s.3Definition of “business of company management”
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Section 3Part 0 —

Definition of “business of company management”

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In this Act — “business of company management” means the provision of the following corporate services for profit or reward in or from within the Islands —
acting as a company formation agent;
providing a registered office or business address for a company;
establishing and maintaining beneficial ownership registers on behalf of companies and limited liability companies incorporated or formed in the Islands, offering an information technology solution to those companies and limited liability companies to make extracts of information on the beneficial ownership register searchable by the competent authority established under the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023] and responding to requests from the competent authority about whether a company or a limited liability company or a subsidiary of the same is exempted from the application of the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023];
providing an accommodation, correspondence or administrative address for a company or for any other person;
filing statutory forms, resolutions, returns and notices;
acting as or fulfilling the function of or arranging for another person to act as or fulfil the function of a person authorised to accept service of process on behalf of a foreign company carrying on business in the Islands or to accept any notices required to be served on it;
acting as or fulfilling the function of or arranging for another person to act as or fulfil the function of an officer of a company;
acting as a nominee shareholder for a company;
acting as or fulfilling the function of or arranging for another person to act as or fulfil the function of director or alternate director of a company;
acting as or arranging for another person to act as secretary, alternate, assistant or deputy secretary of a company;
acting as or fulfilling the function of or arranging for another person to act as or fulfil the function of an authorised custodian for the purposes of the Companies Act (2025 Revision);
providing other corporate services involving the control of the whole or a substantial part of the assets of a company; and
providing any additional corporate services as may be specified in regulations.
(a) In this section, reference to a company is a reference —
to a company wherever incorporated or otherwise established; and
to any similar or equivalent structure or arrangement, howsoever named; and
(b) For the purposes of this Act, a person acts as a company formation agent if that person arranges for the registration or formation, or the sale, transfer or disposal of companies or that person provides for the subscribers to the memorandum of association.
A natural person shall not be deemed to be in the business of company management merely by virtue of being a director of one or more companies.
The provision of corporate services does not include —
the provision of services to other companies within the same group of companies as the company providing the services where all the assets of those other companies are wholly owned by companies within that group and do not include assets owned wholly or partly by third parties;
the provision of services to a company which holds a Trust licence under the Banks and Trust Companies Act (2025 Revision) by a subsidiary of that company and in connection with the business of that company; or
the provision of services to a company, listed on a stock exchange recognised for the purposes of this paragraph by the Authority, by a person who does not provide any of the specified services to any other company.

Defined Terms

business of company management

Cross References

Referenced By