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Nominees: The fastest legal way to lose your company
There’s a recurring fairy tale in the offshore world: “Don’t worry, we’ll put the company in our name, but you’ll still control it.” It’s the perfect sales pitch for anyone who wants your money and your company. You get “privacy,” they get legal control. And in corporate law, control isn’t...
Control comes from form: from the names on the share register, from the corporate filings, from the board resolutions.The term Ultimate Beneficial Owner (UBO) isn’t a magic shield. Unless you have absolute documentary control(POAs, signed undated resignations, enforceable loan agreements, and ideally security over the shares), you are betting your company on someone else’s goodwill. Can’t have a customer base realising that the service they’re buying is the single most dangerous thing you can put between yourself and your asset.If you want total safety, the only nominee you can trust is your imaginary friend.
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