First Wave Financial Services (Pty) Ltd was established in 2003 by the current director Mr. Rui MJ Magalhaes. Mr Magalhaes had previously attained membership of the South African Institute of Chartered Accountants after completing his articles at a medium sized auditing firm. Subsequent to him completing his articles he was employed at Lyons Corporate Services where he obtained experience in corporate management consulting services. In September 2003 he formed First Wave Financial Services (Pty) Ltd targeting the medium and small sized businesses.
The concept of providing a complete outsourced administration service which encompasses taxation, secretarial, management and reporting is one which is severely lacking in most small and medium businesses. First Wave can provide an outsourced or virtual financial manager without the client having to pay an astronomical salary normally associated with the employment of a Chartered Accountant. First Waves clients are left to run the operations whilst knowing that the accounting and taxation records are under good care.
First Wave’s clients are mostly referred to it by word of mouth which we believe is the greatest compliment that a business in the services sector can receive. A testament to the success of First Wave is that it still maintains on its books the same first five clients that it had during its first month of operation back in 2003.