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Nominee servicesThe use of nominee shareholders and nominee directors primarily makes sense for companies registered in countries where the names, addresses and citizenship of owners and directors are recorded in the state register, and especially if this information is publicly available (posted on the Internet on official government websites or published in special periodical literature – Public File).
In international practice, a method of owning or managing a company is widespread in which the owners do not act under their own names either as owners or as directors. For this purpose, when the company is registered, its shares are issued in favour of nominee shareholders, nominee directors receive the right to manage the company, and accordingly the names and addresses of the nominee shareholders and directors are entered in all official documents and registers.
International practice reliably provides legal protection for the true (beneficial) shareholders of the company (Beneficial Owner). At the same time as documents are completed in the names of the nominee shareholders, a “Declaration of Trust” is completed, which serves to confirm and at the same time prove who is the true owner of the company shares. This document also implies the liability of the nominee shareholders before the court if they exceed their powers. The rights of nominee directors and their liability to the beneficial owners are also regulated by the bilateral signing of a nominee services agreement, which sets out and lists in detail all duties of the nominee directors, including liability for improper fulfilment of the requirements of the beneficial owners.