Singapore is one of the most attractive destinations for foreign investors looking to set up a business in Asia. The city-state is known for its stable political environment, low taxes, and business-friendly policies. However, nominee director services of setting up a small business in Singapore can be quite challenging, especially for foreigners who are unfamiliar with the country’s legal and regulatory framework. The most significant challenges is getting a local director to comply with Singapore’s laws, which require every company to have at least 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 really a person who is appointed by way of a company to fulfill the statutory dependence on having a minumum of 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 has no real decision-making authority. Instead, the nominee director acts on your behalf of the business and carries out administrative tasks such as 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 stated earlier, every company in Singapore will need to have at least one resident director who’s ordinarily resident in Singapore. If you are a foreigner who wants to set up an organization in Singapore, you might not have a resident director. In such cases, you can appoint a Singapore nominee director to fulfill this requirement.
Privacy and Confidentiality
If you are a foreigner who wants to set up a company in Singapore, you may not desire to disclose your identity as a director. Appointing a Singapore nominee director can help you maintain privacy and confidentiality. The nominee director’s name can look on the business’s records, and you can carry out your business operations without revealing your identity.
Facilitate BANK-ACCOUNT Opening
Opening a bank-account in Singapore can be challenging, especially if you’re a foreigner. Most banks require at least 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, you can delegate these tasks to an area person and focus on your core business operations.
How to pick a Singapore Nominee Director?
Choosing a Singapore nominee director is a crucial decision. You need to ensure that the person you appoint is trustworthy, reliable, and has a good knowledge of Singapore’s legal and regulatory framework. Here are a few factors to consider when choosing a Singapore nominee director:
Select a nominee director who has a good reputation in the market. You can examine 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 regulations. An experienced nominee director can provide valuable advice and guidance on compliance matters.
Choose a nominee director who’s trustworthy and reliable. You need to conduct a background check and verify the nominee director’s credentials before appointing them.
Choose 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.