NOMINEE DIRECTOR SERVICESAt A&A Associates, We are offering a full range of nominee services both for UAE and international companies. Our nominee services include appointment of nominee director, company’s secretary, manager and shareholder. Nominee service is a management tool, used to appoint the official persons of a company. The nominee service is very beneficial for the people who are a non-resident in UAE and want to register a private company since a local partner is required to get registered.
Who is Nominee Director?A nominee director is a person appointed by the real owners of the company to protect their identification and fulfill the legal requirements. The nominee director acts on behalf of the beneficial owner and maintaining high level of privacy and security. The appointment of nominee director is the solution used to register an offshore company in UAE. The nominee director formally represents the company and appears in all the corporate and legal documents. The person appointed as nominee director will have all the duties and liabilities in the eyes of law.
Purpose of Nominee Services:The main purposes of nominee services in UAE are:
- When the beneficial owner of the company cannot travel to UAE and the business activities requires the personal presence of director for signing documents and other important agreements.
- To meet the requirement of a local partner.
- To protect the anonymity of the real ownership from non-governmental entities.
- When the law requires from the entity to meet the right amount of members.
- To facilitate the transfer of assets within a holding company.
Responsibilities and Liabilities of a Nominee Director:In real there are very limited responsibilities and liabilities on the side of a nominee director as they are not entitled to manage the company’s affairs, and their duty is only to sign the documents on the discretion of beneficial owners. Following are some responsibilities and liabilities of a nominee director:
- Nominee directors are responsible to protect the interest of beneficial owner.
- The nominee will not have any liability as he only signs documents on behalf of the beneficial owner.
- Nominees are not bound to use their credentials to open a bank account for the entity.
- Nominees are not responsible for the acts or decision done by the entity’s management.
- After the resignation of the nominee director, the beneficial owner of the company can take complete control of the company.
- The beneficial owner is solely responsible for all financial, legal and operational matters.
Benefits of a local Partner in UAE:The nominee persons are considers as partners in the eyes of law which can produce the following benefits for the entity:
- Minimum documentation required by government bodies
- Process of opening a Bank Account becomes easy
- Can get local assistance more easily
- Owner can get power of attorney to deal all the company matters by shim.