The nominee structure is ostensibly a simple set-up in which an onshore company acts as nominee for an offshore principal.
The concept is often used to avoid the problems often seen for offshore companies who trade internationally as it offers an onshore face with all the offshore benefits.
It can also be used for property and share holding and international consultancy. Advantages include:
- High level of credibility
- The structure can be used internationally for trading or the supply of services
- No VAT problems or complications- ILS’s service company has this
- No problems in obtaining a certificate of tax residency
- With no ownership, related party transactions can not be reported by auditors
- There is only one bank account