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What are the benefits of using a nominee director for a company formation? At Coddan, our team of experienced and knowledgeable advisors are available to advise you about the best possible form of company organisation. We often receive enquiries about the use of a nominee director in this type of business arrangement, and we can quickly identify whether or not this set-up would work for your specific needs and requirements.
A nominee director is most useful in situations where it is necessary for the true owner (or owners) to remain anonymous in terms of official limited company records.
For reasons of business and commercial sensitivities, it may sometimes be necessary for your name to kept away from any documents that provide an official record of the private company. The most commonly known example of this in the UK is the official register of incorporated businesses that is kept by Companies House, and the services of a nominee director can be used to make sure that you do not appear within this listing.
This named individual is officially in control of your company limited by shares, but from a legal perspective you remain in absolute charge with a legal agreement in place (this can be a power of attorney document). Another advantage of this type of situation is that it can remain in place until it is no longer required - reversing the process is simply a matter of keeping a signed resignation letter on file that has been drafted by the nominee director.
Appointing this type of director is also useful when a business address needs to be kept away from official records. A nominee director that is arranged by Coddan will have their own dedicated address that can be used for reporting purposes, and the practical operating address remains undisclosed.
This practice is entirely legitimate, and it is administered by our experts to ensure that the necessary legal formalities are completed in a timely manner (these include processes before and during the formation of your company).
For more information about appointing a nominee director, get in touch with Coddan today for an assessment of your exact business requirements.