Singapore is probably the most attractive destinations for foreign investors seeking to set up 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 can be quite challenging, especially for foreigners who are not familiar with the country’s legal and regulatory framework. Just about 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. That’s 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 satisfy the statutory dependence on having a minumum of one resident director. A resident director is really 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 business and has 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 reasons why you might need a Singapore nominee director:
Compliance with Singapore Laws
As mentioned earlier, every company in Singapore must have at least one resident director who’s ordinarily resident in Singapore. If you’re a foreigner who would like to set up a company in Singapore, you might 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 are a foreigner who would like to set up an organization in Singapore, you may not desire to disclose your identity as a director. Appointing a Singapore nominee director will help you maintain privacy and confidentiality. The nominee director’s name can look on the business’s records, and you could 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 at least 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 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 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.
Selecting a Singapore Nominee Director?
Choosing a Singapore nominee director is a crucial decision. You should ensure that the person you appoint is trustworthy, reliable, and contains a good knowledge of Singapore’s legal and regulatory framework. Here are some factors to consider when 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 assess 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. A skilled nominee director can provide valuable advice and guidance on compliance matters.
Trustworthiness
Select 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 will be able to communicate effectively with you and other stakeholders, especially if you are not based in Singapore.