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I find this hard to reconcile with my knowledge of the standard banking law (irrespective of where the Bank is located). Bank accounts can only be opened by the Directors of a company (in this case it is the Nominee Director) The UBO is, in most cases, the shareholders. I have never known a...

It would make no difference. The Nominee Director of the company in his role as sole Company Director has control of the decision making process. The only way around that is for the shareholders (the Ultimate Beneficiary Owners) to make a resolution to sack the Nominee Director and replace him...

That sounds possible. But a POA can be easily revoked by the Nominee Director. Also, the bank may see that as a change of ownership of the Bank account and ask for me to open a new account in my name (thereby defeating the purpose of the whole exercise) One of the issues that I am sure of, is...

First, I am not a US citizen (I am UK expat living elsewhere), so the Patriot Act does not apply to me. (I am , by the way, fully cognisant of the provisions of the Patriot Act) Second, I am not laundering any funds so the provisions of Imolin are not applicable. I am simply looking to move my...

Message to the Moderator / Admin. Please delete this thread. I will re-open a new thread with more general questions and information but without the Company provider name. drillbill, can you help expedite this message to the Admin

No. It seems that it is NOT the case at all. I have just received advice that my bank account (in the name of the Offshore company with the Nominee Director as signatory) has just been opened. As the Ultimate Beneficiary Owner (UBO), I have provided NO information to the bank involved. As far...

I agree with what you say BUT the main reason for an offshore Bank account is to have a place to deposit serious major assets for a considerable time for the benefit of my heirs. So it is difficult to simply "not worry about that particular issue!" (Even Bernie Madoff was seen as a trustworthy...

No. It seems that it is NOT the case at all. The Sovereign Group opens the account at the offshore bank using the Nominee Director as the Account holder. I am assuming that the Principal of The Sovereign Group is the standard Nominee Director. He is obviously well known to the bank because they...

You have the wrong Sovereign Group. The Sovereign Group (sovereigngroup dot com has been around since 1987 and they are a respectable company The Sovereign Group has nothing whatsoever to do with the Sovereign Gold Trust which is the Time Share company However, I still have the same...

I am in the process of setting up an offshore company through Sovereign Group in London using a Nominee Director. They are opening an offshore banking account BUT the nominee director of the offshore company (supplied by Sovereign Group) will be the sole signatory to the Bank account. The...