Digital Fund Administrators (Africa) Ltd (DFAL) has been set up to focus on the provision of fund administration services in Seychelles. DFAL will serve Mutual Funds as defined in the Mutual Fund and Hedge Fund Act 2008 and this includes umbrella funds and hedge funds. Whilst DFAL will work with any sector fund, it will have a specialised focus on funds operating in the FinTech sphere. DFAAL is currently undergoing the Seychelles FSA licensing process and hopes to be licensed imminently.
Accounting & Reporting
- Maintenance of books of records;
- Performing the calculation of net assets value (NAV) in accordance with the constitutive documents of the funds under its administration;
- Reconciling open positions, bank accounts and accounts with the fund manager, custodian, prime broker and/or external parties;
- Management and Performance Fee Calculation;
- Preparing the Financial statements periodically including: balance sheet; statement of profit or loss; statement of changes in equity or capital; and statement of net asset value of shares;
- Preparing the yearly and half yearly reports and accounts of the funds under administration; and
- Liaising with appointed counterparties including auditors, custodian and fund managers.
Corporate secretarial services
- The provision of the registered office and a place where notices may be served;
- Assisting funds under administration to achieve compliance with the required law;
- Collecting reports from the fund manager and custodian;
- Safekeeping of the minute books and corporate records, statements and constitutive documents;
- Safekeeping, preparation and forwarding to shareholders all certificates, cheques, statements notices and other documents as required;
- Preparing directors resolutions and attend and minute all board meetings; and
- Safekeeping of the seal of the funds under administration.
- Reviewing and processing all subscription, redemption and transfer requests;
- Preparation of investor statements and contract notes; and
Performing anti-money laundering procedures in relation to identification and verification of the investors in accordance with Seychelles Anti-Money regulations.