Our strategy

TMF Group Holding B.V. ("TMF Group") exists to help our clients invest and operate safely around the world. We provide compliance and administrative services in 87 jurisdictions. Our broad footprint and set of services allow us to handle clients’ critical administration across their portfolio of legal entities around the world in a safe and controlled environment.

Our services cover the critical administrative requirements to manage legal entities efficiently and compliantly. They are managed in three global service lines:

  • accounting and tax

  • payroll and HR

  • global entity management

Our clients include the majority of the Fortune Global 500, FTSE 100 and top 300 private equity firms. For reporting purposes, we group them as follows:

  • operators (corporates); about 71% of 2023 total revenue (2022: 71%)

  • investors (funds and capital market participants); 29% of 2023 total revenue (2022: 29%)

The way to invest & operate safely around the world

Our proposition

Critical administration in critical locations

Our platform

Over 11,0002 people in 87 countries

TMF Group organises its 87 jurisdictions into 17 markets which are grouped into 3 regions – EMEA, Americas and APAC. We have experts on the ground in these locations serving clients locally and as part of global client teams.

TMF Group has been in business serving clients for over 30 years. We have grown steadily through those decades and several global crises as a result of our resilience which stems from the following factors:

  • We operate in a large, growing, and fragmented market. We address a €20bn market that is growing rapidly as firms seek help dealing with increasing regulatory complexity in employment law, regulatory filings or fiduciary rules. We are one of the leading firms with an unrivalled global platform. With just 3% share, we have a lot of room to grow.

  • We work with primarily global mandates. Over half of our revenue now comes from clients using our services in multiple countries. That proportion is growing rapidly in response to our commercial strategy. These relationships reflect our global footprint and operating model and are inherently stickier than those in a single country.

  • We provide business critical and recurring services. Many of the services TMF Group provides – such as regulatory filing, or accounting and tax services – are mandatory for our clients, meaning our work is seldom vulnerable to economic downturns or shifts in clients’ strategies. These services are recurring, meaning we start each year with over 90% of our revenue secure and creating a stable cashflow.

  • We have a diversified and blue-chip client base. TMF Group works mainly with multinational firms who themselves tend to be more resilient. Our largest client is just 2.3% of our revenue and we have low exposure to any single sector or country.

  • We are investing in technology. TMF Group has accelerated its investments in technology to enhance customer offerings, improve client satisfaction, efficiency, and reduce risk.

  • We enjoy strong cash conversion. TMF Group benefits from strong cash flow conversion. We are a service-focused business with relatively modest need for investment in property, plant or equipment and IT software.

  • We apply robust controls. Management Board is supported by centralised Group functions operating in a three lines of defence model. TMF Group has a centralised KYC function as part of our Operations team in the markets we operate, of which each employee is responsible for adhering to Group-wide AML/CFT and sanctions policies. We have also invested in areas of critical risk such as cyber security including recent measures to enhance data security with more people working from home and on laptops.

  • We help our clients invest and operate safely around the world. We provide the administrative services they need to run legal entities compliantly and efficiently, including accounting and tax filings, employee administration and payroll, incorporation and fiduciary oversight and regulatory services.

Within the broad space of administrative services, our strategy is to become the best solution for firms with multinational entities to look after. Our unique footprint in 87 of the world’s most attractive investment hubs and economies, as well as our blend of services mean that we can manage operating and investment vehicles in various locations.

Particular elements of our strategy are reflective of that overall goal:

We created one TMF 

  • 211,079 headcount as at 31 December 2023, corresponds to 10,864 Full-time equivalent ("FTE") as at 31 December 2023 (average of 10,513 FTEs for 2023).
  • 3TMF Group continues to operate in two offices in Russia for clients who are multinationals and rely on our support. Many have chosen to withdraw and TMF Group is enabling that to happen in an orderly fashion.3