The Singapore Commercial Law requires foreign investors setting up companies here to appoint a resident director and a resident company secretary. The director must be a Singapore citizen or may have a residence or permanent employment pass. However, there are situations in which a foreign enterpriser cannot find a local partner and must appeal to the services of Singapore specialists who are allowed to provide nominee director services.
The nominee director can be defined as a non-executive director or a person acting on behalf of an individual or a company. The legislation allows foreign investors opening companies in Singapore to appoint nominee directors.
The nominee director of a Singapore company must fulfill all statutory compliance requirements as specified by the Companies Law; therefore, they will also have the same responsibility as any other resident director. However, the role of the Singapore nominee director will be limited. A nominee director cannot:
The nominee director will provide their services as long as the shareholders of the company request them to and will resign whenever required. Our consultants in company formation in Singapore offer both nominee shareholder and director services as well as complete guidance in order to open a company in Singapore.
One of the greatest advantages of appointing a nominee director is privacy, as the name of the company directors must be registered in the Singapore Accounting and Corporate Regulatory Authority’s records. The directors’ names are also available to the public. Foreign investors who want to run their Singapore companies from abroad can do so by using the services of a specialized firm offering nominee director services. Moreover, the nominee director can set up the company’s bank account and register for taxation purposes or obtain the required licenses to operate and thus helping the beneficial owner to save money and time.
If you want to open a company in Singapore, you can contact our Singapore company formation agents for assistance.