the Amicorp Community Foundation (ACF) in 2001 as a channel to focus our social empowerment efforts, increase environmental consciousness and preserve biodiversity. Amicorp Group contributes up to 1% of its revenues to the ACF.

We opened our own office with our own trust license in Luxembourg and established an office in Lugano, Switzerland. We acquired MeesPierson’s operations in Denmark and integrated them into the Amicorp Denmark A/S operations, making us by far the largest player in this business in Denmark at the time.

We established an operation in Madrid (Spain) under the name Amicorp de España, S.L., which later was converted into a marketing and production office in Barcelona.

Amicorp Brazil

New York

We acquired European Trust Services of Amsterdam (ETSA) BV, Conphia Management BV, and Global Management BV to create Amicorp Netherlands BV. Nomet Management BV was taken over from MeesPierson and integrated into the Amsterdam operations.

In New York we opened a marketing office primarily to market our hedge fund administration services. Our Latin American portfolio and Danish operations both experienced growth.

ISO 9002 Certification

ISO 9002 certification

We became the first foreign provider of company and trust management services in Copenhagen, Denmark.

A representative office was opened in São Paulo (Brazil) to take advantage of the many referrals coming from that country. Having a tax-knowledgeable team on the ground helped us to analyze the ever-changing tax situation in South American countries. We also opened a small office in London to offer services related to bond issues for the Brazilian market.

Amicorp Curaçao received ISO 9002 certification, a first of its kind for a financial service provider in the Netherlands Antilles. Our BVI office received a similar certification two years later - the first company of its kind in the BVI to secure it. We belatedly celebrated our fifth anniversary with all employees going on a behind-the-scenes trip to Disneyworld in Orlando, Florida.

First licence for British Virgin Islands (BVI)

We obtained our first official license in the BVI as a service provider. We immediately started to offer our domiciliation services to other trust companies with no physical presence in the BVI. We experienced strong expansion in Venezuela and Brazil and picked up some important new intermediaries in Europe.

Office Building

Own office building in Curaçao

Amicorp obtained its own office building in Curaçao, which tremendously increased our visibility. We experienced rapid growth in our client base, especially in Europe.

Based on changes in legislation we established an office in Kuala Lumpur. Although the product offered worked well, it coincided with the 1997 Asian financial crisis, and we were unable to generate enough business to make the office profitable. We transferred most of our clients from Malaysia to Denmark in 1999 and closed the Kuala Lumpur office. Although not a success, the effort put us on the map with many tax advisors in Europe as an innovative and creative service provider.

The Netherlands, Belgium and Switzerland

In 1996 many of our marketing efforts paid off and we significantly increased our client base. We took over the operations of CTF Corporation NV, a Netherlands Antilles management company.

This was our first challenge in managing a take-over process and meeting client expectations. We gained access to a great number of new intermediaries and sales channels in Europe, particularly in the Netherlands, Belgium and Switzerland.

Switzerland and the Netherlands

Significant marketing efforts in Europe resulted in acquiring clients in Switzerland and the Netherlands. We became members of IFA and ITPA. We established several offshore banks for Latin American financial institutions. We also began our first community service projects in Curaçao.

Amicorp Fund Services NV was established as a separate legal entity and we started providing fund administration for US fund managers.

Challenging ‘local’ markets

We experienced substantial business setbacks due to the collapse of the Venezuelan financial system and the subsequent loss of most of our Venezuelan clients but achieved stable growth in our other Latin American markets.

We initiated efforts to position Amicorp in the fund administration business; we hired an experienced fund administrator and did the administration for small hedge funds.

British Virgin Islands

British Virgin Islands (BVI)

We created an operation in the British Virgin Islands (BVI) to offer zero-tax Anglo-Saxon structures to our Latin American clients.

Most of our income was derived from Brazil through the networks of Banco Safra and Bank of Boston. We had access to many of the wealthiest families in Brazil as well as a number of important financial institutions. We made many trips to Brazil to build up our client base.

Curacao

The Very First Days of Amicorp

Operations began October 19, 1992 as Amicorp NV (now Amicorp Curaçao BV) when we provided services to our first Latin America clients. In the same year, we also set up Euro-Trust NV in Aruba. We also started another entity which we believed would be our main activity which we named the Curaçao Securities Exchange Services NV which took 18 years to materialize.

Amicorp is one of the founding members and seat holders in that exchange today, and we helped list several entities on what is now called the Dutch Caribbean Securities Exchange.