Ownership and Control of my Offshore Company
Can I change the directors of my offshore company?
Yes, absolutely. The formal procedure for removing the directors of the IBC and appointing new ones will depend on the structure of the particular offshore company - how many directors, how many shareholders, what are the quorum requirements for corporate resolutions, etc. For companies where full management services are provided by the Registered Agent firm, the change of the director(s) or any other change in the internal structure of the IBC would be effected as soon as the beneficial owner(s) of the IBC expressly require such change. Apart from such request, nothing else is required from the owners, as all the procedures are carried out by the Agent.
To the contrary, when the Registered Agent firm does not provide the nominee director and nominee shareholding services - so all those managerial positions are filled by the clients` appointees - then the Registered Agent can only advise on the necessary formalities and paperwork. In such case, the execution of the respective resolutions will have to be arranged by the owners of the IBC themselves.
In any case, it is important to emphasize that any change of directors of the IBC should be reported to the Registered Agent; the changes will come into force only after they are properly formalized in the Register of Directors, which is maintained by the Registered Agent. Also, the information on the new director will be submitted to the authorities (this is a law requirement) where it will be kept in a confidential manner.