July 11, 2017 at 09:44 #4661
I plan to open a St Vincent/Marshal Islands company to sell online research platform (membership access). The incorporator is offering to add the nominee director from South Africa (not sure why a lot of the incorporators are using people from there).
The only way I can use nominee director is to sign physical contracts (they do not charge anything for signature but the DHL costs would amount to 180 USD per contract). He might also shield me from liability when someone thinks we have infringed on their copyright (we never did).
Do you think if we just use online terms and conditions and ask the clients to agree them upfront – I can avoid hiring this nominee? I could just sign up with all the banks and payment processors using my own docs as the director (which would still be shown at registration as I am the UBO)? I see that all firms need full sets of the documents on the director and UBO (each set costs like 180+60 DHL shipping from South Africa).
Apart from that the bank I already agreed with can take me on – but with a nominee they will also ask him to provide all the docs (can nominee director have a say or potentially block bank operations?)
Or is having a separate director makes the firm look less closely managed (less like a one man shop – I will still have employees)?
So to Nominee or NOT to Nominee? Which is easier and secure?
July 11, 2017 at 10:08 #4663
- This topic was modified 1 week, 3 days ago by Dave.
Publicly accessible record of directors / managers
Marshall Islands No
St Vincent No
Publicly accessible record of members
Marshall Islands No
St Vincent No
Jurisdiction corporate director allowed
Marshall Islands Yes
St Vincent Yes
My experience: Avoid nominees
Nominee should only be used to obtain tax residency in the jurisdiction where the company is formed or where it is necessary to have a local director (Bermuda, Singapore, Cyprus, Switzerland…).
If you want a shield of liability protection, incorporate a second company that acts as a corporate director.July 11, 2017 at 10:46 #4667
if you want a shield of liability protection, incorporate a second company that acts as a corporate director.
Very interesting – but the second company woudl have me as the director and UBO still – and it woudl require additional doc sets:)) or how do you do this?July 11, 2017 at 10:51 #4668
What do you think about signing contrast VS on-site-tick-here-to-agree-to-terms way of doing business?)
Our tickets might range from 500 to 10000 – can such sums require physical contract signing?July 11, 2017 at 12:13 #4669
Of cause it will be more paperwork but a holding is a must for every business operation.
This is not a good but the simplest solution: Create a holding company where you are the director and UBO.
The holding company is the director and shareholder of your IBC.
For the holding company choose a country with no CFC-rules. (any IBC jurisdiction, Hong Kong, Estonia, Gibraltar, … of cause it also depends where you are tax resident )
Sorry! The second question I am not qualified to answer.
Your business model seems to be complex.
In my point of view you should talk to an attorney, so that you business is popper set up and that there is no tax evasion.
… You also should have a company in your home country. You can than invoice your holding (or other) company for expenses and receive the capital from your IBC.July 11, 2017 at 20:18 #4673
Thank you Game – I need to keep it a bit simpler now – I am planning to sign up to the bitcoin exchange with the corporate account (they ask all company docs as well) – I am starting to wonder if a nominee can help at such registration – they would still know who is the UBO….July 12, 2017 at 00:38 #4674
Makes no difference if you have a nominee or not in the process.
If you can provide them with all the documents they need, you are good to go.
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