Management of an offshore company

Management of an offshore company

Management of an offshore company has its own specificities and particularities as any other type of business. Various offshore jurisdictions would also have different requirements on the offshore business conduct, but some of those requirements are still common for all offshore zones.

Management of an offshore company –  two options

The way the actual management of an offshore business is carried out can be divided into two options.

1. The company can be directed by the owner, in which case, he or she is appointed as the Director.

2. Another option is the appointment of a Nominee Director where the directorship will be transferred to a professional Director.

The owner, of course, can also choose any other person to take the responsibility of the Company Director. In the case the directorship is not performed by the owner, the trustee must inform the beneficiary and get his agreement on any major business matters. If such an agreement was not reached the deal would have no legal power. Such rules can be set in details in the Power of Attorney specifying the extent of power and its length that a nominee director can exercise.

Another common requirement that most of the offshore jurisdictions have is the appointment of a Company Secretary. It can either be a person that is usually a resident in the country of incorporation or a corporate body. They would take care of documentations and other formalities including statutory books maintenance, offshore status update, annual returns fillings etc.