Nominee service and nominee director in Georgia, secrets of successful business in Georgia

To establish a nominee director of a company in Georgia, a contract is signed where the role, responsibilities, term, and non-disclosure information are stipulated.

Obligatory clauses in such an agreement are:

• prohibition of disclosure of accounting policies,
• prohibition of discussion of managers and employees,
• prohibition on disclosure of counterparties,
• A prohibition on discussing the business plan and the work of the firm as a whole.

In the section on the responsibilities of the parties, it is better to spell out the role of the nominee manager with the following clauses:

• appointed as the head of the company,
• is obliged to conduct activities not to the detriment of the company but for its development,
• must resolve the problems of the firm of legal and administrative nature,
• must deal with the search for employees, their training and control over the implementation of the goals set,
• is obliged to provide timely information on changes in personal details,
• is responsible for the keeping of accounting and tax records,
• Is obliged to keep the accounting records.
• has no right to shift responsibility to other persons,
• must agree all transactions, payment of contracts and monetary transactions with the beneficial owner.

At the same time, the Georgian law does not recognize the nominal service, so all legal responsibility will be the nominal owner of the company. Moreover, in some countries, for admitting the fact of obtaining benefits through a third party, you can fall under the article of the criminal code.

Each businessman decides for himself whether he needs to use the nominal service or not. It is not necessary to use this tool to own a successful business in Georgia. The government of the country is trying its best to create a favorable environment for foreign nationals to do business.