WHAT IS A NOMINEE DIRECTOR?

A nominee director (ND) is a legal body that is usually nominated for privacy and legality-related concerns and will be held accountable in situations when the business violates the law. A ND also makes it easier for the incorporation of your company because they have the accountability and due diligence to comply with Singapore's regulatory standards.

In this article we will discuss about nominee director in singapore, and more related subtopics.

All Singapore Private Limited Companies (PLCs) must have at least one director who is “ordinarily” a resident of Singapore, according the Singapore Companies Act.

In general, a person meets the requirements to be considered a Singaporean resident if they:

Provides a local residential address; demonstrates long-staying status (i.e., the ability to live in Singapore for an extended period of time); and is a Singaporean citizen, permanent resident, holder of an employment pass, dependent's pass, or entrepreneur pass.

*Please note that the above conditions are non-exhaustive as other factors may be taken into consideration.

WHY DO I NEED A NOMINEE DIRECTOR BASED IN SINGAPORE?

In order to represent the company, a Singaporean citizen must serve as a director of a registered company. Having someone in charge of resolving the legal needs of the individuals and groups inside the organisation will also prevent the abandoning of businesses in cases of legal infractions. In essence, the director or nominated director makes sure everything complies with Singaporean law and that fiduciary obligations are upheld.

You could need the assistance of a nominee director if you're a foreign investor seeking to form a private limited company in Singapore without obtaining local residency. The same rules apply to people without an EntrePass work visa.

OUR NOMINEE DIRECTOR SERVICES IN SINGAPORE

We at Margin Wheeler provide nominee director services for your Singapore-based company. We recognise the value of designating a qualified and reliable professional to serve as your company's local director. You can use our Nominee Director Service if your company doesn't currently have a director who complies with the Singapore Companies Act. Given that the ensuing prerequisites are satisfied, we shall provide your business our local Nominee Director Service as a respectable corporate service provider:

The service is offered for statutory compliance only. The Nominee Director will not be involved in any financial or operational matters or management of the company.
You must appoint one or more individuals (normally, company shareholders) to be the directors that are responsible for running the company operations.
You must satisfy our initial and ongoing KYC requirements.
The Nominee Director Indemnity Agreement is executed.
You must subscribe to our annual secretarial service.
You must subscribe to our accounting service.
You must subscribe to our annual tax filing service.
You must subscribe to our registered address service.
You must subscribe to our payroll service for hiring employees in Singapore.
You must redirect the Company’s bank statements to our Nominee Director’s office for monthly review.
You are allowed to maintain only one Singapore Bank Account for the Company. The opening of a second bank account will be subject to our Nominee Director's approval, provided a valid reason is given.
The opening of foreign bank accounts overseas is subject to Margin Wheeler’s approval.

Nominee Director Singapore: Questions

WHY IS SECURITY DEPOSIT REQUIRED?

In the event that the company is unable to continue operating and must be struck off the registrar, as well as for any other circumstance that could have a negative impact on our Nominee Director, personally and financially, this security deposit is primarily provided to protect the interests of our Nominee Director. It is provided by reputable and trustworthy professionals. Therefore, a S$2000 security deposit will be held by us for the duration of your use of our Nominee Director service.

US SANCTIONED COUNTRIES

Please be aware that should you be a resident of, have connections to, or have been born in one of the nations on the US Sanctions list, we will not be able to serve as your company's Nominee Director.

Margin Wheeler retains the right to cancel your deposit and terminate your business upon learning that the aforementioned information was concealed and not given to us.

FREQUENTLY ASKED QUESTIONS ABOUT DIRECTOR SERVICES IN SINGAPORE

What happens if a Register of Nominee Directors is not prepared?

Companies registered locally under the Companies Act are expected to maintain and be able to provide the Registrar, an ACRA officer, or a public agency with a register of their nominee directors and any other pertinent papers upon request. This register must be kept at the company's registered office; if it is not, the company and each officer may be fined up to $5,000 in accordance with section 386AL(7) of the Companies Act.

Visit our website for more information: https://ondemandint.com/