Georgia: Nominee director has theoretically full access to bank account

[curiousmarv]

Hi everybody,

I've got today information that a nominee director can theoretically fully access a companies bank account in Georgia (e.g. on TBC) even if he/she never had internet access to the companies account.

How do people protect themselves in such a situation? It seems the only protection layer is "trust" in the nominee but there is no real protection because the nominee director is the director of the company and banks won't say no (they don't check charters) when the director wants access to the money.

Any ideas?

 

[silentreader]

You can limit the directors access to the bank accounts / funds. Just create the necessary addition to the company statutes.

 

[curiousmarv]

silentreader said:
You can limit the directors access to the bank accounts / funds. Just create the necessary addition to the company statutes.
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That's the problem. Banks in Georgia do not care of statutes. They know who the director is and give full access.

 

[Remy]

therealmarv said:
That's the problem. Banks in Georgia do not care of statutes. They know who the director is and give full access.
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Could you explain how the Nominee director, who is unknown by the bank as UBO or signatory could access the bank account ? Showing only a extract of the public registry ?

 

[lavel]

That's what was discussed here many times already. Proponents who claim the PoA can be revoked and then the nominees would not have access to the bank account har full of s**t. No one should ever fall for it unless you really trust your nominee 😀

Georgia is a great place for company formation but for banking for get it if you can't open the bank in person by yourself and won't need nominees.

 

[Martin Everson]

therealmarv said:
How do people protect themselves in such a situation?
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Don't use a nominee director maybe?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[silentreader]

Martin Everson said:
Don't use a nominee director maybe?
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Exactly use a 2nd identity and do it yourself 😀

 

[Jonny Cage]

It's a private contract between you and a nominee. There is no way you can limit nominee directors access to the bank account. Georgian banks just don't do that.
You just balance your risk with signing the private contract with more or less normal company, that will provide you with nominees, rather than finding a random person.
However, in any case if you plan to have a business with higher volume of transactions just listen to Martin's advice above. Avoid it

 

[Spinat]

Martin Everson said:
Don't use a nominee director maybe?
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What about the PoA they reuqest if I don't want to go to Georgia in person! Can they misuse the PoA even if it has an expire date?

General I would not trust a Nominee from any of these services around in Georgia and which I have seen, they could disappear tomorrow with all your money. If it is possible to find a large reputable company in the Republic of Georgia that offer company formation and bank account services it may be a different discussion but with what I have seen until now, never.

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[silentreader]

Well, as my father said before he killed my mother with 23 stabs: "If you want something to be done the right way - do it yourself!"

 

[Jonny Cage]

blueweb said:
What about the PoA they reuqest if I don't want to go to Georgia in person! Can they misuse the PoA even if it has an expire date?
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There's no way you can use expired POA. Banks even send to the person sms and emails several times before expiration date, saying they cannot use poa after that.

 

[Spinat]

So say I have signed a PoA with an agent in Georgia with expire date 01.11 then the bank will make a note that the PoA is only valid until this date and after that it revoke and the agent has no access to the account any longer? Are you 100% sure about that?

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[Jonny Cage]

Yes, that's correct and I am 100% sure. Tested on Humans

 

[curiousmarv]

Thank you all for the very useful responses! I ❤️ this forum!

 

[Spinat]

Jonny Cage said:
Yes, that's correct and I am 100% sure. Tested on Humans
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For how long have you had your setup in Georgia if you don't mind to tell? and did you indeed signed a PoA which expired and how long ago was that?

I believe not many if any has had their Georgia company long enough to confirm that the agent didn't give up their business and took a run nor that they are still happy.

It would really make sense to find one of the largest accounting firms in Georgia and go through the process with them at whatever costs we look at.

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[Jonny Cage]

blueweb said:
For how long have you had your setup in Georgia if you don't mind to tell?
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I do it every day. That's what I do for living. Can't tell anything more. Will be considered as self promotion.

However I can share emails that come to my colleague, when her POA is expired.

 

[lavel]

Are you saving up for a Windows license 😱, for a service provider it looks strange to me that you are using a unlicensed windows. It is as strange as everything else I have seen from Georgia so far. Maybe it is what makes it safe for all of us to setup a company there to protect our privacy 😀

I will put my things on hold there and wait for a year or two to see if we will see horror stories soon on offshorecorptalk but thanks for sharing your knowledge - keep up the good work.

 

[Macr2]

silentreader said:
Well, as my father said before he killed my mother with 23 stabs: "If you want something to be done the right way - do it yourself!"
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Wtf😵

 

[Jonny Cage]

lavel said:
Are you saving up for a Windows license 😱/QUOTE]
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Yes my innocent friend, we all do this in this part of the world. Bad Georgians!!!

 

[Remy]

Jonny Cage said:
Yes my innocent friend, we all do this in this part of the world. Bad Georgians!!!
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In China, one time I've been to repair my computer in a real shop, they load me freely the last Unlicenced Windows. China and Georgia the last free countries in the world ?