Will a nominee director also be the bank account manager of a limited company? When our limited company registration team at Coddan Formations Agency is asked to initiate the services of a nominee director, we find that it is extremely important to explain the arrangement clearly at the outset - this includes specifying exactly what the nominee director is responsible for, as well the obligations that rest with the beneficiary owner.
For official company activities such as opening and operating a bank account, the responsibility for this will always lie with the beneficiary owner or owners of a company, and this is due to the fact that a nominee director is purely used for appearing in official records as the director of a company (such as the Companies House database).
Once we have drafted the necessary documents, you will notice that a general power of attorney document has been included - this makes it perfectly clear that you are entitled to open a bank account in the name of your private company, as well as to continue to operate and maintain it. A nominee director will not be able to take control of a company bank account, as this is outside of their official remit of simply appearing as the public face of a business.
Although the bank may see the name of the nominee director appear in official records, this document will prove that you are in fact the party that has full legal authority to proceed.
Although a nominee director will not be able to take responsibility for a company bank account, it is possible for this party to be used as a secondary signatory when it is required (such as for certain documents and cheques). This additional service is not offered as standard by Coddan Formations Agency, but we can discuss your specific requirements and include this under a separate arrangement.