No. Directors are appointed by the Shareholders of the Company and can be removed by them. The Directors owe a duty to the Shareholders to do what is best for the Company. This is a legal duty actionable by the Shareholders in the case of breach. As you will either be the Shareholder or you will be the Beneficial Owner using the services of our Nominee Company as Shareholder you will retain the ultimate control at every stage.
Well of course you can! However, by offering the full service of Directors and Officers Cayman Management recognizes a very important legal principle – known as “mind and management”. You have chosen to establish your company in the tax neutral jurisdiction of the Cayman Islands. However, if all the Directors of the Company are residing in your home country your law may say that the Mind and Management of your company is accordingly situated in your home country. The result of this is likely to be a determination that the Company will be deemed to be within your home country jurisdiction for all legal purposes.
CAYMAN MANAGEMENT would like to think the answer is “value for money”. Behind our directorship services for all companies is professional expertise and years of experience. Cayman Management staff offer extensive knowledge of all applicable local laws and regulations governing the operation of the corporate vehicle and a good relationship with relevant government departments and local service providers. This all leads to the provision of a first class administrative service to the Beneficial Owner.
In acceptable circumstances Directors are able to give Powers of Attorney to any person to conduct certain defined activities of the Company. This enables you or others to conduct business on behalf of the Company without putting at risk the integrity of the corporation. Mind and Management remains with the Directors in the Cayman Islands whilst allowing you to look after important business issues.
The Cayman Islands is a tax neutral jurisdiction. Does that mean I don’t have to bother about taxes?
As far as the Cayman Islands are concerned, there are no income, corporation, profit or other direct taxes to worry about. However, as the owner of a Company in Cayman, you need to be aware of the personal tax requirements that may apply in your home jurisdiction or in any other jurisdiction in which the company may be deemed to operate or trade. We always recommend that you take tax advice from someone familiar with offshore structures in the relevant jurisdiction to ensure that what you plan to do will not run counter to the laws of your home country.