What are the company objects?
The company objects specify the allowed activities of the business and provide a framework within which the board of directors must keep the activities of the company. These objects are included in the Memorandum of Association. The standard objects of most offshore companies are very broad to allow any kind of legal activity. In fact, many jurisdictions allow a standard objects clause that allows for any lawful activity not expressly forbidden in that country or any other country where business is to be conducted. Such broad objects may not be desirable in all cases however. For instance, where there are multiple shareholders/investors in a company, the shareholders typically desire a more stringent framework around the objects (allowed activities) of the company to ensure their investment and the focus of the company is restricted. Changing these objects typically requires the approval of a majority of the shareholders at a general meeting. Sterling can assist with customizing the objects to suit the requirements of the company should the standard broad objects not be suitable in your situation.