The beneficiary is the individual in whose interests the company is structured. Notionally, the directors and secretary (collectively the officers) manage the company and the shareholders (or members) own the company. However, unlike the officers and the members the beneficiary\'s name does not appear on public file.
Power of Attorney
In view of the public records not detailing the beneficiary\'s interests, it is imperative that correct power of attorney documents are held by the beneficiary and/or his legal representatives.
Typically the beneficiary is provided with a General Power of Attorney signed by the directors and secretary, however more complex or specific versions can be requested to manage control for certain individuals. For example the finance officer is only able to manage the affairs of the company bank account, whereas the Legal Representative of the company can solely execute contracts on the company’s behalf.
Power of Attorney documents can be notarized via our offices in many jurisdictions, and we have frequent weekly visits to the Foreign & Commonwealth Office in London.
It is the sole responsibility of the beneficiary to make returns to his domestic inland revenue offices if so required by local law.