Steps to Alter the Management of an Offshore Company

Offshore Company

Can you change the Management of your offshore company? Absolutely Yes.

 The formal procedure for removing the directors of the offshore company and appointing the new ones entirely depends on the structure of the particular offshore company or the offshore company registration, for example, how many directors, how many shareholders, and the organizational requirements for corporate resolutions, etc. For the offshore companies where the Registered Agent firm offers full management services, the directors' change or a change in the internal structure of the offshore company would have resulted as soon as the beneficial owners of the offshore company quicky require such change. All the procedures are carried out by the agent.

When the Registered Agent firm does not provide the nominee director and nominee shareholders' services, all those managerial positions are filled by the client's appointees. The Registered Agent can only counsel on the necessary formalities and paperwork in offshore company formation with a bank account. In such a scenario, the execution of the respective resolutions will have to be arranged by the offshore company owners.

In this blog, we explain you about the steps to alter the Management of an Offshore company,

How to Change the Management of an Offshore Company

If you have decided to change the Administrator of your offshore company setup, the Director or the Board of Directors should pass a resolution. The resolution must be formally authorizing a change of Company Manager, a Change of Director and a change of Shareholder

If you desire to change the Shareholder, you must get a share transfer drafted and signed by the departing Shareholder of the offshore company setup.

It is very easy if you are the Director of the Company. If your current Manager is providing a Nominee Director who is not cooperative, you have to use the documents in your control to force a change of the Director temporarily to yourself.

The following are the steps that you need to follow to change the Management of an offshore company:

  1. You will need to email us the following things :
  • An order form must be fully completed and signed.
  • Certified copies of your ID proof (a copy of your passport) and a copy of your residential address
  • Fully written instructions to alter the registered agent of your offshore company registration or the corporate service provider.
  1. Once we receive the things mentioned above, we will then prepare the necessary resolutions sanctioning the change of Registered Agent, Memos, and Articles, etc. Then we will forward that to the Company Director for signature and then finally to you to register offshore company with a new management.
  2.  Once we receive the above meeting resolution fully signed, we will then email the existing Agent or the Corporate Service Provider to counsel that we have instructions to change the Registered Agent or the Corporate Service Provider attaching an undertaking to clear the fees, the file transfer Resolutions and also we will provide copies. we will file only a fragment of the resolution so that the Director's name does not appear anywhere on the registry's records.
  3. The outgoing Agent should fax us or the registry a letter requesting a change of the Registered Agent of the offshore company setup.
  4.  We will then have our people ready to attend the registry by meeting extracts to resolve the change of the Registered Agent.
  5.  The registry will usually fax us within two days to confirm that the change of the Registered Agent has been recorded.
  6. We will then have our people ready to attend the registry within 24 hours to accumulate the filed change of the exact resolution of the Registered Agent. Once we have those documents, we will immediately email you a letter to advise that the change of the Registered Agent has been officially recorded.
  7.  We will then airfreight a copy of the filed extract and the filed revised Memorandum and Articles.
  8. We will then contact the departing Registered Agent to request the original file and then collect the same.
  9. We will then start and keep the registers for the directors, secretaries, and the shareholders.

After having completed all the above-mentioned steps, there will be a successful change in the management of the offshore company with the existing offshore bank account.

Business Setup Worldwide is a platform to guide you through this. If you need any further assistance in altering the management of your offshore company, then you can contact us! We’d be glad to assist you.