Will I need a PoA only if I insert a nominee director & shareholder offshore company?

[moneymaker]

I wonder if the only reason for I need a PoA is if I appoint a nominee director and shareholder in my offshore company? What if I have a nominee director only and I'm the shareholder?

 

[JohnLocke]

As long as you have a nominee director you will need a Power of Attorney in order to sign on behalf of the company.

 

[peter]

Why would you need a Power of Attorney if you are a shareholder and director of the company? Think twice before you post lol :tongue:

 

[JohnLocke]

Why would you need a Power of Attorney if you are a shareholder and director of the company? Think twice before you post lol :tongue:

Well, it is OK to ask if you don't know something. That's the only way you can learn something:bt:

 

[TVentures]

No one should use a nominee shareholder who has more than 50% interest in share. Any situation requiring a nominee shareholder greater than 1% is not advisable. Usually that is all that is required to meet public record requirements when incorporating in a jurisdiction having such a requirement. PoA are only required when someone else "owns" the company. Legally, when such a company is dissolved, the company owes that percentage to the nominee shareholder.

 

[TVentures]

What if I have a nominee director only and I'm the shareholder?

Nothing wrong with being a shareholder. You could be a 100% shareholder and still never receive a dividend. The Director of the Company could refuse to distribute. There is nothing wrong with a one man operation. You could be Director, Shareholder, and Signatory without creating an 'alter-ego'. It would take some education, but very very feasible. If you are going for the cheapest route possible you could do a one man operation with one offshore layer. Again, you need the proper instruction. Also, your endeavors have not been disclosed, which could alter the method.

 

[moneymaker]

Thank you for your information, all very helpful.