This document represents a number of resolutions carried out by the Subscriber after the company is incorporated. These resolutions shape the exact internal structure of the offshore company. The First Minutes contain information about the name, registered address and registration number of the company and also establish who is the secretary (registered agent), first director or directors of the company and how the company shares are being allocated to the shareholders. In some jurisdictions this information may also be “scattered” into several separate documents or resolutions. The First Minutes are usually signed by the Subscriber of the Company and the Secretary. The First Minutes is usually the best document to look at if you wish to quickly get to know all the important information about the given company. Depending on the legal requirements, all or part of the information that the Minutes contain will also be part of the public record available in the offices of the Registrar of Companies.
Obviously, when the company starts to operate any further changes may be effected by separate resolutions. Such can be carried out by the shareholders or by the directors of the company, depending on the character of the change. If the particular change is such that requires to be registered in the Registrar of Companies, it should be put to the notice of the registered agent or resident secretary, for further filing with the Registrar.