Jonathon stated that the corporate services industry is entering a new era of respectability and consolidation. While offshore companies have been used to lower taxes, increasingly, they are being used to facilitate capital flows. It is expected that the regulatory impact of the Common Reporting Standard and profit shifting rules will actually help large corporate service providers such as Vistra against smaller rivals that cannot navigate complex international reporting requirements.
Seeing the corporate services industry in a similar position as the accountancy and tax advisory business 30 years ago before the consolidation created a Big Four of dominant global players, he expected a similar path for the corporate services industry with another three to four years of consolidation to take place. Currently being one of top three corporate services providers globally, Vistra aspires to become one of the “big four” to hold 50% market share in the coming years.
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