"These initialresolutions give authority to the officers to act on behalf of the corporation.
The initial resolutions for officers helps bridge the gap of corporate acts taken between formation and the adoption of bylaws, the corporation's internal governing document."
Virgin Islands Initial Resolution Directors and Officers
Category:
State:
Multi-State
Control #:
US-ENTREP-0085-1
Format:
Word;
Rich Text
Instant download
Description
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FAQ
BVI companies are not required to file income tax returns or pay taxes on their income. However, BVI companies must maintain financial records and underlying documentation that show (and explain) their transactions and pay an annual fee to the government based on the company's authorized share capital.
A nominee director is a non-executive director; however, he/she is active in decision making in financial matters of the investee company, fund-raising plans such as debt-raising and investment planning. He/She presents the expertise at the disposal of the Board.
All companies are required to have at least one director, although that director does not have to be a natural person. There is no requirement for directors to be a BVI resident or citizen.
Investors, banks, and lending companies can also appoint a shadow director to represent their interests in a company. The main purpose of having a nominee director is to give the appointing person or organization some level of control over the company, without having to serve as shareholders or directors themselves.
The shareholders of a business company have the power, subject to the terms of the Memorandum and Articles, to remove a director of the business company from office by passing a shareholders' resolution.
A nominee shareholder is an unrelated third party, who is officially registered as the holder of shares in an offshore company. The purpose of the nominee shareholder is to uphold client secrecy by shielding the actual owner of the company from being publicly associated with that particular offshore company.
Nominee shareholders, on the other hand, have less power and responsibility than nominee directors, as they are not involved in the management and decision-making of the company. Nominee shareholders only hold the shares for the beneficial owner and do not have any rights or obligations as shareholders.
A nominee director is a representative chosen by the company's beneficial owner in order to maintain more privacy. One of the quick ways for business investors to conceal the true identity of the firm owners is through nominee director services in BVI.