What are the relations with a Swiss company director?
You will be in a constant contact with a Swiss director since he or she has to control absolutely all of the company’s affairs. This relates first and foremost to the operation of the company accounts. This is why co-signing on the account is one of the necessary conditions.
Even if you have talked the director into making you the sole signatory to the bank account, thus letting you alone manage the company’s money, the director will still reserve the right to monitor the account. And if he thinks the company is engaged in illegal business or creates obviously impossible obligations, the director has the right to block the account.
As a rule, nominee directors of Swiss companies do not grant general powers of attorney, but can issue a limited power for a one-off transaction on behalf of the company.
In the course of incorporation, the beneficial owner and the nominee director can, for example, sign an additional document — Internal Regulations, which would govern these rather complicated relations.
What are the nominee’s fees?
Nominees are usually paid an annual fixed fee agreed in advance. The nominee’s fees depend on, amongst other things, the number of companies to which they are appointed, their availability and efficiency in company administration and their reputation in the offshore world of the law firm at which they are registered.
There is an additional charge for a nominee to sign certain documents. Usually, the charge is fixed per signature, but this may vary. For example, obtaining a signature on bank forms is always more expensive and the fee for signing a contract may depend on the contract value.
If you wish to meet your nominee you should invite them to your home country for a board meeting of your subsidiary or a visit to the bank to open an account. They will be happy to come as the visit certainly won’t put them out of pocket.