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Glossary
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RESOURCES - Glossary
Glossary
Annual Return
Audit
Bearer Shares
Beneficial Owner
Beneficiary
Company Secretary
Director
Fiduciary
Nominee
Nominee Director
Nominee Shareholder
Offshore Financial Centre
Registered Agent
Registered Office
Registrar of Companies
Settlor
Shareholder
Trustee
Annual Return
A form which is completed every year by a company and filed with the Registrar of Companies, containing information on such matters as the company’s registered office address, share capital, directors, shareholders and registered charges.
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Audit
The examination of a set of financial statements by a professional auditor before they are presented to the company’s shareholders or filed with any statutory authorities.
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Bearer Shares
Company shares which are not registered in the name of the shareholder, but issued in such a form that they belong to the person who physically holds the share certificate. The shares are transferred by simply delivering the share certificate to the new shareholder.
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Beneficial Owner
The person who is the ultimate legal owner of a company’s shares, where such shares are not registered directly in that person’s name but instead in the name of a nominee shareholder.
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Beneficiary
A person who is entitled to receive distributions of income or capital from a trust, in accordance with the provisions of the trust deed.
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Company Secretary
The officer of a company who is responsible for maintaining certain official records, such as information relating to the company’s share capital, directors and shareholders and for communicating with statutory bodies, such as the Registrar of Companies.
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Director
A person who is responsible for managing the business affairs of a company and who is answerable to the shareholders. Some countries allow one company to act as director of another.
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Fiduciary
A person who has been given the power to deal with another person’s assets or affairs, in whose best interests he has a duty to act at all times. In particular, the fiduciary may not abuse his position in such a way as to achieve personal gain or profit for himself.
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Nominee
A person who holds assets on behalf of another person, called the beneficial owner. A company may also act as nominee.
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Nominee Director
A term of no legal standing, often used to describe the appointment of a person as director of a company, whose business simply is to accept such appointments in exchange for a fee and who typically takes a superficial interest in the company’s business activities.
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Nominee Shareholder
A company or person who appears as the registered shareholder in a company but who holds the shares on behalf of another person, normally undisclosed, who is called the beneficial owner.
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Offshore Financial Centre
A location away from a person’s country of residence, where financial services are available, usually with reduced or no tax exposure.
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Registered Agent
An official post held in a company by a person who is authorised to receive and deal with official notices or correspondence on the company’s behalf.
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Registered Office
The official address of a company in its place of incorporation, where financial and statutory records relating to the company, its officers and its affairs are normally kept. Some jurisdictions allow for these records to be kept in other locations where the company has a place of business.
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Registrar of Companies
The government officer who has the power to incorporate companies and the responsibility to maintain information on all companies registered in the jurisdiction concerned and to make such information available to the public.
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Settlor
The person who creates a trust by transferring assets to a trustee, to be administered for the benefit of a group of people known as beneficiaries.
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Shareholder
A person who holds shares in a company and is therefore entitled to exercise control over the company’s affairs and to receive dividends from its profits.
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Trustee
The person who holds the assets belonging to a trust and who is responsible for the administration of these assets for the benefit of the trust’s beneficiaries, in accordance with the directions given by the settlor upon creation of the trust.
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"AuditPro Services" refers to AuditPro Services Ltd, a limited liability company registered in the Republic of Cyprus Reg. No. 155999
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