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Provision Of Company Secretaries, Nominee Shareholders And Directors in Hong Kong

Jun 2, 2008
Professional company secretaries make sure that the company's official filings with the relative Registry of Chamber of Commerce are performed timely and appropriately and that the company has a good footing in the country of establishment. Your company secretary will prepare other documents considering alterations to the company structure as and when they happen. Such matters will comprise allotment of shares, transfer of shares and appointments and resignations of officers.

A nominee shareholder is one who steps in as the public owner of shares in a company without possessing any actual ownership of a company. A nominee shareholder acts according to the instructions from the real owner (the beneficiary) of a company. The relationship between the nominee shareholder and the beneficiary is controlled by the nominee's professional license as well as by a contract describing the rights and duties of the nominee. The services of nominee shareholders are utilized in offshore and onshore companies to attain confidentiality of the beneficiaries.

After the incorporation of a company (no matter whether it is a new or ready-made, shelf company or a tailor made company), you can either play the role of a shareholder yourself, or you can access the services of a nominee shareholder with an intention to ensure your corporate privacy. To attain privacy some clients do not like to be noticed as shareholders of the companies that they have established and will as a result look to appoint nominee shareholders. These nominee shareholders will keep the shares on trust for the beneficial owners and only they will be open to the onlookers on the register of shareholders.

Each appointed nominee shareholder will sign a declaration of trust to the beneficial owner that they are keeping the shares on behalf of the beneficial owner and will reverse the possession of the shares into the name of the beneficial owner or will hand over them to another party as solicited. Once the service of a nominee shareholder is accessed, your shares must be kept on trust in the form of a Nominee shareholders Agreement. The nominee shareholders agreement would perform the purpose of making sure that your identity as Beneficial Owner(s) is not shown on public record at the Company's Registry.

A nominee director is a person who regulates the company on the legitimate instructions of the beneficiary of a company. Legally, the director of a company has all the rights and is fully accountable for the conduct of a company as expected by the law and constitutive documents of a company. The relationship between the director and the beneficiary and the rights and obligations thereof must conform to legal and ethical professional standards observed in any given country as well as by a contract agreed upon by both the management company and the beneficiary. The nominee director cannot and will not associate with any business contract or financial or moral commitment.

The fundamental duty of the nominee director is to protect working executives of limited and other companies from the public disclosure requirements that prevail in the UK and other jurisdictions. It is a completely legal device which maintains the privacy of an individual. It is designed to assist a person who would rather not make public their interest or association with a given corporate body. Anyone doing a company search on a company with a nominee director would fail to find in whose name the nominee director was registered. Provision of company secretaries, nominee shareholders and directors are almost unavoidable for the success of any company.
About the Author
The Zetland Financial Group provides the offshore investor with fiduciary Services, investment management and corporate advisory services , offering personal service and professional advice with total confidentiality.
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