Singapore is probably the most attractive destinations for foreign investors looking to establish 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 business in Singapore could be very challenging, specifically for foreigners who are not familiar with the country’s legal and regulatory framework. Probably the most significant challenges is getting a local director to adhere to Singapore’s laws, which require every company to possess 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 a one who is appointed by a company to fulfill the statutory dependence on having a minumum of one resident director. A resident director is really a person who is really a Singapore citizen, a Singapore permanent resident, or an employment pass holder. The nominee director is not 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 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 explanations why you may want a Singapore nominee director:
Compliance with Singapore Laws
As mentioned earlier, every company in Singapore must have a minumum of one resident director who is ordinarily resident in Singapore. If you’re a foreigner who wants to set up an organization in Singapore, you might not have a resident director. In such instances, you can appoint a Singapore nominee director to satisfy this requirement.
Privacy and Confidentiality
If you’re a foreigner who would like to set up an organization in Singapore, you may not want to disclose your identity as a director. Appointing a Singapore nominee director may help you maintain privacy and confidentiality. The nominee director’s name will appear on the business’s records, and you will carry out your business 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 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 running a business Operations
A Singapore nominee director can offer flexibility in business operations. As a foreigner, you may not manage to visit Singapore frequently for attending administrative tasks. By appointing a nominee director, it is possible to delegate these tasks to a local person and concentrate on your core business operations.
How to Choose a Singapore Nominee Director?
Selecting a Singapore nominee director is really a crucial decision. You should ensure that the individual you appoint is trustworthy, reliable, and has a good understanding of Singapore’s legal and regulatory framework. Here are several factors to consider whenever choosing a Singapore nominee director:
Choose 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.
Select a nominee director who has experience in corporate services and knows Singapore’s regulations. A skilled nominee director can offer valuable advice and help with compliance matters.
Select 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.
Select a nominee director who has good communication skills. nominee director services in Singapore should be able to communicate effectively with you along with other stakeholders, especially if you are not based in Singapore.