A nominee director is a third party provided by us to be registered as the local resident director of the Singapore Company due to Singapore Companies Act requirements.
No, the nominee director cannot manage your company. As an exception, the nominee director can sign a contract or invoice for an additional fee if the document is acceptable to us.
Directors of the company are legally responsible and accountable for complying with the requirements of the Singapore Companies Act. Failure to comply with the statutory compliance requirements is an offence and may result in fines or prosecution.
Yes, we do provide nominee director service. However, please note that our nominee director will not have any financial, management, or operational interest in the company. His main role is just to satisfy the statutory requirement of a local resident director for your Singapore company.
As per Singapore company laws, the responsibilities of a company director are quite onerous and therefore we have certain conditions that must be fulfilled in order for us to provide a nominee director service. Specifically,
a) We would need to be satisfied with the credibility of company beneficiaries and may require additional information on a case-by-case basis. (We will require to do our own due diligence. “KYC, know your client” )
b) We require you to sign a nominee director indemnity letter.
c) In addition to our nominee director professional service fee, we require a refundable security deposit for the provision of this service.
As per Singapore Company Laws, responsibilities of directors are quite onerous for all directors including nominee director. The nominee director is required to pay for the company liquidation charges in case the foreign client is no longer reachable. Our nominee director service is provided by the reputable and trustworthy professionals and to safeguard interests of the nominee director, we require that a security deposit be kept with us for as long as our nominee director service is active.
A security deposit should not be confused with our Service Fee or some other fee. It’s your money that is temporarily in our custody for the duration of our nominee director service. We will refund the security deposit back to you immediately upon termination of our nominee director service.
Yes, you can terminate our nominee director service anytime by providing us with the details of an alternate local resident director. We will do the necessary paperwork, lodge the change with authorities and promptly refund the security deposit back to you.
