Singapore is probably the most attractive destinations for foreign investors seeking to establish a business in Asia. The city-state is known for its stable political environment, low taxes, and business-friendly policies. However, the process 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 comply with 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 satisfy the statutory requirement of 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 a jobs 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 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 may want a Singapore nominee director:
Compliance with Singapore Laws
As stated earlier, every company in Singapore must have a minumum of one resident director who's ordinarily resident in Singapore. If you are a foreigner who would like to set up an organization in Singapore, you may not have a resident director. In such cases, it is possible to appoint a Singapore nominee director to satisfy this requirement.
Privacy and Confidentiality
If you're a foreigner who wants to set up an organization in Singapore, you might not want to disclose your identity as a director. Appointing nominee director service in Singapore can assist you maintain privacy and confidentiality. The nominee director's name can look 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 can be challenging, especially if you are a foreigner. Most banks require a minumum of one resident director to be there through the account opening process. By appointing a Singapore nominee director, you can meet this requirement and facilitate the process of opening a bank-account.
Flexibility in Business Operations
A Singapore nominee director can provide flexibility running a business operations. As a foreigner, you might not manage to visit Singapore frequently for attending administrative tasks. By appointing a nominee director, you can delegate these tasks to a local person and focus on your core business operations.
Choosing a Singapore Nominee Director?
Selecting a Singapore nominee director is really a crucial decision. You need to ensure that the individual you appoint is trustworthy, reliable, and contains a good knowledge of Singapore's legal and regulatory framework. Here are several factors to consider whenever choosing a Singapore nominee director:
Select a nominee director who has a good reputation in the industry. 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 laws and regulations. A skilled nominee director can offer valuable advice and help with compliance matters.
Choose a nominee director who's 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 should be able to communicate effectively with you along with other stakeholders, especially if you aren't based in Singapore.