The Hong Kong company ordinance requires all Hong Kong companies to have an individual director starting September end.
Corporate director were often the norm for Hong Kong, especially for companies owned by foreigners seeking discretion, now although companies could keep a corporate director the adjunction of an individual director is a must.
Hong Kong company director could be of any nationality and country of residence but financial institution will require the presence of the director, nominee or not, at the bank meeting and this is also valid for existing companies.
Selecting a nominee director is a difficult task, although most of the nominees don’t want to take the responsibility of being a bank signatory, the trust factor is important.
The nominee director should also have management capacities in accordance with the company activities; basically a taxi driver couldn’t be nominated to be the director of a multinational company.
The nominee services provider will have to insure a high quality of services, getting the nominee director available to sign the company annual return isn’t sufficient.