With every incorporated company requiring a local director for its services, some people have the chance of being recruited to this post and serving the company. Such a person who is serving in that local director post is called a Nominee Director. I personally feel myself very lucky to be appointed as a nominee director for a corporate company. The basic work which I do or I need to do is to satisfy the local statutory requirements of my company. I have no powers over the business in the company except to satisfy the local requirements. Since I have been working in this post for a bit of time, I can say that I receive my salary around $5000 but as per the ideas gathered by me, the salary which the directors of the same post but of other corporate companies get is $3500 onwards. But in the very first month of my service, I had to submit $10000 to the Nominee service provider of my company and that amount is totally refundable in case I quit the company. I find this service of director post very interesting but many may not feel so. I had completed a course on Know Your Client and thus that is providing me the confidence and the edge over the other directors. Furthermore after joining in this post, I had a signing agreement of Nominee director Indemnity. As spoken earlier, submission of the refundable amount was also one of the agreements I had to comply with after being honored with this post.
Many may not have an idea of what basically is this post. Thus I would like to illuminate their knowledge as by saying that I, being the director, my name is used by other people in the incorporation documents. Thus I am responsible for all the incorporation documents that are filed for the company. I perform the task of shielding the working executives of other companies from the public disclosure and thus I am responsible for the privacy of the person or my company. On one occasion I had the opportunity of acting as a director of another company as well as maintain the post in my original company. That was a beautiful experience of having the post of the two companies at the same time and high privacy and confidentiality I had to maintain during that period of time. I had the access to the company's beneficial owners but I maintained the dignity of my post by holding privacy. My original company had signed a Power of Attorney enabling and empowering me to work for the different company to which I was outsourced. I was not allowed to make any decisions on the management of the company as those rights weren't written in the power of attorney. I had only been instructed to put my signature on the company accounts. I had the rights of putting signatures on the returns that were prepared by the accountants as well as instructing them if not the management of the company