Before the incorporation of one of our Corporation, the incorporators(we refer them nominees) execute a Declaration of Trust and Deed of Assignment stating that he is just a TRUSTEE, that the shares be issued in its name for and in behalf of the TRUSTOR/BENEFICIARY(my boss), which is the true and beneficial owner thereof, the SUBSCRIPTION in the name of TRUSTEE having made only for purposes of convenience.
After the incorporation, we requested to the Corporation through its Corporate Secretary to transfer the shares subscribed by TRUSTEES to the TRUSTOR.
1. Do the transfer of shares valid?
2. Do we need to pay taxes?
3. Do we need to secure CAR to validly transfer the shares?
Hoping for your feedback on our inquiries.
Thank you very much. God Bless.
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