Headquartered in Limassol, Cyprus, Life and Business Solutions is an international consulting company offering multi-jurisdictional services. They recently decided to move to a SaaS-based administration platform, and we spoke to them to find out more.
"Life & Business Solutions, or LABS, has an interesting proposition,” explains Melina Lori who heads up TrustQuay's Cyprus office, "in that they divide their work into two key areas: 'business' and 'life'.
"The business part includes tax planning, company incorporation, accounting and banking services. While the 'life' services extend across assets, relocation, residential, marine and aviation. And all of this in every international territory: EMEA, CIS, Asia, USA and Caribbean."
Like many businesses in their position, LABS needed a software solution that would help them not only to deliver but also to enhance the day-to-day operations of their business. That's functionality around entity management, time recording, billing and company secretarial operations.
At the same time, they had more ‘hands-on’, operational requirements to consider. They needed software that would work perfectly well on their Apple Macs but at the same time be compatible and integrated into Microsoft 365 applications such as Excel and Teams. They also needed to be able to access their system from anywhere in the world, and on any device.
"We realised very quickly that, given these two sets of requirements - the functional and the 'hands-on' - that a cloud- and SaaS-based platform would be the answer." This from Anastasia Mayakova (LLB, LLM) a partner at LABS who specialises in company formation and statutory compliance.
"We knew that a traditional on-premises platform would not work for us. In fact, they’re becoming far less relevant to modern consultancies such as us. So we selected TrustQuay Online not only because it's a SaaS and cloud-based system but because it's what you might call 'pure SaaS', rather than being a hybrid such as IaaS or PaaS."
What are the next stages for LABS and their use of TrustQuay Online?
“Now that we have this 'one-stop shop' in place that's accessible from anywhere, our future plans are around online client onboarding and online client management," Anastasia explains, "as well as being able to provide our client base with a level of on-line self-service. We're also very keen to explore TrustQuay's automation and functionality for AML and KYC."
"You could say that TrustQuay Online has accelerated LABS’ journey along the so-called 'pathway' to true digitalisation."