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Directors & Shareholders

PAGE SECTIONS
01 Shareholders
02 Directors
03 Different Access in the Application
04 Cool features you should know about
01
Shareholders
The founder of the company becomes the first and only shareholder of the company. After incorporation, the founder may sell or transfer shares to any natural person or legal entity of their choice.
A shareholder may sell or transfer either part of the shares or all shares, either online or offline (in person).
During an online share sale, Sky Continent acts as an intermediary between the seller and the buyer, supervises the transaction, and ensures that payment made by the buyer is delivered to the seller for the transferred shares.
During an offline sale (in person), the Shareholder accepts payment for the shares outside the application.
The minimum share transfer price is 1 EUR. No maximum price is specified. Each Cloud-Based Company may have up to 100 shareholders, each holding a minimum of 1 share. No fraction of a share may be sold.
For additional security, a shareholder may keep the original Share Certificate. As long as the original Share Certificate remains in the shareholder’s possession, no shares can be sold or transferred - either online or offline. Share transfers become possible again only after the original Share Certificate is returned to Sky Continent, that acts as the Registered Agent responsible for verifying and approving the validity of the transfer.
Share Transfer Fee
A share transfer requires more than 14 days and a fixed fee of 6 EUR per transfer. Unlike a newly incorporated company, an existing company may have assets, operations, and active banking, and financial history which makes verification more extensive and requires additional validation. No external lawyer is required unless the parties choose to appoint one. The entire process is completed online through the Sky Continent application.
Side Navigation → About the Company → About Company → Create Share Transfer Agreement
02
Directors
The founder of the company becomes the first acting Director.
The director of a cloud-based company must be a natural person or a legal entity that is also an active shareholder of that company. A cloud-based company is an owner-managed structure that is not designed to hire outside employees or outside directors.
The shareholder(s) may elect any number of new directors or remove any director directly through the application.
Directors are the only competent authority authorized to manage the key functions of the Sky Continent application, including internet banking, profit distributions (dividends), issuing loans, ordering and funding company debit cards, creating or deleting invoices, and reviewing or signing accounting statements. Shareholders who do not hold the position of Director will therefore not be able to perform these actions within the application, even though they can fully monitor the company’s activities and have access to all data uploaded by the Directors.
A cloud-based company may have multiple directors at the same time, but never less than one director. If the sole acting director resigns and the cloud based company remains without a director for 30 days or more, the company’s online account will enter a so-called “Statutory Pause”, representing a temporary freezing of the online functionalities. Please read the Statutory Pause clause in the User Agreement.
Directors who are not Shareholders may be required to register for additional tax obligations in their country of residence. For more information, please refer to the “How Does It Work” guide on Accounting & Taxes.
03
Different Access in the Application
If you are both a Director and a Shareholder, the Sky Continent application is fully available to you with all features active. However, if you are only a Director or only a Shareholder, certain limitations will apply:
Directors are permitted to issue and delete invoices, make payments using internet banking, order company VISA prepaid debit cards, transfer funds to VISA prepaid debit cards and manage the company’s accounting application. These actions are not available to Shareholders who are not also Directors
Shareholders, on the other hand, may vote to appoint or dismiss Directors, manage financial limitations, transfer or sell shares, and apply to close the company - actions that Directors cannot perform. For a complete list of rights of Shareholders and Directors, please refer to the User Agreement.
04
Cool features you should know about
Appoint a Successor
Owners of Cloud-Based Companies can appoint a successor (e.g., a family member or partner) in case their online account becomes inactive for an extended period (months or years). This paid feature ensures that if something happens to you, ownership of the company is transferred to your selected person and your assets are not lost or subject to lengthy inheritance proceedings.
Top Navigation → My Personal Data → Appoint a Successor
Privacy helps you Start Quietly & Grow Confidently
The list of your company’s shareholders and directors is not publicly available. Cloud-based companies have the highest level of confidentiality for their shareholders. You can now open your company as your little secret and explore a new business idea without pressure if it does not work out.
Who can see your cloud-based company ownership structure?
Sky Continent Ltd — as the Registered Agent; Sky Continent Management House — as the Regulatory Director; the Business Register of Seychelles; and the applicable banking institution issuing the IBAN.
Instant Access to your Profits
Cloud-Based Companies can distribute profits (dividends) at any time. Before sending dividends for the first time, Please read the section: How Does It Work – Accounting and Taxes, part Personal Tax on Profits and Dividends.
Home → Directors & Shareholders → Profits & Dividends
Exit Easily
If the company is no longer required, you can close it within 5 working days. Once the company closure is approved, the online account of the closed company will enter a so-called “frozen stage,” where the company’s bank account will be closed, and debit cards and internet banking access will be deactivated. All data will remain visible to the last active shareholders in the Closed Companies section during the mandatory 7-year data retention period, after which all data will be permanently erased.
Top Navigation → My Personal Data → Sell my Company Shares → Closed Companies