Owen
Running a business as a foreigner is not easy. In Singapore, you can’t run a business as a foreigner if your company has no resident directors. Hiring and using nominee director service singapore solves the problem. Become a director yourself or appoint someone executive from abroad. There are nominee director services in SG for both new and existing companies.
Who is the nominee director?
A local person putting his name on the papers and shares legal liability, gets at least one of the directors, a Singapore resident. Hiring a nominee is a common and legal practice.
The role of nominee director
When someone wants to register a company in SG, they need a director, a resident of the country’s regulations by the Singapore Companies Act. For the foreigners who want to incorporate the company in SG, but don’t have a local person to be the resident director, it is better to hire someone taking up the role of the nominee director. The nominee director can fulfill the legal and regulatory obligations of the company and doesn’t play an active role in the operations of the company.
How can you get a nominee director in SG?
The corporate service provider offers a nominee director service. There are several services offered in various packages, including the nominee director services for existing or newly incorporated companies. The nominee director service in SG can’t make any business decisions. But, if there are any wrongdoings, or the reports are incorrect or late, it shares responsibility.
How does your company need the nominee director service?
Yes, any company needs a nominee director service, especially if you are a foreigner. The local director is a resident of SG and needs to be appointed before applying to register a company. But, as a foreigner, you can be appointed to be a director and would be a nominee director in SG.
Benefits of using nominee director services
A nominee director acts as a director of a company on behalf of another entity such as:
- shareholder
- creditor
- parent company
- trust
The nominee director doesn’t have any real interest or authority in the company but merely acts by the instructions of the entity of the person who appointed them. The nominee director protects the privacy and identity of the beneficial owner of the company or complies with the local legal requirements to have a resident director in the country where the companies operate.
