Closing (or selling) nominee structured company

[kkein]

How to proceed in this case, when the company is, on paper, not even yours?
I suppose a notarized signed document by the nominee acknowledging the end of the business relationship might be enough? Or is it even simpler than that and an email might do?

 

[Sols]

Refer to your nominee/trustee agreement and see what it says there. If you're unsure, contact the nominee, and instruct them to close the company.

It's usually pretty easy and undramatic.

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This is the probably the answer to your question.

 

[clemens]

Yeah contact your agent, he can arrange everything for you.

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[kkein]

I mean, the trustee agreement might only define how to terminate that (typically with a notice). However, how to ensure that the company won't be used in UBO's name from there on, if the company is not liquidated, but kept instead by the nominee? Or at least have something in hand to prove that the agreement ended at that very point?

Last edited: Apr 1, 2024

 

[Sols]

kkein said:
I mean, the trustee agreement might only define how to terminate that (typically with a notice). However, how to ensure that the company won't be used in UBO's name from there on, if the company is not liquidated, but kept instead by the nominee? Or at least have something in hand to prove that the agreement ended at that very point?
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That shouldn't be a problem as long as you worked with a reputable service provider. For your own protection, though, make sure you get and keep a copy of the termination letter signed by all relevant parties. That way, in case there is abuse afterwards, you have that document to prove the nominee/trustee used the UBO's identity without their permission. That would be identity theft.

You can probably ask them to dissolve the company, not just terminate the nominee agreement. But if dissolution isn't a guaranteed option in the nominee agreement, the trustee/nominee probably has the right to keep the company, and sell it to someone else.

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This is the probably the answer to your question.