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flyingadventures662

Active Member
Dec 13, 2021
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#1
Hello,

I have reviewed for quite some time the threads on the forum and still can not find an reputable agent that can open an LLC in the SVG (Saint Vincent and the Grenadines) + (Nominee Director) ND.

I have contacted multiple companies found on Google and I am in deeply in the talks with one of them, which was even recommended by my lawyer. The problem that prevents me to proceed with them is that they keep repeating that the ND only signs documents to keep company status and that they can not guarantee at all if he or she will sign any additional documents. They suggest me to sign all documents with my POA.

Now the problem is that as my business is mainly crypto trading, in order to verify my crypto exchange accounts, I need to provide and sign a good bunch of extra documents, and some exchanges already confirmed for me they will not accept a POA and insist on the director themselves to sign them.

In this situation, it seems like I am supposed to pay all the money to open the company, then check and see "if the ND would agree to sign those documents" and if not, to turn out I paid for an unusable company. That makes little to no sense to me.

So I need a reputable provider AND a ND which would sign anything I hold them which does not contradicts the law. And of course, I also need the ND to provide unlimited usage of personal data, ID card, passport, proof of address, selfies, etc... - everything you might need in order to verify an account on exchange or bank/EMI.

Any suggestion is welcomed, thanks in advance.
 
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#2
pastet89 said:
In this situation, it seems like I am supposed to pay all the money to open the company, then check and see "if the ND would agree to sign those documents" and if not, to turn out I paid for an unusable company. That makes little to no sense to me.

So I need a reputable provider AND a ND which would sign anything I hold them which does not contradicts the law. And of course, I also need the ND to provide unlimited usage of personal data, ID card, passport, proof of address, selfies, etc... - everything you might need in order to verify an account on exchange or bank/EMI.

Any suggestion is welcomed, thanks in advance.
Click to expand...
It would be suicide for anyone to do that for you.
 
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#5
What ND is gonna "sign anything" and expose themselves to potentially huge liabilities plus risk their freedom for the token amount of money an ND gets paid....lol :rolleyes:
 
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#7
OK it seems I stayed with the wrong assumption that if the ND gives me a POA that gives me the right to sign anything (which they do anyway), it's the ND's liability if I sign anything on their behalf, because they gave me the authority to do so. So in that case it seemed to me just a matter of time and not a matter of extra responsibility for them to sign any document.

So I guess I got it wrong in that part, and if I sign with the POA given me by the ND, it turns out it's me and not them who takes the liability for the signing?
 
#8
Generally a POA is done at the company level, i.e. the directors gave you a power to represent and sign on behalf of the Company, not on behalf of the nominee director. It's not so uncommon to get the passport copies and proof of address of the nominee directors as you most likely will need those documents to open any bank account.
 
#9
If nominee directors (assuming we mean professional, regulated fiduciaries) are marketed as signing anything, it should be inferred that it only relates to agreements which are lawful in nature and which are satisfactory to the nominee director in terms of risk and business applicability. So if you run an average business and need the director to sign agreements with suppliers and customers, they will indeed sign "anything".

But they will likely not let you borrow their identity for activities deemed as high risk such as crypto exchanges, at least not without them also controlling the account (meaning you'd send them instructions which they evaluate and then execute if they are comfortable with it).

For that, you need your own director.
 
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#10
chaltron said:
It's not so uncommon to get the passport copies and proof of address of the nominee directors as you most likely will need those documents to open any bank account.
Click to expand...

What respectable ND is gonna give copy of his passport and proof of address to a total stranger? I wouldn't provide such private information to my own mother let alone some random dude paying a $1,200 a year fee for example. Seems a quick way for an ND to end up hot water.
 
#11
Martin Everson said:
What respectable ND is gonna give copy of his passport and proof of address to a total stranger? I wouldn't provide such private information to my own mother let alone some random dude paying a $1,200 a year fee for example. Seems a quick way for an ND to end up hot water.
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You sign some agreement with corporate service provider that in no case they are held responsible for your instructions given to ND. This is standard procedure @Martin Everson , otherwise it would not be possible to open bank accounts or anything having ND. In my case ND is a company but it does have directors and they need to provide a passport copy / proof of address to any institution I want to open corporate account with. If they are not willing to do that, they should not offer ND service in first place. My ND signs whatever I ask (within legal limits of course) but it has fees associated with it: review fee + resolution fees + signature fees etc.

In fact any reputable institution seeing your corporate structure will ask for these documents from the companies (nominees) behind, there is no way to skip it even if you are UBO and willing to open something yourself.

One way for such companies to not provide personal confidential documents to you is just to handle things themselves such as opening accounts etc. Again this cost extra of course.

However in my opinion, considering corporate service provider know more about me than my mother, I feel somehow safer having or knowing those people personal IDs and proof of addresses. It feels more of a 2 way relationship vs one way trust.
 
#12
BlueMist said:
This is standard procedure @Martin Everson , otherwise it would not be possible to open bank accounts or anything having ND.
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This is not standard procedure. From someone who used to be a very large CSP in glory days. I had direct relation with banks hence why I still maintain close to over 100 of them till today. Potential clients that could be i.e Nigerian or Russian scammers would never ever be given my passport and proof of address. Any CSP that does this is insane or has a team or homeless or gullible staff like Mossack Fonseca did.
 
#13
I can confirm that it's pretty common practice these days to hand copies of passports and proofs of address to trusted, serious clients. The experience shared by @BlueMist mirrors what I see on a daily basis, from working with both very large and smaller boutique service providers.

They still won't sign just anything. They will review it carefully and only sign upon fully understanding the purpose and risks of the agreement.

Even so, for the uses described in this thread, a nominee director does not sound like a good fit. This particular case calls for a dedicated director, IMO.
 
#14
I hazard a guess that there are naive CSP's out there for whom a couple of bucks and signed bits a paper with stranger is worth risking identity theft. Me never ever...lol.
 
#15
Martin Everson said:
I hazard a guess that there are naive CSP's out there for whom a couple of bucks and signed bits a paper with stranger is worth risking identity theft. Me never ever...lol.
Click to expand...
No, they're reputable CSPs you've probably both heard of and worked with in the past. Large, international firms. I suppose the amount of DD done now reduces quite a bit of the risk that existed back when CSPs barely had any DD obligations at all.

Don't think they hand them out to every client, though. Only trusted clients.
 
#16
Sols said:
No, they're reputable CSPs you've probably both heard of and worked with in the past. Large, international firms. I suppose the amount of DD done now reduces quite a bit of the risk that existed back when CSPs barely had any DD obligations at all.
Click to expand...

Please name one?
 
#18
wonder what service provider you were going with OP? or did you stopped the registration of the company ?
 
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