According to the Singapore Companies Act, all private limited companies (PLCs) in the city-state are required to have at least one individual director. The director needs to be a Singapore citizen or permanent resident and holds an employment pass, entrepreneur pass, or dependent pass. In addition to all these, the director needs to have a residential address.
After meeting the aforementioned requirements, the nominee director can legally perform the approved responsibilities. The long list includes handling accounting as well as annual records, statutory books and filings, shareholders and directors meetings, and many others. On top of these, the director is in charged of settling liquidation charges; particularly in instances when foreign-based clients cannot be reached. Furthermore, the nominee director is mandated by law to settle liquidation charges in instances when foreign-based clients are no longer reachable.
Taking the said factors into consideration, interested parties need to appoint a nominee director to meet confidentiality as well as regulatory requirements. For foreign individuals who intend to incorporate a company in Singapore without relocating, they may hire the services that we at Value Accounting Singapore offer:
- Nominee Director – We perform the duties of the nominee director; with this, the condition of incorporating a business entity is met.
- Nominee Shareholder – In general, there are no strict requirements with regard to nationality and other related matters. However, we can perform the duties of the nominee shareholder if requested.
- Named Secretary – Meeting the requirements of incorporating a company can be time-consuming and stressful, to say the least. Achieve freedom from hassle by hiring Value Accounting Singapore, we can act as the local named secretary, again, if requested.
Terms and Conditions
- Complete a Nominee Director Indemnity Agreement
- Agree not to play any role in the daily as well as regular operations and overall management of the business entity.
- Have one or more parties hold directorship position on top of the nominee director. This, in an effort to oversee operations as well as tasks that are involved in running a company.
- Pay a refundable security deposit
Aside from the aforementioned terms and conditions, a pre-signed resignation letter coming from the nominee director is going to prepared for potential clients. This is necessary to allow a hassle-free termination of the said service.
The Singapore government also requires Singapore-based PLCs to have at least a shareholder. He/she needs to be either a corporation or an individual. The good news is addressing this is a lot easier compared to the nominee director since the law does not require the shareholder to be a Singapore resident. This is because in the city-state, 100% foreign shareholding of a company is allowed.
However, there may be situations where shareholders need to remain anonymous for various reasons. If this is the case, interested parties can hire Value Accounting Singapore’s Nominee Shareholders Service. By doing so, Value Accounting’s nominee shareholder is the one who is going to be identified on public records.
Terms and Conditions
- Sign Declaration of Trust Agreement to ensure that Value Accounting
Singapore’s nominee shareholder is going to hold the shares on behalf of the beneficial owner. Clients can be rest assured that their shares are going to be returned as soon as the service is terminated.
- Allow our nominee shareholder to sign an original Share Transfer Form. Afterwards, it’s going to be issued to the beneficial owner for security purposes. Take note that the shares can be transferred back any time.
- Deposit a refundable fee.
Singapore Nominee Director Service
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