“I always had a desire to do well and to do something meaningful with my life”

Rory Mulvaney talks us through a multi-faceted career that has taken him from law to accountancy and on to entrepreneurship as the founder of his own corporate and compliance service firm 

Belfast-born Rory Mulvaney, FCA, is founder and Managing Director of VANTRU, an independent provider of corporate and compliance services with a presence in Ireland, Britain and the Netherlands. Established in 2017 under the name Mulvaney, the company underwent a rebrand in 2023 to become VANTRU and employs a 20-strong team comprising accounting, tax and legal professionals. Here, Mulvaney tells Accountancy Ireland about the evolution of his career and path to entrepreneurship.

Tell us a bit about yourself. Why you decided to become a Chartered Accountant?

I was born in Belfast and my family then moved to Newry where I grew up and went to Abbey Grammar School. I now live in Rostrevor with my wife, Seana and our four children, Jack, Rory, Olivia and Charlie.  

Starting out, I studied law at Queen’s University Belfast and, from there, undertook a Diploma in Legal Practice at the University of Law before joining Bank of Ireland and then McCartan Turkington & Breen in Belfast.

At that stage, I decided that a career as a Chartered Accountant would give me the knowledge needed to one day become a business leader and I went on to train with John MacMahon & Co in Northern Ireland and undertook further training as a Tax Consultant with KPMG in Dublin.

Looking back now, are you glad you made the decision to qualify as a Chartered Accountant? 

Yes, absolutely! I wouldn’t say I had a career plan starting out, but I’m naturally ambitious and driven to succeed, so I always had a desire to do well and to do something meaningful with my life. 

When I first decided to qualify as a Chartered Accountant, I could see that it would give me the freedom to work anywhere in the world for any type of organisation and possibly, one day, for myself. 

After qualifying, I moved into industry with Bruce Shaw, now known as Linesight, a global cost management consultancy firm, where I was Group International Tax Manager for five years.

What was it that prompted you to set up your own business?

My first industry role with Bruce Shaw was inspirational. Working with a successful Irish business that was growing at pace and expanding overseas gave me confidence and a wealth of experience.

In 2017, I decided to set up as a Corporate Service Provider (CSP) and established Mulvaney as part of Trustmoore, a global corporate services firm which had worked with Bruce Shaw on corporate services outside Ireland. 

Trustmoore viewed Ireland and the UK as strategic jurisdictions for business growth. We established a two-year co-operation agreement after I pitched to the founders in Amsterdam in 2016.

This was a pivotal moment in my career and a valuable opportunity to learn about the inner workings of the business. I was able to travel to global offices, attend internal academies and spend lots of time with Trustmoore’s founder and owners.

Come March 2019, I established Mulvaney Corporate Services. I wanted to launch Northern Ireland’s first locally established, independently owned corporate services provider and to lead the market by providing a unique set of corporate and compliance services to foreign organisations across key jurisdictions. Today, we remain the first and only company of our kind in Northern Ireland. That makes me very proud.

What prompted you to rebrand the business to VANTRU in 2023?

We mainly service clients with foreign direct investment needs, both inward and outward, for trading and investment purposes, as well as clients in the capital markets space for whom Ireland is a relevant and attractive jurisdiction. As the company has grown, we have had opportunities to work with some high-profile global organisations and last year, seven years after our initial launch, I felt that the time was right to establish an identity and brand that would enable us to compete at the highest levels.

What do you regard as your proudest achievements as a business owner?

I am extremely proud of the fantastic team of qualified professionals who have chosen to work with VANTRU. It is also a massive achievement for me personally that VANTRU is recognised by many highly respected law firms, auditors, tax advisors and asset managers. We are in the very fortunate position of having financial institutions and CSP firms in other jurisdictions refer work on to us. 

What are some of the most important lessons you have learned over the years? 

Someone once told me: “people buy from people.” As a business owner, surrounding yourself with great people who can bring something unique to the table is key.

In my wider career, I have had the privilege to work for and alongside people who have taught me valuable lessons.

John MacMahon is a well-known Chartered Accountant from County Armagh who has built a fantastic all-island practice and property empire. John was always generous with his time, giving me plenty of valuable advice when I was starting out in my own career.

Brendan O’Mara, Derry Scully and Gerard Campbell of Bruce Shaw also stand out. A natural entrepreneur, Brendan was the Founding Partner of Bruce Shaw in Dublin over 40 years ago. 

Derry was the Group Chair during my time with the firm. He was both technically gifted and able to maintain a lot of key client relationships globally, including with some of the world’s biggest companies. I worked very closely with Gerry, as CEO, and learned a great deal from him also. 

In my own journey, I have found myself adopting a lot of their habits, especially Gerry’s, with his little black books and knack for “getting things done”. 

In the world of corporate services, I have learned a lot from two Dutchmen – Trustmoore founder Steven Melkman, who is an inspirational and charismatic leader, and Jan Jaap Kuipers, the former CEO of the BK Group. 

Who do you most admire right now in business or public life?

In business, it has to be Phil Knight, founder and former CEO of Nike Inc. I recently read his memoir, “Shoe Dog,” and was very inspired by his story. I found myself relating to his experiences, especially in the early days. In sport, despite being a Manchester United supporter, it has to be Pep Guardiola. I also read his biography, “Another Way of Winning,” by Guillem Balagué. Guardiola is so much more than just a football coach. 

How has the role of the accountant evolved since you first joined the profession?

The role of the accountant has been impacted by ongoing advances in technology, including the introduction of new and improved accounting software and cloud-based tools, which automate routine tasks such as bank reconciliations. 

We are now also starting to see the impact of artificial intelligence, which will remove the need to carry out routine tasks for finance departments and accounting teams, such as data entry, reconciliations and generating reports. 

The daily work patterns of accountants have also changed dramatically. At VANTRU, all of our employees have adopted hybrid working with some team members working remotely on a full-time basis.

We recently hired a new team member who is based in Germany! There are many positives to this way of working for our business. We are moving towards a fully cloud-based business model, which will mean that we can hire people from anywhere in the world.  

What are your plans for VANTRU in 2024 and beyond? 

We have fulfilled most of the goals outlined in our 2019 business plan and we are in the process of agreeing our strategic plan for the next five years with the help of John-George Willis, our Non-Executive Director.  

These plans will centre around improving our brand awareness, IT systems, processes and people. We will also consider growth by acquisition if the right opportunity arises. 
Put simply, I want our company to continue to grow. I am very involved in developing new business opportunities and, every day, we talk to prospective clients from all over the world. 

I am really looking forward to what we can achieve over the next decade.