It is usual that, in order to facilitate same-day incorporation, a member of the staff of The LISCR Trust Company acts as an Incorporator or as an Incorporator and Subscriber of the new corporation, based on the instructions received from the requesting party. The role of the Incorporator or the Incorporator and Subscriber ends at the time of issuance of the Proxy, or the Transfer of Subscription respectively. Therefore, he/she has no role in the corporation. The LISCR Trust Company does not provide identification documents of the staff members.
At the time of incorporation, the Incorporator will issue a Proxy. By signing the Proxy at the time of incorporation, the Incorporator immediately transfers his/her rights to the recipient of the Proxy. The Proxy holder is thus empowered to hold an organizational meeting for the purpose of electing directors, appointing officers and adopting bylaws of the corporation. (Section 4.8 of the BCA).
The Incorporator and Subscriber
The member of the LISCR staff, acting as the Incorporator and Subscriber of the corporation, will issue and sign a Transfer of Subscription dated on the date of incorporation. By signing the Transfer of Subscription, the Incorporator and Subscriber transfers his/her entire rights, including the right to subscribe to the initial one share of the corporation, to the transferee, whose name shall be inserted by the recipient.
The transferee, in addition to the right to the share subscribed for in the Articles of Incorporation, has the power to conduct an organizational meeting for the purpose of electing directors, appointing officers and adopting bylaws of the corporation. The Transfer of Subscription, once surrendered to the corporation, holds no value other than historical.