The Hidden Secret of What Is Nominee Shareholder
- Thread starter JohnLocke
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Thank you for the information you give me bro. I now understand well what's Nominee director and their actual function in business.
When I started reading about the nominee director and shareholder my first impression was fraud and how can I be sure they don't run with my account information. but after reading and lots of research I see nominees are a great service to hide behind all aspects of an offshore company!
Using nominees is a great idea for long time tax and asset protection planning. If you appoint nominees one need to be aware of that they have to appoint real people, typically a lawyer or accountant, so documents can be signed.
Also useful to know is that a POA is required to sign on behalf of the company if the ultimate beneficial owner is not a director of the company!
Also useful to know is that a POA is required to sign on behalf of the company if the ultimate beneficial owner is not a director of the company!
You reopen a thread from 2016 and ask if something has changed 😵
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@happyjohn But aren't there Ultimate Beneficiary requirment for Banks? So I thought it is not possible to show fake control. Is there any way?
Yes this is what I was thinking too. Good banks are very hard if not impossible to work with clients if UBO is not known.
Nominees are dinosaurs from the past not really useful any longer if it comes to banking. You need to go at least 5 years back where it still was possible to appoint nominees and sign them for your banking needs with a PoA, that's over.
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I agree dear. It was easier five or six years but Banks are facing too many challenges from regulatory agencies due to OECD/FATCA. Even if it was easier back then very hard to trust someone with a POA unless they happen to be from some highly developed western country like UK, Belgium, Germany for example as all others were very risky. Then those countries would be after those solicitors so it's better to pay taxes and file your returns with the tax man than trust anyone. Since I live in UAE there is not much they can tax here except VAT here and returns filed to US are just expensive tax returns but no taxes due on them. I am looking at moving away to some other country and move my ac into offshore banks and preferably an LLC and bank account held by a trust.
How can you trust those guys? Are they in a jurisdiction like U.K for instance? I am not sure if U.K. Company would be taxable or not similar to like Delaware for non US citizens?
I still have this question ? How could anyone trust someone with just a power of attorney as banks wouldn't have known your identity and the appointees could have simply vanished with your funds somewhere.
It is actually not that difficult if you find a credible company with a long history of people who have a good reputation then something rarely happens. Unfortunately, there are more amateurs in this market than there are professionals and these are the ones that ruin it for everyone else.
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Valid point but even sometimes companies like Mossack Fonsaeca got into problems with their security and an employee leaked all the confidential info. Panamagate affair is internationally known scandal that I read about years ago. Anyone reputable for years could give take off someday with your funds and even the best of secrecy there could be just one person inside that company who could steal info for heavy tip off. Better not to get into such things and simply file away pay taxes and move to tax free or territorial countries in case of EU and other countries. I think years ago there was a bank employee from a Swiss bank UBS too who after plea bargaining made a fortune by selling names of his clients all over the world.
Namely, you find all the examples you can read about in the media. If you think what's in the media is what's happening in this world then you're absolutely wrong. In fact, that's not what I refer to in my post. You can find plenty of examples of this kind of example anywhere.
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