Why Use Nominee Services ?
Most offshore businesses use Nominee directors and/or shareholders to guarantee their privacy. Some offshore locations have rules and regulations which require the details of directors and/or shareholders to be registered by the Companies Registry and will then be accessible in the public domain. If clients choose one of these jurisdictions to base their Offshore Company, they will need to appoint nominee directors and/or shareholders to ensure their details are kept private and confidential.
Professional Nominees provided by ICO Services work with the highest level of integrity and confidentiality.
A nominee director is an officially enrolled intermediary who functions as a company director.
This is entirely legal and many companies use them for a variety of purposes. In some Jurisdictions, the names of company directors are placed on the public record. The nominee director serves as a proxy for the beneficial owners.
Upon appointment of a nominee director, a document called Power of Attorney is issued in the name of nominee director to the Attorney (beneficial owner). On the basis of the given document, the person indicated in the Power of Attorney, acts on behalf of the company and as a legitimate attorney can sign documents, contracts and can open bank accounts.
The Power of Attorney is issued for a period of one year. This service need to be renewed each year and it can be stopped at any time upon request.
The nominee shareholder is appointed in order to shield the real owner of the company from being publicly associated with the ownership of that company. This is entirely legal.
When you appoint a Nominee to hold Shares on your behalf, your benefits are protected without making your personal details public. Your shares are held under Trust, backed by a legal document called a "Declaration of Trust", signed by the Nominee.
The Declaration of Trust sets out that the shareholder is bound to fulfill all the instructions of the beneficiary in relation to allocation of dividends, shareholders' resignation, share transfer etc...
The Declaration of Trust is issued for a period of one year. This service need to be renewed each year and it can be stopped at any time upon request.
What About The Bank Account ?
Because Offshore Banks are aware of Nominee services, Power of Attorney and/or Declaration of Trust will be provided to the bank and only the beneficial owner will have authorization on the account. The nominee has no control over the bank accounts of the company.
Need more information ?
Please do not hesitate to contact us regarding nominee Services or for any questions. We will be happy to answer you, analyze your situation and send you our suggestions.