Overview of a Singapore Nominee Director Service
A nominee director acts in behalf of the beneficial owner and regulates the company according to the legitimate instructions of such beneficial owner. You cannot set up a Singapore company without appointing a resident director upon incorporation. The nominee director’s fundamental duty is to protect working executives of limited and other companies from the public disclosure requirements in the relevant jurisdictions. A nominee director is a completely legal device which maintains an individual’s privacy.
With a nominee director, it will be nearly impossible for anyone doing a company search on a company to find in whose name the nominee director was registered. A nominee director is specifically designed to assist a person who opts not to make public their interest or association with a given corporate body. Through a nominee director, a person will not be associated with any business contract or financial or moral commitment.
The Nominee Director is a company’s director in name only and has no other authority or responsibility. He does not have the power to enter into any business contracts, financial or moral obligations. A power of attorney will be given for the performance of a few daily works of the company but the real decisions are made in the board meetings and by the directors who make a regular evaluation of the nominee director. A nominee director may come from an existing company but to be able to qualify as such, the duties must not correspond with the interests of his own company. The most common nominee directors are ex businessmen and corporate heads or retired personnel. These people are normally experienced and respected by all. Even if their decisions are not necessarily binding on the company, still they contribute to crucial decisions to be made by the company in the long run. Thus, it is highly vital that the nominee directors of a company are authentic, upright and impartial.
According to the Singapore Companies Act, all foreign individuals looking to incorporate a company in Singapore must engage a professional firm and meet the following minimum requirements for company registration: one shareholder, one Resident Director, and one Resident Company Secretary. In the event that you find it difficult to find a trusted contact to act as the Singapore resident director for your company, incorporation company’s services Nominee Director Service may prove to be helpful.
If you want to incorporate a Singapore company but do not plan to leave your current country of residence, it is best to appoint a Nominee Director. A Nominee Director must either be Singapore Citizen, a Singapore Permanent Resident or a Singapore Employment Pass/EntrePass Holder.
The nominee director does not play any role in the company’s operations and holds neither decision-making powers nor responsibilities other than meeting the statutory requirements of a local resident director for your Singapore incorporated company. The conditions must be met in order to incorporate your Singapore Company such as minimum 1 shareholder, a Resident Director and a company secretary, a minimum paid-up capital of S$1 and a local registered office address.
Rikvin has successfully assisted local and foreign entrepreneurs incorporate a Singapore company. Our success rate is phenomenal, most of our enterprise clients have entrusted us, with the routine management tasks such as `book keeping and secretarial services and we continue to impress them beyond our promise. Rikvin has also successfully helped hundreds of foreign entrepreneurs register a Singapore company.
Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887.
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