The risks of having Nominee

[2diamondsaday]

Hey guys, I am relatively new here, but actually few years ago I was following the forum with another account.

Well, I have some doubts about nominee, the risks and the importance/use case of having it.
First because yes you will have some privacy, but wont be anonymous. If someone sue you, or any problem, it will fall on you even though you have nominee. Is it right? Also about bank stuff and CRS, nowadays, you will need to send your personal documents even though you have nominee. Right?

Another question is about the risks, can actually nominee touch your bank account? Because I read a post about Georgian’s nominee having access to offshore bank accs

 

[lory]

First because yes you will have some privacy, but wont be anonymous. If someone sue you, or any problem, it will fall on you even though you have nominee. Is it right?

depends on where your company is registered, what nominees you have appointed (are the lawyers, what are the laws in the applicable country) and what is it actually you are doing that you are afraid of?

So, what you are doing may not be illegal in the country where your company and the nominee is located.

 

[samjohnson100]

agree with lory it all depends on the nominees and the laws in the country you have registered the offshore company

 

[troubled soul]

Is nominee can steal money by shady paper work?
Is there any chance that nominee can takeover your company?

 

[lory]

There is always a risk, however, if you take the reputable one that, the bigger offices, there will not be a problem with it. There are always bad guys, but most often you avoid them with the right research and choice.

 

[Davis123]

There is always a risk, however, if you take the reputable one that, the bigger offices, there will not be a problem with it. There are always bad guys, but most often you avoid them with the right research and choice.

Problem is who to trust and who not to trust. The reputable jurisdictions have laws too that are anti tax and the nominee can throw you under a bus if the need arises. So trying to save here and there while wanting to live in a high tax jurisdiction is not worth it. Go with zero tax or low tax and move over there legally. . All the problems go away.

 

[CaptK]

Big firms will never protect you or even help you to mitigate problems. They are too BIG to care. Unless you have Billions with them and are paying heavy fees.

Trust is a priceless commodity but everything in life is a risk.

 

[troubled soul]

Big firms will never protect you or even help you to mitigate problems. They are too BIG to care. Unless you have Billions with them and are paying heavy fees.

Trust is a priceless commodity but everything in life is a risk.

Very true "Trust is a priceless commodity but everything in life is a risk."
Big firms also Game you.
Or simply they do not care for SME

 

[tacokai]

Some people around here must have very low thoughts about the visitors who come on offshorecorptalk. What nonsense is it to try to convince people that large law firms will not care about their clients.

Sure, if you're such a screenworm who does not dare to meet people physically and thinks you can hide behind your screen your whole life, well, okay, then maybe. Personal relationships, gut feeling and good intuition are the key to success in business.

 

[CaptK]

Some people around here must have very low thoughts about the visitors who come on offshorecorptalk. What nonsense is it to try to convince people that large law firms will not care about their clients.

Sure, if you're such a screenworm who does not dare to meet people physically and thinks you can hide behind your screen your whole life, well, okay, then maybe. Personal relationships, gut feeling and good intuition are the key to success in business.

How many clients from HSBC HK and DB Frankfurt are having to answer uncomfortable questions. Both banks were billing them heavy fees but now the s**t has hit the fan the banks have left them in the s**t. The banks knew exactly what they were doing.

Many people who were using Cyprus and Malta are also in the s**t as the authorities have come down on them and they have passed on all information.

Do you think PWC, Delloite and E&Y are gonna loose their license for customers?

I meet my clients where possible even fly out to meet some and have met OCT members.

The issue is honesty and transparency. It's not just about selling a service it's also knowing who you are dealing with on both sides. If I don't feel comfortable with the client I can also refuse to provide them a service.

I can prepare for any eventually if I know the whole story but if it doesn't make sense I can refer clients to someone who can help.