The Nominee is a director of a company in name only and has no authority or responsibilities. They are not entitled to enter into any business contracts, financial or moral obligations. he will be give the power of attorney to carry on few daily works of the company but the real decisions are made in the board meetings and by the directors who make a regular evaluation of the nominee director. A nominee director might be from an existing company but his duties will not correspond to the interests of his own company. Most nominee directors are ex businessmen and corporate heads or retired personnel.
They are normally experienced and respected by all. Though his decisions are not binding on the working of the company, most of the time they do make the most crucial decisions which help the company in the long run. So it is vital to have the most authentic, upright and impartial nominee directors for your company. UK Nominee Director Service caters to this rising demand of nominee directors for many off shore owned companies in UK. They have the most experienced and trusted names from business that can become the face of your company in this country.
There are other regulations that have to be kept in mind vis-à-vis the responsibilities and the functioning of the company. For example, the nominee director is not allowed to sign any official forms or verify that any information from the company to any government agency or department is correct. The nominee director has to face the media and the public glare regularly and in times of emergencies. He is responsible for the company before law and the authorities. Certain taxes need to be paid by the Nominee Director on behalf of the beneficial owner. Vat and Corporate taxes are to be paid quarterly and annually respectively.
There is a growing need of UK based nominee directors who have vital knowledge of UK’s and international tax planning principles and the national laws. As more and more foreign and off-shore registered companies are opening up in the county, the need for these directors is increasing for a very important reason. There are double taxed levied on the foreign owned companies as against the domestically registered ones. The nominee director can play an
To sum up we can claim that the main objective of a nominee director is to shield the real directors form heavy taxes, public and media scrutiny and to prevent them from being attacked or kidnapped.
Source: Ezine Articles – Michael Novik