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Nominee Directors and Company Bank Accounts


Two issues arise when a company uses a nominee director. The first is determining whether or not it would be able to find an institution willing to open a business bank account with a nominee director in place.

Money laundering provisions of recent years have required banks to know their customers and nominees, by there very nature, might obstruct this obligation.

Banks have been known to opening company accounts with nominees in place once certain information has been disclosed to them about all parties concerned.

The second issue is that of the bank account signatories. In the majority of cases, any nominee would not become a signatory to the company’s bank account.

Any cheques therefore, would have to be signed for by the real director of the company, and would perhaps reveal their identity. Online money transfers might prevent this occurrence.

The decision of whether or not to use nominees in a company would depend on weighting up both the pros and cons of the arrangement.

Provided all parties to the agreement are satisfied with the terms and adequate benefits can be predicted by the purchaser, the use of nominee services might be an advantage to the company and the purchaser.

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