Nominee directors and account opening

[Tyler Durden]

Hi there

I have a question regarding nominee directors for offshore companies. Does using a nominee director make it easier to open a bank account?

As an example, if I register a Seychelles IBC and have a nominee director and I wish to open a bank account in Cyprus, will the nominee director need to provide his / her details in order to open the bank account or will I need to provide my personal details?

What is the ultimate benefit of having a nominee director?

Also, has it become harder to open a bank account in Cyprus in recent times?

 

[adoffshore]

Tyler Durden said:
will the nominee director need to provide his / her details in order to open the bank account or will I need to provide my personal details?
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you and nominee will have to provide the documents.

Yes it has become harder to get an account in Cyprus and not only Cyprus the same for Mauritius, St. Vincent and even Belize!

 

[Tyler Durden]

adoffshore said:
you and nominee will have to provide the documents.

Yes it has become harder to get an account in Cyprus and not only Cyprus the same for Mauritius, St. Vincent and even Belize!
Click to expand...

Please can you elaborate? How has it become harder?

Do they require more documentation or justification or do they decline applications more frequently?

 

[JohnLocke]

You want to check this agent's faq. F.A.Q. Learn how you start a offshore company with bank account it goes in details with the required documents. Personally all I can see is that they require more documents now and they take longer to get the account approved but other than that nothing has changed.

I have not seen more clients get declined than before, you can also check the forum no really complains about declines specific.

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[dotbloup]

One agent told me it was easier to open a bank account from a nominee director because she said the bank knew the nominee director. However, i wonder if it is true or if it was intended to sell the nominee director service with a monthly signatory fees (150 euros on average)

 

[adoffshore]

Tyler Durden said:
Please can you elaborate? How has it become harder?
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More documents required than ever! If you have all docs. it's easy but it takes time.

 

[adoffshore]

dotbloup said:
i wonder if it is true or if it was intended to sell the nominee director service with a monthly signatory fees (150 euros on average)
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yes he tried to oversell! there is no need for a nominee from what I know about all of this.

 

[ImKing]

Tyler Durden said:
Does using a nominee director make it easier to open a bank account?
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I say it makes it more complicated since you will need to have the nominees to sign the bank application but you will have to sign too! Anyway most often the nominee is already known by the bank so it's not a big issue.

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[negon]

dotbloup said:
One agent told me it was easier to open a bank account from a nominee director because she said the bank knew the nominee director.
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I would anytime say it is the exact same. If the bank is already knowing the nominee then it is not a problem. But take care if they don't know the nominee and the agent fails to provide his/her DD documents then you are lost and left with a company where you are unable to get a bank account for.

 

[adoffshore]

Can a friend be nominee director & shareholder?

 

[Flycatcher]

adoffshore said:
Can a friend be nominee director & shareholder?
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From what I've seen, "nominee" means that an agent provides a service where the agent knows someone who is willing to act as the company representative on paper. If you trust your friend and are ready to make legal paperwork where you assert that he only acts as the nominee one, you being the UBO, I can't see why wouldn't that be allowed.

Rest assured, if you go this route, be 100% sure you trust your friend. Anyone who is marked as the owner of the company has real power to change its operations.

 

[Flycatcher]

Ah, I didn't know that you only have 2 minutes to edit a post here! I'd like to add to my previous post:

Nominees provided by agents however has a chance they are residents of the offshore jurisdiction, this can have some advantages like additional legal protection or simplified governmental interaction. If in doubt check with the agent if your friend can act as the nominee.

 

[JohnLocke]

Flycatcher said:
Rest assured, if you go this route, be 100% sure you trust your friend. Anyone who is marked as the owner of the company has real power to change its operations.
Click to expand...

second that...

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[bonzo]

Tyler Durden said:
Hi there

I have a question regarding nominee directors for offshore companies. Does using a nominee director make it easier to open a bank account?

As an example, if I register a Seychelles IBC and have a nominee director and I wish to open a bank account in Cyprus, will the nominee director need to provide his / her details in order to open the bank account or will I need to provide my personal details?

What is the ultimate benefit of having a nominee director?

Also, has it become harder to open a bank account in Cyprus in recent times?
Click to expand...

I have been informed that the nominee needs to provide passport and utility bill thats why it most often is better to aks the agent if the nominees are known to the bank already! Consider this to be an issue if you at any point want to use a bank that is not connected to the agent providing the nominees! You will need to get the passport copy and utility bill from the nominees!

 

[AlicaFunk]

Tyler Durden said:
Do they require more documentation or justification or do they decline applications more frequently?
Click to expand...

They require a business description + CV for each director and shareholder! They also require a Analytic business description which is more like a infographics easy to do but still additional task. Anyway I was in my local bank today to ask them for a account opening procedure they told me they had to be more strict and collect information they wasn't required to collect before.

Seems the European Union sucks for banking!

 

[Tyler Durden]

AlicaFunk said:
They require a business description + CV for each director and shareholder! They also require a Analytic business description which is more like a infographics easy to do but still additional task. Anyway I was in my local bank today to ask them for a account opening procedure they told me they had to be more strict and collect information they wasn't required to collect before.

Seems the European Union sucks for banking!
Click to expand...

Out of interest, in which jurisdiction did you open your bank account?

 

[JohnLocke]

AlicaFunk said:
They require a business description + CV for each director and shareholder! They also require a Analytic business description
Click to expand...

This sounds like Cyprus or am I wrong 🙂?

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[AlicaFunk]

Tyler Durden said:
Out of interest, in which jurisdiction did you open your bank account?
Click to expand...

yes Cyprus account!

 

[myhand]

Tyler Durden said:
As an example, if I register a Seychelles IBC and have a nominee director and I wish to open a bank account in Cyprus, will the nominee director need to provide his / her details in order to open the bank account or will I need to provide my personal details?
Click to expand...

Sadly it is required. You are depending on the agent that may already have everything in place with the bank for his nominees!

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[bonox]

Flycatcher said:
Ah, I didn't know that you only have 2 minutes to edit a post here! I'd like to add to my previous post:

Nominees provided by agents however has a chance they are residents of the offshore jurisdiction, this can have some advantages like additional legal protection or simplified governmental interaction. If in doubt check with the agent if your friend can act as the nominee.
Click to expand...

Are you using nominees for any of your companies? how do you deal with contractors of the company then? I have a situation where the nominee director refuse to sign the contract 🙁