Now here\’s a business opportunity

For someone with some sort of vague financial qualifications.

Move to the Caymans, sit on 50-100 hedge fund boards at $5-$30k a pop a year.

I can just see it: expert in one corner of the metals business, well known financial commentator etc etc. Money for old rope, eh?

7 thoughts on “Now here\’s a business opportunity”

  1. So Much For Subtlety

    I have been told there is a nice side line for farmers on Sark. They are signed up as company directors for some standard fee. They sign anything put in front of them as a general rule.

    Still, the Caymans might be a nice place to retire to and a few undemanding directorships might fill in the long summer evenings nicely.

    Tim adds: Quick point about the tropics. No long summer evenings for you! Sundown at 6pm, summer and winter. Tropics, see?

  2. Offshore Observer

    SMFS, the “Sark Lark” to which you refer no longer exists. Guernsey (like Jersey and the Isle of Man) introduced regulation for trust and company service providers and anyone who has more than 6 directorships, or provides director services for reward has to register with the Guernsey FSA which covers Sark and Alderny. There are presently no licensee in Sark as they have all closed down since regulation was introduced in 2000. So anyone who is doing that in Sark is committing a criminal offence.

    All those who were involved in the Sark Lark left the jurisdiction to move to places where thier activities were unregulated and they could play fast and loose with company directorships you know places like the UK (actually many moved to Cyprus).

    In the Crown Dependencies professional directors are limited to about 20 directorships (fewer for very active companies like a hedge fund). But to compensate it is about £15,000 to £20,000 per directorship so you can still make a very nice living, although you could lose everything you own if it all goes wrong as James points out, you are personally liable for negligence.

  3. So Much For Subtlety

    Tim adds: Quick point about the tropics. No long summer evenings for you! Sundown at 6pm, summer and winter. Tropics, see?

    Damn. Oh well. Not going then. Not unless they kick up the compensation a bit. I am rather fond of long summer evenings.

  4. So Much For Subtlety

    3Offshore Observer – “the “Sark Lark” to which you refer no longer exists.”

    It just gets worse and worse. Not that I was thinking of taking up farming in Sark as a profession, mind you. Competitively and comprehensively restructuring my tax affairs on the other hand …..

    “All those who were involved in the Sark Lark left the jurisdiction to move to places where thier activities were unregulated and they could play fast and loose with company directorships you know places like the UK (actually many moved to Cyprus).”

    Cyprus? That could be a nice gig.

    “But to compensate it is about £15,000 to £20,000 per directorship so you can still make a very nice living, although you could lose everything you own if it all goes wrong as James points out, you are personally liable for negligence.”

    But the Polly Peck saga does not fill me with confidence in the ability of the law to actually punish anyone for pretty much anything. Not when Cyprus is involved anyway. So what is the worst that could happen? I might have to do a midnight flit across the border to Turkish Northern Cyprus? Couldn’t be worse than living in the Greek part. Although if the Islamists get their way and ban gin and tonics, it could be a problem.

    All of which points, I think, to the real question – why is this sort of corporate fraud so rare? The UK provides lots of opportunities to creative corporate vehicles. In China or Thailand or even Italy (much less Africa) if all the minority share holders did not get ripped off they would probably complain. Last stand of the English gentleman? Fair play and cricket and all that?

  5. Financial qualifications, guv? How’s about a degree in accountancy, failing to study any economics and directorships on a handful of companies? 😉

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