Company: EGG
Filing Date: 2025-04-16
Form Type: F-1/A
Source: 0001641172-25-004947
Chunk: 103

Company: ENIGMATIG LTD
Filing Date: 2025-04-16
Form: F-1/A
Chunk 103
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 2024, we recognized net profit of US$137,694, US$1,134,436 and US$821,192,
respectively. We believe the broad range of services we are able to offer our clients in the form of one-stop solutions represents a
key competitive advantage over our peer competitors.

Our
clients consist primarily of small and medium-sized corporations setting up contract for difference brokerage businesses, in particular
foreign exchange brokerage businesses in overseas jurisdictions. We had 87 clients from nine distinct jurisdictions in Fiscal 2022,
60 clients from 17 distinct jurisdictions in Fiscal 2023 and 55 clients from 15 distinct jurisdictions in Fiscal 2024. We
received a substantial portion of our corporate services income from a limited number of customers. For the years ended September 30,
2022, 2023 and 2024, corporate services income generated from our two largest customers accounted for approximately 46.3%,
54.7% and 47.9%, respectively, of our total corporate services income. Most of our clients were headquartered in the Asian-Pacific
region, primarily including Hong Kong, Malaysia, the UAE, Thailand and mainland China. We service our clients through four global offices
located in Singapore, Hong Kong, Shanghai and London, and maintain a desk in Bangkok, Thailand.

Our Competitive Strengths

We believe the following competitive strengths have contributed to our success to date and will continue to differentiate ourselves from our competitors:

| ● | Broad                                                                                                                                    
 range of services. The breadth of our services, ranging from initial planning and filings and license registration to ongoing            
 regulatory compliance and back-office services, allows us to operate as a one-stop service provider for our clients setting up a         
 company in a new jurisdiction. This allows us to build strong relationships with our clients and facilitates a relationship-centric      
 focus whereby we maintain ongoing contact with our clients and can continue to provide them services. Most of our competitors for        
 small and medium corporate clients offer a smaller range of services, and sometimes even refer clients to us to cover areas in which     
 they are unable to provide services.                                                                                                     |
| ● | Relationships                                                                                                                            
 with third-party professional service providers. We have developed key relationships with leading third-party professional               
 service providers, including law firms, accounting firms and other professional firms and intermediaries, as well as with professional   
 firms holding necessary licenses for us to outsource work. Leveraging the expertise of such local agents helps us to mitigate regulatory 
 risk and allows us to offer expanded services, strengthening our competitive