Singapore is among the most attractive destinations for foreign investors looking to set up a business in Asia. The city-state is well known because of its stable political environment, low taxes, and business-friendly policies. However, the process of setting up a business in Singapore can be quite challenging, specifically for foreigners who are unfamiliar with the country’s legal and regulatory framework. Probably 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.
Exactly what is nominee director services ?
A Singapore nominee director is a one who is appointed by a company to satisfy the statutory requirement of having a minumum of one resident director. A resident director is a person who is 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 on your behalf of the business and carries out administrative tasks such as for example signing documents, attending meetings, and filing annual returns with the authorities.
Why Do You Need 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 must have a minumum of one resident director who is ordinarily resident in Singapore. If you are a foreigner who would like to set up an organization in Singapore, you might not have a resident director. In such instances, it is possible to appoint a Singapore nominee director to fulfill this requirement.
Privacy and Confidentiality
If you are 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 will let you maintain privacy and confidentiality. The nominee director’s name will appear on the company’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 a minumum of one resident director to be present during 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 running a business operations. As a foreigner, you may not manage 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 focus on your core business operations.
Choosing 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 contains a good understanding of Singapore’s legal and regulatory framework. Here are a few factors to consider whenever choosing a Singapore nominee director:
Reputation
Select a nominee director who includes a good reputation in the industry. You can examine online reviews, testimonials, and recommendations from previous clients to measure the nominee director’s reputation.
Experience
Choose a nominee director who has experience in corporate services and is familiar with Singapore’s laws and regulations. An experienced nominee director can offer valuable advice and guidance on compliance matters.
Trustworthiness
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.
Communication Skills
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 are not based in Singapore.