Administrative Services

Licensed Service

Company formation and management is a regulated service along with banks, trusts, insurance companies, and funds.  In British territories, this service can only be provided by a licensed company manager established in the jurisdiction where the company is registered (in our case, the Cayman Islands and BVI).  We are also approved to form and provide registered office services for Marshall Islands companies.

Provision of Registered Office

The registered office is where the core company records are kept.  It is also the contact point for regulators who may need to reach the company, either in respect of its operations or in respect of any registered assets that it owns, such as ships, yachts, aircraft, real estate and even patents, copyrights and franchises.

In most cases, the registered office does the company secretarial compliance work.  This includes:

1. Setting up the statutory records.
2. Maintaining the statutory records.
3. Issuing share certificates or other instruments of ownership.
4. Advising on company procedures.
5. Drafting resolutions of members and directors.
6. Holding meetings of members and directors.
7. Producing minutes.
8. Maintaining the minute book.
9. Issuing documents with company seal.
10. Authenticating documents by apostille.
11. Processing registration of ships, yachts, aircraft and real estate.
12. Processing registration of mortgages on registered assets.
13. Filing requisite documents [including changes] with the regulators.
14. Preparing and filing annual returns.
15. Preparing and filing licence applications.
16. Paying requisite fees.

We normally act as Company Secretary [or Assistant Secretary if a Company Secretary is to be appointed elsewhere] because this is usually the most cost-effective option.  Even if we do not act as Company Secretary, we can still do much of the secretarial compliance work.  However, if we are not appointed, documents will typically have to be sent back and forth by courier for authentication or affixing the company seal which will add to the cost, both in money and time.  

In respect of ships and yachts, the registered office acts as the contact point for the registrar.  It maintains communication contacts for the vessel in case of an incident, whether in local waters, in those of another coastal state or on the high seas.  If there is an accident, incident or casualty, then the registered office should be notified and it will make such statutory reports to the maritime administration as the law requires.    

The registered office maintains an integral relationship with the vessel and its operation for the duration of its registration.  Thus, it is a long-term relationship.  If something goes wrong or vessel-related issues arise, a registered office that understands maritime issues can advise the owner and represent his position to the maritime administration or other parties that become involved, perhaps in other coastal state waters for example.  

In summary, it can be of considerable advantage and importance to the owner, his advisers, managers and crew, to have a registered office that understands both the company management requirements and also the needs attaching to the business of the company especially registered assets with statutory obligations such as shipping and aircraft.  For more detail see the sections, “Marine Services” and “Aircraft Services”.

We also work extensively with practitioners, agents, brokers and others in the industry all around the world.  Our approach is to work together as a team, each making his or her contribution to provide the best possible service for the owner.  If the owner has a good experience, he is likely to return or advise others to use the services.  If a yacht owner enjoys a hassle-free experience, then he is inclined to buy another boat and that, in the end, is what sustains the industry.  For more information, go to the section, “Contact Us”.

Provision of Registered Agent or Representative Person

Where a company in another jurisdiction is registered in the Cayman Island as a foreign company, it must have a registered agent in the Islands for the duration of its registration.  

Where a vessel to be registered in the Cayman Islands is owned by an individual or company from a qualifying jurisdiction other than the Cayman Islands, there has to be a representative person resident in the Islands for the duration of the vessel’s registration.

We provide both of these services.

Provision of Directors and Officers

We are able to act as corporate directors and officers.  In most cases, beneficial owners act as directors and we act as officers, usually the company secretary.

Provision of Nominees

We are able to act as corporate nominees, normally for the purpose of holding title to shares or for similar asset protection or privacy purposes.

Company Seal

Company documents are normally sealed by an officer of the company authorized by a director’s resolution.  Where we act as an officer of the company, we can seal such documents.  It is possible to provide a duplicate seal to directors or officers elsewhere in the world but a record of the minutes and documents so sealed should be kept in the registered office.

Authentication of Documents

We are able to notarise documents in-house and, where necessary, arrange for documents to be authenticated by apostille.

Banking

We are able to open bank accounts both for companies and for individuals.  Payroll arrangements for employees may also be made, particularly for ship and yacht crew who are then paid foreign source income from a non-taxing jurisdiction.  Opening bank accounts these days is not easy.  Where a client would like to open a bank account in the Cayman Islands, we are pleased to assist with suggestions on approach, completing the appropriate forms and processing the submissions.

Financing

Where a client is looking to finance and mortgage a registered asset, we can assist.   

Accounting Services

Our accountancy services include:

• Preparing company accounts.
• Arranging audits.
• Financial reporting.
• Assistance with the opening and operation of bank accounts.
• Payroll.
• Establishing credit/debit card accounts for pay, particularly for crew members.
• Personal pension and medical plans.
• Corporate trading and investment.
• Preparation and filing of tax returns.

Corporate Structuring

We can assist in corporate structuring, depending on client needs.  Some of the applications include:

• Structures for international trade.
• Structures for non-US persons to own US registered property.
• Structures for VAT mitigation.
• Structures for corporate tax mitigation.
• Structures for asset protection.
• Structuring a captive insurance company.
• Structuring a company as a foundation.
• Structuring an offshore foundation to qualify for US tax purposes.

Administrative Services

Other administrative services that we offer include:

• Arranging legal opinions, particularly for mortgages.
• Arranging contracts and other legal work.
• Installing a local telephone number to be answered by our office staff.
• Handling individual voicemail on the installed local telephone.
• Enabling use of a fax number to receive and forward instructions.
• Receiving and forwarding of mail.

Maritime Related Services

Our maritime related services include:

• Insurance
• Crew services
• Consulting services
• Registration services
• Representative person
• Tax and VAT mitigation
• Administration and Accounting
• Maritime security training and review
• Survey, certification and code compliance

If you have questions or wish to proceed further, contact us.