I am in the process of setting up an offshore company through a well-respected company (been in operation since 1987 which has been verified) in London using a Nominee Director.
They are opening an offshore banking account BUT the nominee director of the offshore company (supplied by Company provider) will be the sole signatory to the Bank account.
The obvious question is: If the Nominee Director of a company is required to be the signatory to the bank accounts, how is the real owner protected from the Nominee Director just simply taking all the funds in the account??
I have also received advice that my bank account (in the name of the Offshore company with the Nominee Director as signatory) has also been opened.
As the Ultimate Beneficiary Owner (UBO) or shareholder, I have provided NO information to the bank involved. As far as I understand it, the bank does not know me at all
Therefore, it seems that either
1). one opens an offshore company with a Nominee Director who has total control over the offshore Bank account (which needs a HUGE amount of trust. And after the Bernie Madoff 40 year long scam as a respected trustee/nominee, who would really trust a trustee/nominee?).
Since the bank will only open the bank account with the Nominee Director of the company as the signatory, then one is effectively giving total control over the Offshore bank account to the Nominee Director or
2). one opens an offshore company and an offshore Bank account with the real owner as a Director and the bank signatory (and hope that your domicile country doesn't find you)
If this is the case, then opening an offshore company and an offshore bank account is fraught with HUGE danger.
I still want to continue to establish an offshore entity. Can anyone see an alternative solution to my dilemma??
They are opening an offshore banking account BUT the nominee director of the offshore company (supplied by Company provider) will be the sole signatory to the Bank account.
The obvious question is: If the Nominee Director of a company is required to be the signatory to the bank accounts, how is the real owner protected from the Nominee Director just simply taking all the funds in the account??
I have also received advice that my bank account (in the name of the Offshore company with the Nominee Director as signatory) has also been opened.
As the Ultimate Beneficiary Owner (UBO) or shareholder, I have provided NO information to the bank involved. As far as I understand it, the bank does not know me at all
Therefore, it seems that either
1). one opens an offshore company with a Nominee Director who has total control over the offshore Bank account (which needs a HUGE amount of trust. And after the Bernie Madoff 40 year long scam as a respected trustee/nominee, who would really trust a trustee/nominee?).
Since the bank will only open the bank account with the Nominee Director of the company as the signatory, then one is effectively giving total control over the Offshore bank account to the Nominee Director or
2). one opens an offshore company and an offshore Bank account with the real owner as a Director and the bank signatory (and hope that your domicile country doesn't find you)
If this is the case, then opening an offshore company and an offshore bank account is fraught with HUGE danger.
I still want to continue to establish an offshore entity. Can anyone see an alternative solution to my dilemma??
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