By Shruti Menon Seeboo
The winds of change are blowing across the global business landscape. As established economies mature, new frontiers are emerging, brimming with entrepreneurial energy and untapped potential. Among these, the dynamic partnership between India and Africa holds immense promise. The upcoming 4th India Africa Entrepreneurship & Investment Summit stands as a testament to this growing synergy, fostering collaboration and growth between these two vibrant regions.
Recognising the crucial role this Summit plays in connecting entrepreneurs, investors, and innovators, ONS FinServ, a leading independent financial services provider, has stepped forward as a key sponsor. Their commitment to empowering businesses aligns perfectly with the Summit’s mission to bridge geographical divides and spark economic opportunities.
In this exclusive interview, we have the pleasure of speaking with the power duo behind ONS FinServ: Srishti Dixit, Group Founder and Managing Director, and Ashwanee Ramsurrun, Group Chief Executive Officer & Co-Founder of ONS WORLD, the parent company of ONS FinServ. Their experience and expertise in navigating the complexities of international finance will provide invaluable insights into how the 4th India Africa Entrepreneurship & Investment Summit will benefit India, Mauritius, and the African continent.
The Summit serves as a critical platform for fostering connections and knowledge exchange. Entrepreneurs from India and Africa will have the opportunity to showcase their ideas, forge partnerships, and gain access to valuable resources. Investors will be able to explore promising investment opportunities across diverse sectors, propelling the growth of innovative businesses. Furthermore, policy discussions and expert presentations will address key challenges and opportunities within the African and Indian financial landscapes, paving the way for a more integrated and collaborative future.
ONS FinServ’s sponsorship of the Summit is more than just a financial commitment. It reflects their deep-seated belief in the transformative power of entrepreneurship and their unwavering dedication to supporting businesses on their journey towards success. Through their comprehensive suite of financial services, legal guidance, and expert advice, ONS FinServ empowers entrepreneurs to navigate complex regulations, secure funding, and scale their businesses across borders.
As we delve deeper into this conversation with Srishti and Ashwanee, we will gain a clearer picture of how ONS FinServ, alongside the 4th India Africa Entrepreneurship & Investment Summit, is poised to play a pivotal role in shaping the future of economic cooperation between India, Mauritius, and Africa. Excerpts:
- The India-Africa Entrepreneurship Forum is a key platform for startups seeking support. How can ONS FinServ Services’ company incorporation and fund administration services benefit these young businesses?
ONS Finserv is in the business of finding the right license, right structure and right jurisdiction for new businesses or those who are looking to expand their business.
We see businesses from a holistic perspective and have in-depth knowledge of laws, rules, guidelines, tax systems, compliance, regulations, administration and more.
Post one meeting with our representatives, clients generally leave with a very clear picture of further steps for their ventures.
Our job is to share knowledge with complete clarity, making it simple and helping execute end-to-end. We not only help apply for licenses, but also cater to complete administration of such businesses. While the young businessperson focuses on their core offering, we take care of all peripheral aspects so there’s complete assurance and peace of mind.
- Many startups struggle with navigating regulations and compliance. How can ONS FinServ Services’ MLRO/AMLRO services help entrepreneurs ensure they’re operating legally and ethically?
Regulations and compliance are quite misunderstood pillars of a robust business ecosystem. They are as important contributing factors towards the growth of the business as is business development and sales. More clients come to a well-regulated business and jurisdiction.
However, a subject matter expert is required to ensure compliance to regulations and the AML/CFT regime of the times. We are equipped with a very technically sound compliance team, state of the art compliance software, ongoing monitoring tools and fully updated on the latest changes in the compliance landscape.
Our services transfer the weight of compliance from your shoulders to ours and we take full responsibility. We ourselves are a regulated entity and have a bunch of very senior members in the team who are regulated persons in multiple jurisdictions including DIFC, Singapore, Mauritius, Cayman Islands, etc. We ensure compliance, inform clients on all changes that affect them, include all their clients also on our ongoing monitoring, so the client is always assured.
- Entrepreneurs often wear many hats. How can ONS FinServ Services’ independent director services provide valuable support and expertise to startups, especially those with limited resources?
While entrepreneurs in today’s times are required to do go above and beyond, the ask is becoming higher and higher. We have a team of seasoned professionals who come from different areas of expertise in finance. We have structuring, administration, accounting, compliance, risk-assurance, local taxation, legal, funding, regulatory and many other experts in-house.
With our independent directorship, the expertise of all comes to a start-up as we support the budding businesses with all that we got. We are very open to guidance, brainstorming sessions which also form part of the quarterly or monthly board meetings for our clients. Such guidance can be intangible pillars for a start-up and steer it in the right direction.
As a Firm, we understand the key requirements of entrepreneurs in various industry who are expanding into different markets or new projects for that matter. We can offer valuable support and expertise to startups by assisting on the following: –
- Establishing Governance Frameworks: We help set up effective governance structures, ensuring that the startup adheres to legal and regulatory requirements.
- Compliance Monitoring: We can monitor and ensure compliance with relevant laws and regulations, reducing the risk of legal issues.
- Financial Planning and Analysis: Offering our expertise in financial planning, budgeting, and analysis to help the startup manage its finances efficiently.
- Risk Management: Identifying and mitigating financial risks, ensuring that the company has adequate controls and procedures in place.
- Business Strategy: Providing strategic advice and direction, helping the startup to develop and execute its business plan effectively.
- Market Insights: Offering insights into market trends and competitive analysis, which can inform business decisions and strategies.
- Fundraising Support: Assisting in preparing for fundraising rounds, including developing pitch materials and identifying potential investors.
- Investor Communication: Managing relationships with investors, ensuring transparent and effective communication.
- Mentorship: Offering mentorship and advice based on our experience, helping founders to navigate challenges and make informed decisions.
- Networking Opportunities: Providing access to a network of industry contacts, potential partners, and other resources that can support the startup’s growth
In summary, us offering independent director services can provide startups with critical expertise and support across various functions, helping them to navigate the complexities of early-stage growth and set a strong foundation for long-term success.
4. The Summit brings together entrepreneurs from India and Africa. Are there specific regulatory or operational differences in these regions that ONS FinServ Services can help startups navigate?
Most nations follow global standards in terms of regulatory and compliance landscape. However, each nation has its own laws, regulations, guidelines and frameworks that businesses must adhere to. Our expertise in both Indian and Mauritian frameworks and laws allows us to guide businesses to swiftly adjust to regulatory differences which can be quite considerable and diverse.
Our support and business solutions transfer such stress from client’s shoulders to ours so they can focus on their core product or service and be rest assured that their regulatory and operational matters across the continents are being managed by experts.
The key areas in which we help startups to navigate into the African and Indian ecosystem are through the following ways: –
- Business Registration and Licensing – India and Africa, both places the registration and licensing of companies are extremely different. We guide client on the different process on each countries level so that easy set up and licensing can be established.
- Taxation- Through our established networks of tax consultants in each jurisdiction, we easily on behalf of clients map their tax situations and impact on any of their activities.
- Foreign Investment Regulations – Both places have different investment regulations in terms of control, liberalisation amongst others. What we do is that we assist entrepreneurs to understand each intrinsics of these regulations and where required assist in relevant monetary flows for our clients in line with the respective local legislations.
- Access to legal support & Market & Regulatory Dynamics – Help with drafting and reviewing contracts, protecting intellectual property, and navigating foreign investment regulations in different countries with the team of legal experts we have across multiple countries.
By offering expertise in these areas, your firm can play a crucial role in helping startups from India and Africa navigate the complexities of their respective markets, ensuring they are well-positioned for growth and success
- Financial transparency and accurate accounting are crucial for startups. How do ONS FinServ Services’ NAV & accounting services help young companies build trust with investors and stakeholders?
NAV or any sort of financial and investment reporting to clients is crucial in keeping the client’s interest in your services. While it is prompt to issue own investment reports and charts for the investor. A third-party certified NAV reporting is not only mandatory in certain types of entities (such as funds) but also adds credibility to the reporting mechanism which bolsters trust and goodwill of the new businesses.
While NAV reporting can be time consuming, today’s digitalisation offers multiple advanced software which may not be accessible or cost effective for startups. Our NAV services not only bring together knowledge and experience of esteemed industry patrons but also use of high-end software which eliminates the need for a new business to buy.
6. Looking ahead, what trends do you see impacting the needs of startups in Africa’s financial services space? How is ONS FinServ Services adapting its services to meet these evolving needs?
Given that the modern-day financial services sector is extremely dynamic, with internal, external, and global challenges arising from the ever-evolving legal and regulatory landscape, staying abreast of the changes is crucial not only for the company’s operations but also for its clients subject to these shifting regulations.
To align with this vital need, ONS FinServ’s internal policies and methods are designed for rapid response, keeping itself and the clients informed and prepared for any regulatory shifts.
Technology plays a huge role in achieving the dexterity ONS FinServ possesses. In fact, the whole of the financial services industry today acknowledges the emergence of fintech and artificial intelligence as fundamental components of the modern landscape.
ONS FinServ has long since embraced digitalization and AI-enhanced software within its service framework. Being a relatively young organization makes it easier for the company to continually refine and incorporate new features to elevate the quality of client service delivery.
Indeed, each department within the company has direct access to specialized software that streamlines their tasks, reduces time expenditure, minimises labour hours, and mitigates the risk of human error. This elevated level of commitment to in-house operations is supported by the industry’s leading compliance, NAV accounting, and operational software, ensuring excellence and efficiency across all organisational functions.
