Questions about Nominees

[echo]

Just a couple questions regarding nominees

- If you decide to choose a nominee to open a bank account for you for privacy, i hear many people saying "choose someone you trust". What if you DONT have someone you trust?, bearing in mind that "someone you trust" would be maybe a family member, this wouldnt be something related to privacy for opening up a bank account. So how do you choose??

- Related to the first point, if you pay someone you have never met for a Nominee service to open up a bank account for you - how would you know if that person doesn't go after your money or makes withdrawals? (since he is the one that opened it)

- What are the important things to note down about choosing a good Nominee for privacy and safety (with the Nominee & Your Bank Account/IBC)?

thanks for your time

 

[TurnedToRobot]

- If you decide to choose a nominee to open a bank account for you for privacy, i hear many people saying "choose someone you trust". What if you DONT have someone you trust?, bearing in mind that "someone you trust" would be maybe a family member, this wouldnt be something related to privacy for opening up a bank account. So how do you choose??

Nominee will not have access to your bank account if you hire a professional company.

 

[Martin Everson]

It comes down to your comfort zone in the end. When I last used one I asked myself several questions:

1. Is the nominee a registered professional i.e a lawyer?
2. How big and credible is the nominees firm?
3. Does the nominee have professional liability insurance?
4. Have you met the nominee in person?
5. Where is the nominee located and can judgements be enforced against the nominee?

Basically find a nominee with a lot to lose professionally, financially and if it comes to it physically .

 

[GrumpyMess]

Some more questions:
- What problems apart from privacy do nominees solve these days?
- If the company director is nominee does this avoid the effective management rule?
- Can I open a bank account without possibility nominee director to access this account in the worst case?

 

[TurnedToRobot]

If I say professional then I mean a lawyer or certified accoutant! Not some mexican homless guy or the averge joe on the street.

Nominees = Privacy on public register

 

[Spinat]

bank will know the beneficial owner, require passport and utility bill so the nominee won't have access to anything!

 

[Andrew Gooden]

Some more questions:
- What problems apart from privacy do nominees solve these days?
- If the company director is nominee does this avoid the effective management rule?
- Can I open a bank account without possibility nominee director to access this account in the worst case?

No Nominee will have access to your finance or your bank account. You will be exact the controller and the one who will keep an eagle eye on your transactions. The Nominees are more like names or people you may never meet provide you are using a Offshore Corporation structure or Foundation. There no worry here because every gray hair that pop up on your head will be yours. Relax!

 

[echo]

bank will know the beneficial owner, require passport and utility bill so the nominee won't have access to anything!

If thats the case, then whats the point of using a Nominee Director to open a bank account for your business? Isnt the Nominee supposed to provide privacy for you as the owner of the business by opening the account on the company's & owner's behalf (and in doing that, means that they will give their details to the bank and have access to your account in future - IF they feel like it they could do anything, isnt that so?) Bare in mind that this could be anyone, even if its a professional Lawyer as @Martin Everson said, i just want to know if this is possible if they really wanted to, that they would empty your bank account.

Im a little fuzzy on the details that actually matter here.

 

[Andrew Gooden]

If thats the case, then whats the point of using a Nominee Director to open a bank account for your business? Isnt the Nominee supposed to provide privacy for you as the owner of the business by opening the account on the company's & owner's behalf (and in doing that, means that they will give their details to the bank and have access to your account in future - IF they feel like it they could do anything, isnt that so?) Bare in mind that this could be anyone, even if its a professional Lawyer as @Martin Everson said, i just want to know if this is possible if they really wanted to, that they would empty your bank account.

Im a little fuzzy on the details that actually matter here.

The point of the Nominee Directors is to make you look like a big corporation not a small mom and pop business. Basically now a days any one can run a corporation from out of their bed rooms and appears as if they are on the fortune 10 corporation list. It is simple a small guy looking like a big giant on the outside to the onlookers but you know the truth.

 

[Andrew Gooden]

Nominee Directors

The optional service of using “Nominee Directors” for your corporation is for the purposes of confidentiality and convenience, most clients prefer to have nominee directors/officers for their corporations. When appointed nominee directors for the entities that is established for the clients, they always have the opinion of a pre-signed, undated letters of resignation from the nominee directors so that the client can replace those directors at any time.

 

[JohnLocke]

If thats the case, then whats the point of using a Nominee Director to open a bank account for your business?

As already outlined a few times on this forum and in the threads, nominees are good if you want to hide your name to appear anywhere public or in contracts. It is a perfect tool for instant in acquiring other companies or competitors anonymously.

Some more explaining information can be found here The Definitive Manual to What Is Nominee Director AND
The Hidden Secret of What Is Nominee Shareholder

 

[Mark Rucken]

Nominees are used to hide your name from public registry and corporate documents, NOT from the bank. You are supposed to disclose to the bank who the Beneficial Owner is. I personally would never try to trick the bank and present Nominee as a Beneficial Owner to the bank. Once they catch you ... it is game over.

Moreover, no professional Nominee Service provider would agree to sign bank forms and present them as a Beneficial Owner of the entity, given that is not true, risks are too high. Maybe you can find some pirates who would rip you off for this service, but I would never suggest something like this.

The best option would be to go with a family member or someone you trust and who would be able to visit the bank/do video conference call if needed and hand you online banking and debit card access once account opening is finalized.

 

[Andrew Gooden]

Nominees are used to hide your name from public registry and corporate documents, NOT from the bank. You are supposed to disclose to the bank who the Beneficial Owner is. I personally would never try to trick the bank and present Nominee as a Beneficial Owner to the bank. Once they catch you ... it is game over.

Moreover, no professional Nominee Service provider would agree to sign bank forms and present them as a Beneficial Owner of the entity, given that is not true, risks are too high. Maybe you can find some pirates who would rip you off for this service, but I would never suggest something like this.

The best option would be to go with a family member or someone you trust and who would be able to visit the bank/do video conference call if needed and hand you online banking and debit card access once account opening is finalized.

It depends on the bank account. When you register a corporation and have a Nominees the Bank Account you obtain will be in the name of the corporation or foundation so it not like you are giving up all privacy. There are measures of privacy that are protected since it will not be a personal bank account. No Nominees can sign banks form or represent you with a bank unless you have given them the power to do so therefore ripping off and high risk are nonexistence unless the controller has created the environment for that. Using family members can be a mistake because people talk and those who are closer to you are those who will talk more about one business than a person who is not, therefore your privacy is exposed.

 

[BlueMist]

I am trying to weigh if nominees are doing more good or bad to the business. I have nominee shareholders (corporate) in my structure and one of the bank rejected the application because of that. Apart from keeping UBO name out of public records, I can't see any other advantage of having them?