Power of Attorney is it required for all offshore companies?

[DeMajor]

I was asked for a PoA (power of attorney) by one of the credit card payment processors we want to work with. I don't know what it is, they told me all offshore company owners have a PoA and that I will be required to provide it in order to proceed!


From all the documents I have received for this particular company I don't have a PoA!! Do you know how I can come further from here?

 

[JohnLocke]

Do you have nominees appointed or are you the director and shareholder of the company?‌

 

[DeMajor]

No nominees for this company, I'm shareholder, beneficial owner and director of the company.

 

[fernadex]

PoA only required when nominee director + shareholder are appointed. You payment processor seems to‌ be confused by something.

 

[happyjohn]

Are you sure that you don't have some other appointed director for this Company? Usually‌ the Merchant account providers know exactly what to ask for and are doing a good‍ review of the corporate documents they get.

 

[ImKing]

So only if nominees are appointed i.e. director and shareholder a poa is required can‌ you confirm this?

 

[bonox]

That is correct, or if your friend is director‍ of the company or any other 3rd party then you will need a PoA!

 

[DeMajor]

Yeah we figured out there was no reason for the company to request a Power‌ of Attorney for this purpose!

 

[ImKing]

PoA only required if nominees are appointed that what I learned yesterday.

 

[doyouexist]

Do you know what a PoA is at all? You only need it if you‌ are not the director of the company but want control!

 

[swissbanking]

I agree only if nominees are appointed there is a need of a PoA

 

[andreas]

If you have nominee director inserted in your offshore corp this is a requirement to‌ have in your drawer 🙂

 

[Cyrus05]

If its the representative that is the one who creates the company, you may need‌ to give a power to him. That is where Power of Attorney comes to use.‍ It will easily authorize your lawyer for the business you want to make.