How to approve a commercial agreement (2006 Act Company).

The day to day activities of a company are under the control of its directors therefore, entering commercial agreements is directors’ business and it does not generally require consent of approval of shareholders. A simple board resolution is generally all that is...

How to issue shares to new shareholders (2006 Act Company).

Companies require capital to enable them to undertake their activities. The most common way for companies to raise capital is by issuing shares to their shareholders. Before issuing new shares, some care needs to be taken as:-  (i) There may be restrictions in the...

How to approve annual accounts for a 2006 Act Company.

2006 Act companies are not legally required to prepare annual financial statements. However, most Registered Agents will insist upon it and the Assessor of Income Tax is increasingly asking for them so these days its pretty unusual not to. Step 1 – Ask the Accountant...

How to approve annual accounts for a 1931 Act Company.

All 1931 Act companies are required to prepare annual financial statements. Part 1 of the 1982 Act sets out the requirements in detail and these are quite prescriptive. Step 1 – Ask the Accountant to provide draft accounts. Step 2 – Convene a Directors...

How to prepare a company letterhead for a 1931 Act Company

s94A & s144 of the 1931 Act requires that the following information is included within a business letter:  (a) Company number and that it is registered in the Isle of Man  (b) Registered office address  (c) If the Company is a limited company that has been granted...

How to issue shares to new shareholders (1931 Act Company).

Companies require capital to enable them to undertake their activities. The most common way for companies to raise capital is by issuing shares to their shareholders. For 1931 Act companies some care needs to be taken before issuing shares as:-  (i) Companies may have...

How to approve a commercial agreement (1931 Act Company).

The day to day activities of a company are under the control of its directors therefore, entering commercial agreements is directors’ business and it does not generally require consent of approval of shareholders. A simple board resolution is generally all that...

How to appoint Bankers for a 1931 Act Company.

The appointment of Bankers is directors’ business and is dealt with as a directors resolution. Step 1 – Ask the nominated bank for their application form and complete it in draft.  Step 2 – Convene a Directors meeting for the purpose of appointing Bankers....