Professional directorship services in Muncan Republic
Not all founders of offshore companies are created equal. Some want to act as directors themselves, whilst some do not.
Sometimes, for commercial or confidentiality reasons, this role is better delegated to others. This might be due to the local laws of the country of incorporation, local bank or regulatory compliance requirements, lack of time… or just a reluctance to take on a managerial position.
In such a situation, it’s better to use the services of an experienced manager whose rights will be limited by contract – and of course, who can be fired by the shareholders at any time if the contract is not working out as desired.
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If you have any questions, we are available to answer them. Please feel free to write us an email asking about Professional Director Services.
Services of the international company director
If you have an existing business in another jurisdiction or only plan to register a foreign company, including offshore, you will be well advised to appoint a local managing director to ensure a high level of oversight. Depending on the business area and the specific situation, a trustee may assume certain responsibilities that are discussed with each client individually.
Here is the list of general services of a professional director in offshore, onshore, mid-shore jurisdictions from the International Wealth portal:
Professional management services
Professional management services in any of the declared fields such as real estate, e-commerce, consulting, securities and investments, trade, and others.
Family Office
Family Office concierge services such as managing assets, booking travel, acting as a trusted personal assistant etc.
Assistance in drafting and adjusting your business plan
Assistance in drafting and adjusting your business plan and company structure, including licensing and regulatory consulting if necessary.
Providing services at a business address
Providing services at a business address where the company has real substance – physical office, utility connections, tax number etc.
Holding and appointing meetings
Book-keeping and maintaining financial records.
Book-keeping
Consideration of contracts with their subsequent execution.
Bank account management
Bank account management within set limits, i.e. reconciliations, transactions, routine payments of operating expenses, settling credit card bills etc. This is often a necessity, as day-to-day operations and management from outside the place of incorporation can jeopardize the tax residency of the company.
Development of the corporate governance and company policies
Development of the corporate governance and company policies based on international practices and experience (AML policies, HR policies, security policies, compliance policies etc)
Reasons to hire a professional director
The reasons for appointing a third party to this position may be varied, as follows:
- The requirements of the local law of the foreign company’s country of incorporation where the presence of a resident at the executive level is an obligatory rule (e.g., Singapore);
- The founders’ wish to keep their names private, at least in the register of companies;
- Lack of time for being permanently present at the place of incorporation, managing the business operations;
- Banking issues when only local residents are allowed to open a business account, or because it facilitates communication with the bank.
- Research your market and competitors
The scope of such a director is determined by the shareholders. It may include a narrow or broader range of duties. These services are provided solely within the limits prescribed by the contract – with a balance between the formal and actual presence of the person. As in the case with a nominee, a contract is made with the professional director that, if well drafted, will be fair and protect the interests of both parties.
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