Nominee director service
Singapore is an attractive and safe country to start your business. Based on the law, when you are a foreigner, you will need a local director to incorporate your new company successfully.
There are 2 possible situations:
- If you know a local friend who is a Singaporean citizen or Permanent Resident citizen and staying in Singapore, he or she can be your nominee director. You can save your nominee director fees.
- If you are not in the above situation, hiring a competent person to be your nominee director will be the solution. You will be the 2nd director and the shareholder of your company.
However, your friend may not agree to be your nominee director due to personal or work reasons. You may want to draw a line having friends to be involved in your company. As a nominee director, your friend will need to sign the annual reports. This means he or she will have knowledge of your company financials.
Importance of having a competent person as your local director:
- Has the expertise and experience to carry out the duties as required by the government
- Ensure that your interests are protected
- Ensure your submissions are accurate and on time
The duties of a nominee director are:
To be your local director, so that you can incorporate your new company successfully.
To open your corporate bank account with you but will not act as a bank signatory.
To sign the routine documents like Annual General Meetings, tax reports, annual reports and resolutions.
The nominee director is not allowed to be involved in the management nor financial aspect of your business. The nominee director is also not allowed to sign any legal documents like quotation or contracts on behalf of your company. You will solely be responsible for daily business activities and sole access to your bank account. Hence, the nominee director has very limited powers.