Due to the unfavorable political and economic processes that take place in the life of our country, business owners are increasingly stumped by the issues of protecting their own assets and minimizing unfair influence on business processes.
Today, registration of business outside the country, most often in offshore jurisdictions using a nominal service, has proved to be a very effective tool for asset protection worldwide.
In providing business registration services in offshore jurisdictions, UGL provides its customers with the opportunity not only to maintain the confidentiality of their investments, but also to protect the business from unlawful interference. A reliable and convenient tool for this is the registration of the company as a nominee shareholder. This is a very rational and safe way to avoid registration of shares in an offshore company if the real owner does not want to advertise his name, and this may also be due to the peculiarities of the legislation of some offshore zones in which a resident of such an offshore zone must be registered as one of the shareholders of the local company.
As the experience of UGL specialists shows, in order to ensure the security of the services of a nominal shareholder (owner) of shares or corporate rights, it is advisable to issue a trust declaration. A Declaration of Trust is a tool that allows the real owner of an offshore company not to register his name as the owner shares or corporate rights. The trust declaration takes the form of a unilateral irrevocable declaration by the nominee that he is the formal owner of the share company and all rights regarding the management and disposal of the company belong to the beneficiary. Also, the trust declaration establishes the right of the beneficiary (real owner) to receive profit from the economic activities of the company and to manage the company’s accounts.
Filing a trust declaration allows you to register a business in offshore zones, while maintaining the confidentiality of the name of the business owner without the risk of such a business leaving the actual management of the real owner. From the moment of registration of a nominal shareholder, formally, the company is no longer the property of the founder, which eliminates the risk of confiscation or forcible alienation of the beneficiary’s rights to the company. Assets registered using a trust declaration are legally separated from the real owner and they cannot be levied on the debts of the beneficiary.
The trust declaration is subject to notarization in Hong Kong, which requires the personal presence of a nominee shareholder affixing his signature in the presence of a notary. In addition, the trust declaration must undergo an apostille procedure according to the rules established by The Hague Convention, which abolishes the requirement to legalize foreign official documents of October 5, 1961.
What should I pay attention to when filing my trust declaration?
- It is necessary to determine the nominee shareholder, he should not know about the structure and characteristics of the business of the real beneficiary
- Clearly define the rights and obligations of the face value
- To provide for the possibility of early termination of the duties of a nominee shareholder, as well as actions in case of his unforeseen death
- Define the ultimate beneficiary as the sole user of the company’s bank accounts.
Our company provides its customers with comprehensive services for registration and registration of a trust declaration. The text of the declaration of trust is agreed in advance with the ultimate beneficiary and with lawyers in Hong Kong. We draw your attention to the fact that there may be several final beneficiaries, and all of them should be reflected in the trust declaration indicating their shares.
The comprehensive and professional approach of UGL employees to the provision of services allows for minimal customer participation in the development and execution of the necessary documentation. One of the principles of our company’s work is the efficiency of fulfilling the assigned tasks, which allows us to save our customers time as much as possible. Based on the results of the work performed by UGL, the client receives the original trust declaration, which has passed the procedure of notarization and legalization in the territory of the state in which the offshore company is registered. The trust declaration is issued to the client at the UGL office in the form of the original, and its translation into Russian is also provided.
When providing services for registering a trust declaration, UGL specialists also provide our clients with legal and organizational issues, including tax features in Hong Kong, accounting and bank account management consultations, employee income tax and tax optimization issues in a group of companies.
Contact our specialists with a request, consultations are free.
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