How do we assist you in the Nominee Director Services?
The Singapore business environment is highly professional, and that is the reason it attracts many foreign businesses to start a company.
Singapore Companies Act states that the Singapore company must have at least one resident to serve as a director, and resides in Singapore. Without a resident or local director, Singapore does not allow foreign companies or non-residents to register a local entity.
The resident director must be above the age of 18 years old and is either a Singapore citizen, a Singapore Permanent Resident (SPR) or an EntrePass holder.
On the other side, if you are someone who is not an ordinarily resident of Singapore and do not fulfil the above criteria, then he or she cannot become a resident director.
In such a situation, you should appoint a Nominee Director to act as the resident director of the Singapore company.
What is the role of a Nominee Director?
He or she is a person who can permit or order the management of a Singapore company about anything, and it is a must for them to act accordingly. This rule comes under the Singapore Companies Act.
A Nominee Director is a person who is the face of the company, responsible for handling the demands of a person belonging to another group. According to the Singapore Companies Act, a resident director and a Nominee director is similar when it comes to performing duties.
The Singapore Companies Act also states that in the law, a Nominee director takes a similar interest in the affairs of a company as a resident director. He or she bears the same level of responsibilities as the foreign director, who may also be the shareholder of the Singapore company.
A good business decision will always be to look for an experienced person when it comes to appointing a resident director or a nominee director.
Here are some important reasons to select a qualified and experienced individual for this role:
(i) He or She has many years of experience acting as a director of a Singapore company.
(ii) He or She is honest and should avoid any dishonesty or conflict of interest.
(iii) He or She should keep an account of all the affairs of the company
(iv) He or She is familiar with the Singapore taxes and other statutory paperwork.
(v) He or She ensures that the company submits all required documentation to ACRA, IRAS or related government bodies (where applicable) on time.
How do we assist you in the Nominee Director Service?
The Nominee Director Service provides the required local presence and starts at S$200 per month. The cost may vary on the risk, the size and the nature of the business.
We will act as your Nominee director and register ourselves as Resident Director in ACRA. The nominee director takes care of the local legal responsibilities and provides day to day non-management needs, thus enabling foreign companies to incorporate in Singapore and conduct business.
A Nominee Director has the following fiduciary duties:
1. Submit Income Tax to the Inland Revenue Authority of Singapore (IRAS).
2. Conduct Annual General Meetings (AGM); and
3. File Annual Returns (AR) to the Accounting and Compliance Regulatory Authority (ACRA)
Nominee Director Service is necessary for foreign-owned businesses to adhere to Singapore’s Government rule. We are not part of the management team and are not involved in the strategic planning or operations of the company. As we act as the Nominee Director, we assist you to ensure that the company files annual returns on time.
Experienced team to assist business owners in Singapore
We have a simple and streamlined process that allows businesses to meet the Singapore government requirements and incorporate the business. We can incorporate new entities in less than four hours with all relevant documentation in place.
Apart from the above services, we offer a suite of back-office support services i.e annual compilation services, payroll processing services; Company tax, personal tax and GST services, and registered office services.
For more information on the Nominee Director service, please send through your enquiry via Contact Form, and our team will contact you to discuss in detail.