It is a legal requirement in the United Kingdom and many other jurisdictions for limited companies to have at least one director. Corporate directors are allowed, however the company must have at least one person acting as director.
The names of all directors appear on public record, and are easily accessible.
How a Nominee Director Service Works
The essence of a nominee director service is that it is the names of the nominee directors are indicated in the corporate documentation. The appointed nominees are not actually entitled to manage the company. The owner is providedwith a Power of Attorney empowering him or her to run the business, manage the company’s activities and open and operate the company’s bank accounts. There are however limitations to the function of the Nominee Director. The Nominee is a director of a company in name only and has no other powers or responsibilities.
Limited companies must have at least one shareholder. In the United Kingdom and many other jurisdictions the name of the shareholder is on public record.
A nominee is appointed to hold shares in trust upon behalf of the owner. A declaration of trust is issued to the beneficial owner confirming that the shares are held in name only. The nominee shareholder can be a person or a corporation.
For more information about nominee services please click here, or contact us.