Singapore is well known for its pro-business environment, making it an attractive business location not only for local start-up entrepreneurs but also for foreign investors. According to Company Act in Singapore, company registration requires the appointment of at least one local resident director. However, for foreigners who wants to incorporate a company in Singapore, it is thus essential to engage Singapore nominee director services to appoint a nominee director – a local resident director to act on behalf and in the best interests of the company. AI Accountant Chai Chung Hoong further explains the critical need for a nominee director.
Similar to a normal resident director, a nominee director has the duty to disclose interests in transactions and should avoid any form of conflict of interests. A nominee director helps the company to maintain its good standing business status and ensure that the company meets the regulatory compliance. Nonetheless, the nominee director is not involved in the daily course of business.
A nominee director must be a local resident – must have a Singapore residential address with either of the following resident status: Singapore Citizen, Singapore Permanent Resident, Singapore EntrePass Holder, or Singapore Employment Pass Holder. Additionally, the nominee director must be of at least 18 years old, with the condition that the person is physically and mentally fit to execute obliged duties and responsibilities.
The nominee director is recommended to be competent and skilled to discharge the duties as a local director and to assist companies in fulfilling requirements and guidelines according to the Company Act and the local Authorities:
In conclusion, Singapore nominee director service does give benefits to the foreign investors and the company to achieve the desired individual and corporate goals. Therefore, appointing the right person as the company’s nominee director is of utmost importance for all companies. If you happened to be a foreigner in Singapore who is in need of a nominee director, check out AI Accountant Chai Chung Hoong – a corporate professional who will be more than happy to assist you on nominee director services.