Are you the owner of an offshore business entity in Switzerland? Want to start an offshore company in Switzerland?
Then, you need to make yourself familiar with the nominee director services and understand the usage.
Let’s imagine, if you are planning to set up an offshore company that deals with Forex trading or any other asset and wealth management, what would be your priority?
Won’t that would be security and confidentiality?
Well, then you have guessed it right!
This treatise will guide you about opting for nominee director services which purely deals with adding an extra layer of protection to your business unit.
Who is a Nominee Director?
A Nominee director is an individual appointed by the board of directors of a company to hide the core identity of the business shareholders and director.
According to the rules, the appointed nominee director will not get involved in the operational activities. However, they will be a part of the administrative functions of the company.
When setting up an offshore company in Switzerland, most business investors prefer to opt for the nominee director services.
Nominee Director Service in Switzerland
Switzerland is one of the popular offshore business destinations that allow business investors to start their offshore business unit to enjoy tax-exemptions.
It is one of the widely chosen options for investors who look forward to expanding their business operations or manage their accumulated wealth and assets.
The Swiss Corporate Governance Code permits the business entities established in Switzerland to appoint a nominee director to third parties.
The appointment process can be completed by drafting a Power of Attorney that can be completed under expert professionals' guidance and within a shorter duration.
Duties of a Nominee Director in Switzerland
Before you proceed to opt a nominee director for your offshore business unit, let’s have a look at the core duties that an appointed nominee director performs, and the list includes:
- Represent the company directors without controlling the business activities
- Manage the administrative functions of the business
- Act as a representative of the company before the third parties like Banks and Tax Authorities
- Advise the company on commercial grounds
Documents Required to Appoint a Nominee Director
Similar to the normal incorporation process and the appointment of other local directors and shareholders, documentation plays a significant role in the appointment process of a nominee director as well.
The set of papers required to submit to appoint a nominee director includes:
- Directors Identification Number (DIN) of the proposed nominee director
- Identity and address proof of the proposed nominee director
- Permanent Account Number (PAN) of the proposed nominee director
- Letter of Appointment
- Certified copy of the Board Resolution
- Consent form signed by the Nominee Director
How to Appoint a Nominee Director in Switzerland?
To appoint a nominee director in Switzerland, the following steps are to be followed:
1.Grab Expert’s Advice
Dealing with the proceedings of a nominee director services involves massive legal moves, which might turn out to be difficult for a foreign to understand the moves and take the respective calls.
So, it is recommended for the business investors to proceed ahead with certified business experts, as they hold a better knowledge about the popular offshore jurisdictions and the legal grounds and can sort the process quickly.
2.Ensure that the Company Documents Highlights the Appointment
As the nominee directors are looked upon to be a part of the business entity, the core business documents are required to mention the details.
This means, if you are planning to appoint or avail nominee director services for your company, you have to mention the same in the Articles of Association (AOA).
3.Pass the Resolution
To appoint a Nominee Director, a resolution is to be passed accordingly in the Board Meeting. The notice is to be sent to all the directors present in the board meeting.
4.Hold a Board Meeting
Up next, a board meeting will be held to discuss the same and a resolution will be passed respectively. The appointed nominee director has to submit a declaration regarding the appointment and give the consent in writing.
5.File the Same with the ROC
After the resolution is passed, the next move is to be taken by the Company Secretary or any one of the directors to register the details with the Registrar of Companies (ROC).
Thus, you are now clear regarding the essential moves that need to be initiated.
So, what are you waiting for? Wondering how to start?
Well, don’t worry! Your solution is just below.
At Business Setup Worldwide, we take utmost care in understanding the client requirements and then cater to the process accordingly.
Since its inception, we have been helping global business owners to incorporate their business in the onshore and offshore business jurisdictions.
Our experts hold industry experience that helps them to provide customized business solutions.
To know more about it, feel free to contact our experts today-we’d be glad to assist!