Why You Need A Nominee Director/Manager For Your Company
When setting up a company there are several requirements business owners have including that of requiring a Nominee Director or Manager who will take instructions from the Nominator and act upon them in the capacity of a director. Usually, a Nominee Director is appointed by the business owner or shareholders of that company to act upon their wishes and instructions. A Nominee Director could also be a representative of a parent company, a lender, or an employee.
This Nominee Directorship service may be used where a client doesn’t wish to be personally appointed or has to meet local requirements. The name of the director will appear in the corporate documents, in any business contract and sometimes in the jurisdiction’s business register. Upon appointment a Nominee Directorship Service Agreement will be signed between the client and the nominee. It will guarantee the client that the nominee can only act or sign documents upon the client’s request and with the client’s prior approval. A Nominee Director may also act as a Nominee shareholder should that be required and in that instance a Nominee Shareholder Agreement will be drawn up and authorised by signatures.
There are several advantages of using the services of Nominee Directorship:
- it acts to limit the exposure of business owners who otherwise may wish to preserve their anonymity;
- to keep highest level of confidentiality as only the manager’ s name is mentioned on the license and public registries, not the shareholder or UBO ‘ names;
- allow to conduct business and transact anonymously and legally;
- as well as act as an effective tax optimisation strategy.
How can I find a Nominee Director?
It’s possible to search and appoint nominee directors yourself, but it will require a great deal of time and effort. Furthermore, you will have to process all the legal documents on your own. This is where the expertise of Wincore Advisory Group comes in as the Nominee Directorship services provided by our Group serve to introduce to our clients the most professional directors that work with the highest level of integrity and confidentiality and ensure that their interests are protected.
A few basic information at the time of consultation would be required like:
- A copy of the business owner’s or beneficiary’s proof of identity and address
- Copy of business license (if already established)
- The nature of business
- The reason why a nominee director is required
- Other documents or information may be asked by our experts at the time of your consultation.
- A Nominee Director is someone appointed by a business owner to act upon their instructions on their behalf.
- The Nominee’s name will appear in corporate documents.
- The Nominee is responsible for maintaining a company’s legal responsibilities.
- The Nominee Director may also be named as a Nominee Shareholder upon an agreement.
- The role of the Nominee Director is immensely valuable and acts as a protector of privacy for the business owners of the company.
- Utilising the services of a Nominee Director can be an effective tax optimisation strategy.
- Simply put, a nominee director must only act on the business owner’s behalf and cannot take any decisions independently. If this occurs, a breach in the contract agreement will arise, and the nominee director may face legal action.
How can Wincore Advisory Group help in providing Nominee Directorship Services
Wincore advisory Group can assist you in providing executive directorship services, non-executive directorship services (NEDs) in your domain of activities, and nominee shareholders to achieve a high level of privacy while complying with the UAE economic substance requirements. Nominee Directorship services provided by Wincore ensure confidentiality and security of your business operations within the UAE and abroad. Contact our Experts today for assistance on [email protected] or +971 4 221 2602.