Trust & Company Admin Flashcards
Outline Trust Company business provision of
- company admin services
- trustee/ fiduciary services
- services to foundations & partnerships
What is administration
Not always defined in offshore legislation but includes takes;
- appointed as authorised signatory
- record/ book keeping
- prep of accounts
- prep of correspondence on behalf of entity under admin
- prep of mins / resolutions
Tasks require careful thought & attention to meet specific requirements of jurisdiction
Signed docs state persons capacity which they are signing on behalf
Trust & company administrators are individuals employed in trust / company business sector / referred as Trust officers
Outline tasks & duties pinvolved in Trust administration
Admin of trust assets in manner that is in best interest of beneficiaries (fiduciary duty)
- liaise with clients & legal professionals to prep initial trust documentation (TI)
- make distributions to beneficiaries when due to life tenant or after trustee exercised powers of discretion
(Prep mins of trustee meeting where distribution approved, prep bank instruction, pass to authorised signatory)
(Keep income & capital separate & show whether distribution is either cap/ inc as each subject to different taxation)
- make loans to beneficiaries
- correspond with settlor/ beneficiaries
- prep docs when adding/ excluding beneficiaries
- monitor receipt of income & ensure liabilities paid
(Tax liability passes to trustee & due to be paid)
-ensure assets properly vested
Outline tasks & duties involved in admin of company
Involves management & control of company assets in the interest for the company (shareholders)
- prep & submit incorp docs to registar (application form, share application, M&As)
- prep statutory filings (AR) or special resolutions to registrar
- prep of notices & draft mins for director meetings or required by law (AGM)
- prep doc required to waive AGM
- Maintenance of stat docs/ records (registers)
- prep of other docs (share Certs)
