Singapore is probably the most attractive destinations for foreign investors looking to set up a business in Asia. The city-state is well known for its stable political environment, low taxes, and business-friendly policies. However, the procedure of setting up a small business in Singapore can be quite challenging, especially for foreigners who are not familiar with the country’s legal and regulatory framework. One of the significant challenges is finding a local director to adhere to Singapore’s laws, which require every company to have a minumum of one resident director. This is where a Singapore nominee director could be of great help.
What is a Singapore Nominee Director?
A Singapore nominee director is a person who is appointed by a company to fulfill the statutory requirement of having at least one resident director. A resident director is a person who is really a Singapore citizen, a Singapore permanent resident, or an employment pass holder. The nominee director isn’t mixed up in day-to-day operations of the company and contains no real decision-making authority. Instead, the nominee director acts as a representative of the company and carries out administrative tasks such as for example signing documents, attending meetings, and filing annual returns with the authorities.
Why DO YOU WANT a Singapore Nominee Director?
There are several reasons why you might need a Singapore nominee director:
Compliance with Singapore Laws
As mentioned earlier, every company in Singapore will need to have a minumum of one resident director who’s ordinarily resident in Singapore. If you are a foreigner who would like to set up a company in Singapore, you might not have a resident director. In nominee director service in Singapore , you can appoint a Singapore nominee director to satisfy this requirement.
Privacy and Confidentiality
If you are a foreigner who would like to set up a company in Singapore, you may not desire to disclose your identity as a director. Appointing a Singapore nominee director can assist you maintain privacy and confidentiality. The nominee director’s name will appear on the business’s records, and you can carry out your organization operations without revealing your identity.
Facilitate BANK-ACCOUNT Opening
Opening a bank-account in Singapore could be challenging, especially if you are a foreigner. Most banks require a minumum of one resident director to be present through the account opening process. By appointing a Singapore nominee director, it is possible to meet this requirement and facilitate the procedure of opening a bank-account.
Flexibility in Business Operations
A Singapore nominee director can offer flexibility in business operations. As a foreigner, you might not have the ability to visit Singapore frequently to attend to administrative tasks. By appointing a nominee director, it is possible to delegate these tasks to an area person and concentrate on your core business operations.
How to pick a Singapore Nominee Director?
Selecting a Singapore nominee director is a crucial decision. You need to ensure that the person you appoint is trustworthy, reliable, and has a good understanding of Singapore’s legal and regulatory framework. Below are a few factors to consider when choosing a Singapore nominee director:
Choose a nominee director who includes a good reputation in the market. You can check online reviews, testimonials, and recommendations from previous clients to assess the nominee director’s reputation.
Choose a nominee director who has experience in corporate services and knows Singapore’s laws and regulations. An experienced nominee director can provide valuable advice and help with compliance matters.
Choose a nominee director who is trustworthy and reliable. You should conduct a background check and verify the nominee director’s credentials before appointing them.
Select a nominee director who has good communication skills. The nominee director will be able to communicate effectively with you and other stakeholders, especially if you aren’t based in Singapore.