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Professor Siemens’ book will be a handy source of information for those working in both the onshore and offshore world and who need to really understand the differences between jurisdictions competing in the provision of offshore companies. Through his coverage of the specifics in each country, including corporate legislation, issues relevant to stakeholders, tax and related matters, Professor Siemens has provided an up-to-date book of real importance to the users of offshore companies and their advisers.
All too often, offshore companies are formed with very little thought about the pros and cons of different jurisdictions and, in particular, what may turn out to be very important differences in the duties and liabilities of directors. A number of legal and tax issues are also forgotten as advisors reach for the fastest and cheapest solution to the needs of their clients. Professor Siemens has addressed many of these issues, providing a good reminder to those using offshore companies of the importance of a careful review in advance which can minimise a costly and unhappy end to the use of offshore companies.
Professor Siemens has also provided a good overview of the different forms of companies that are available which forms can, of course, be of extreme importance in determining the right type and location of offshore company to be established. His analysis includes protected cell companies, companies limited by guarantee as well as hybrid entities. The important area of corporate governance is reviewed together with issues relevant to the question of directors’ liability and directors’ and officers’ liability insurance and how it operates.