The individual nominee director under nominee structure are being review by the Majority of Hong Kong
The individual nominee director under nominee structure is being review by the Majority of Hong Kong Banker since year 2014 to ensure the legal compliance. The company unable to appoint individual nominee director under nominee structure is likely rejected by the Hong Kong Banker.
The main change is the requirement to have at least one natural director of a private company. Previously, a private company could have a sole corporate director unless it was part of a group with a listed company in the group. Private companies can still have only one director and until the new law it could have been a corporate director. Directors do not need to be resident in or nationals of Hong Kong.
If the clients are a foreign business professional or a foreign entity that does not have a local director, the client can utilize our Resident Local Individual Director Service to satisfy this statutory requirement. The service can be provided on an annual basis if you are not registered in the public record, the client will need our Individual director service on an annual basis.
Please note that in Hong Kong, a nominee individual Director has the same responsibilities as any other director. Therefore providing a resident director for the client’s company imposes certain responsibilities on the client as well as us and we highlight the framework of our nominee individual Director Service as below.
- The client will appoint one of our team members as the Nominee individual director for your directorship.
- The service is offered for statutory compliance only. The resident director will not be involved in any management, commercial, or bank operational matters of the company. The client must appoint himself/herself or another individual (who can be foreign individual(s)) as the executive directors who will be responsible for running the company.
- The client will acts as the bank signatory.
- The client can require our resident director to resign at any time by identifying another person who will be acting as the individual director.
- The client are required to engage our Company secretarial, accounting and auditing service unless otherwise approved by our compliance team for our understanding of the business.
- The client are required us to provide copies of your company's bank and financial statements on a monthly basis.
- The bank account must be with a bank that's on our list of majority of International banks.