Appointing a registered agent for a Cayman Islands company
is a needed step and it can be provided by a firm that offers these types of services.
It is often common for our Cayman Islands incorporation specialists
to also provide registered agents services. Below, we talk about the general requirements when opening an offshore company, why it is mandatory and important to have a registered agent and the main role of this appointed representative.
Opening a Cayman Islands exempted company is an easy and straightforward process as long as the foreign business owners comply with the ongoing regulations, such as having a representative and maintaining a registered office.
What is the role of the registered agent in the Cayman Islands?
The registered agent is a third party involved in the management if the business that is located in the Cayman Islands. This particularity, that the agent is located in the same jurisdiction as the offshore company, is a key element for the function of the agent as well as the reason behind its appointment.
Every Cayman Islands exempted company
is required to have a registered office and a registered agent physically located in the Islands. The agent services can be provided by an individual or by a company (more common). The duties of the agent are related to handling the basic management of the company as well as being listed as the contact person for the Cayman Islands authorities.
The name and the contact details for the registered agent are public, unlike the identification details for the company directors and shareholders (in the Cayman Islands there is no need to keep a public list of the company members).
The role of a registered agent is an important one and having a representative able to handle the main corporate and management issues for the company in the absence of the beneficial owners/s is important. For example, the agent will handle all of the needed communications with the Cayman Islands General Registry, will submit the annual returns (important so as not to risk being struck off the register), will notify the Registry of any changes to its Articles of Association and Memorandum (which can be freely altered as long as the changes are notified).
In summary, the role of the registered agent in the Cayman Islands is to act as an intermediary between the Government, the General Registry and the offshore company as well as an intermediary between the company and any other third parties. This public involvement with the company and the fact that the registered agent is expected to act accordingly to solve any managerial issues is the main reason why a specialized firm is often appointed for this purpose. When working with a team of agents, like our Cayman Islands incorporation specialists, handling the needed administration and management tasks becomes easier as they do not fall onto a single individual who is appointed as a representative. A company with experience that has provided this type of service to numerous international clients has the qualification and the recognition to provide registered agent services.
How is the registered agent appointed?
While there is no mandatory appointment procedure stipulated in the Companies Law, the representative agent can work with the company founders as early as the preparation of the Articles of Association. He can be the one who submits the Articles and the rest of the documents for registration and will, therefore,e become the contact person for the company from the very beginning.
The registered agent will receive both sensitive information (and time-sensitive documents) such as legal notices or litigation notifications and will also handle daily managerial processes and standard notification as well as submissions. Because of the nature of the work, working with a professional registered agent is important to ensure the proper and legal functioning of the Cayman Islands exempted company.
Changing the registered agent is possible and it can be performed by means of a resolution and an amendment of the company details. It should be noted that when working with a firm that offers these types of services, the offshore company will also be subject to a due diligence process.
Choosing the registered agent
service provider is an important step for setting up a Cayman Islands company
. Investors can contact us
for more information about registered agent services and the importance of having a professional firm to provide these representative services.