is an agent that agrees to manage the assets, estates, trusts, and finances of an individual, family or corporation. The services are offered based on an agreement and by observing the local laws and regulations for these types of activities.
The Isle of Man is a preferred offshore center, due to its stable economic and political environment and favorable regulations for doing business and offshore activities. Moreover, the Isle of Man company registration
process is a straightforward one. Individual investors and companies can benefit from requesting specialized fiduciary services including but not limited to corporate services, trust and foundation establishment and administration and many others.
Types of fiduciary services
Fiduciaries serve the role of administering the assets of private and corporate clients and include but are not limited to investment fund administration and/or trust fund administration. Some types of fiduciary services are outlined in the list below:
• trustee services: the founder of a trust appoints a trustee who will be bound by a fiduciary duty to manage the trust
• estate administrator: a fiduciary is appointed to act on the behalf of the estate owner when the said owner passes away without leaving a will
• attorney-in-fact: the fiduciary acts as the duly appointed representative of an individual who is allowed to handle all or part of the financial matters based on a power of attorney
• corporate services: including but not limited to issues concerning company management, company asset management, tax registration and administration and other services related to bookkeeping and accounting
Entrepreneurs should know that natural and legal persons that undertake fiduciary services activities are licensed, regulated and supervised by the Isle of Man Financial Services Authority. Companies that provide these services are licensed according to the local laws and the provisions of the Financial Services Act. Companies that no longer activate in this field are required to surrender their licenses.
One of our agents who specialize in Isle of Man company registration can give you complete information on working with a licensed fiduciary services provider.
The fiduciary relationship
As far as company formation and management fiduciary services are concerned, entrepreneurs can appoint an administrator, on the basis on a fiduciary agreement, to handle the registration of the business as well as other services. Our team can handle the administration on the behalf of a client and this can refer to registered agent services or nominee shareholder/director services, among others. The key characteristic for these services is that they are based on an agreement for the provision of services, as described below.
The terms of the fiduciary relationship are set forth in the agreement between the administrator (the company offering the services) and the company (the legal entity to which the services are being provided) and the beneficial owner (of the capital issued by the company).
The agreement will contain a number of important details, among which we can mention:
• The duties of the administrator: the appointment of the administrator and the services that will be provided.
• The duties of the company owner: the owner’s agreement to provide the administrator with the needed information and rely on information received from him in order to handle different steps.
• The fees: a schedule of the fees can be attached to the agreement and the document also contains the administrator’s authorization to withdraw funds.
• Liability: the liability of the administrator is clearly defined and he is not to be liable to the company or the beneficial owner, as stipulated in the agreement.
• Confidentiality: the administrator agrees to maintain the confidentiality of the information entrusted to him.
• Notices: the manner in which notices should be presented and delivered to the administrator and how he is to forward the documents to the company or beneficial owner.
The agreement will also stipulate the manner in which it can be terminated or how the services can be suspended. In general, it can be terminated by any of the two parties with a 30 days notice or a shorter notice, as stipulated. The agreement can also cease immediately when one of the parties breaches one of its obligations or when one of the parties enters into liquidation. In the event of termination, the administrator is not required to return the fees or expenses that have been received up until that point.
For the purpose of the ongoing fiduciary relationship, the administrator may require to hold certain amounts of money. The manner in which he can do so is also included in the service agreement. In most cases, the administrator is to hold the money in a client account and not pay interest on the amounts held in the client account.
The agreement signed between a company and an administrator in the Isle of Man who will provide the agreed services is to be governed by the Isle of Man law and disputes are generally brought before the Isle of Man High Court. The parties can also agree to resolve disputes through arbitration.
The agreement details described can refer both to those that concern company management and the management of trusts or private trust companies. The clauses change as needed, according to the structure of the trust and its purposes.
Apart from company formation and management services, clients can also request services for trusts (for the management and distribution of their assets) as well as family fiduciary services for asset holding and protection. Services are also commonly provided for private trust companies, used by families that wish to engage in the comprehensive management of their assets.
Services provided by our Isle of Man company formation experts
The Isle of Man imposes a set of regulations for fiduciary service providers
, among which the requirement to only provide these services with a proper license. The Fiduciary Services Acts
are the main legislative documents that regulate service providers in this field. Our team of agents who specialize in offshore company formation in the Isle of Man
is licensed to conduct these types of activities and can provide clients with a complete range of fiduciary services.
By appointing one of our agents, investors in the Isle of Man will benefit from tailored services, suited to their business needs and based on a robust work ethic. The relationship between the administration and the company will develop in the best interest of the latter, with due diligence and reasonable care and focus on goals. We offer complete solutions for Isle of Man company formation and for ensuring that the organization benefits from quality fiduciary client services.
for complete details on how we can assist you with fiduciary services as well as our complete range of services for setting up a company in the Isle of Man.