Nominee Shareholders and Directors
Why do Clients’ require nominee shareholders and directors?
In order to complete the statutory requirements, a resident directors or shareholder is needed in some countries. For an example, a resident director is required in countries like Singapore, Ireland, Brazil and Australia. A resident shareholder is needed in Indonesia and Kuwait. In other countries like the UK, a local director or local shareholder is mandatory for opening a corporate bank account for the company.
The minimum number of shareholders and directors may vary depending on the jurisdiction. In Singapore, a shareholder and a director is sufficient while in Thailand the minimum number is of 7 shareholders and in Philippines minimum 5 directors are needed.
In order to maintain transparency, almost all the developed counties maintain online public registers of shareholders’ and directors’. Some of the clients’ prefer to keep their information confidential for a variety of reasons.
How is our Client protected?
Being in this industry for a while and strong knowledge of all the processes enables us to keep our client abreast of all the information. AbroadBiz shall provide you complete information about the nominee professional, passive director and shareholder. Although the nominee shall be provided by us, the authorized signatory of the company’s bank account shall be the client. The common service agreement is signed between AbroadBiz and our Client to protect both parties.
However, it remains client’s responsibility to disclose the income and assets details as well as fulfill the tax obligations. AbroadBiz does not provide such services to facilitate tax evasion. AbroadBiz will actively collaborate with banks and Governments to make sure that taxation and AML/CFT regulations have properly complied.
Some of the jurisdictions require the Company Secretary (CS) to be a resident individual. In such cases, AbroadBiz offers the services of professional and certified Company Secretary for an offshore company. The role of the offshore company secretary shall be;
- Monitoring, maintaining and managing the Statutory book,
- Preparing minutes of Director’s and shareholder’s meeting
- Preparing and filing legal documents & forms with the registrar of companies
- Suggesting the upcoming tax and accounting deadlines
The role of the nominee shareholder is to protect the identity of the real owner of the company from being publicly associated with the company.Based on the services selected by the offshore client for a nominee shareholder, a service agreement (declaration of trust) is signed between the client and the nominee. The nominee shareholders introduced by AbroadBiz, work and maintain the highest level of integrity and confidentiality for the company.
The role of the nominee director is to ensure and maintain the highest level of privacy and confidentiality, as the name of the director will appear in the corporate documents, in any business contract and, eventually, in the jurisdiction’s business register. An additional benefit of using the nominee service is to place the “management and control” issue firmly outside the high tax jurisdictions.
Based on the services selected by the foreign client for a nominee director, a service agreement (Nominee Service Agreement) is signed between the client and the nominee. This agreement acts as the guarantee that the nominee is eligible to sign the company documents only with prior approval from the client. The professional and responsible directors introduced by AbroadBiz work with the highest level of integrity and confidentiality.
Local Managing Director
There are some countries like Switzerland, Ireland, Brazil, Australia and Singapore in which registering your company, is the responsibility of the local director as per the commercial legislation. The local director is required to hold local citizenship or residency of that country. In such cases, AbroadBiz’s professional service comes handy which offers Professional Director with a prior Service Agreement signed between the client and the Local Director.
Provision of Office Premises
The company incorporation process also involves showcasing formal address of the company to the concerned chamber of commerce and related authorities. Using AbroadBiz’s professional services, you can provide registered Office address, virtual Office or physical address for your offshore company.
Virtual office services
AbroadBiz has more than a decade year of experience in offering virtual office services to our clients in 20+ countries across the world. The most cost-effective and official way of conducting the business is choosing the virtual offices;
The virtual office address fulfills almost all the major requirements including i) an address based out of the city center ii) telephone and fax auto-forwarding service or iii) dedicated telephone line answered by our staff iv) mail forwarding services and v) provision of a local fax number or email address;
The advantages that clients can get out of this services is i) close sales with the local customers ii) open corporate bank account with ease iii) utilize our boardrooms for meetings & facilities;
The virtual office service provided by AbroadBiz includes i) a business address that can be used only invoicing purposes only and not for mail forwarding ii) a business telephone number that can be used for invoicing purposes only and not for phone messages or other services, and iii) a business fax number that is also used only for the invoicing purposes, no fax forwarding service;
Shared office space
With an experience of supplying virtual office to 20+ countries in the world, AbroadBiz is the common, cost-effective and trusted choice of international clients for shared office space services. By choosing our shared office service you avail, i) a desk and computer in the center city center based office ii) telephone and fax answering service iii) customer company signage iv) free Wi-Fi and utilities;
AbroadBiz also offers registered address services for the client who wish to start their business as much cost-effect as possible.