What is a Nominee Director?
In Singapore, at the time of the company incorporation the local ordinarily resident director role can only be held by someone who is a Singapore Citizen, Permanent Resident or a person who holds the Entrepass work visa.
The name ‘Nominee’ is used to indicate that the director role is strictly a non-executive role in companies.
Reason for Using a Nominee Director
It is provided only to help satisfy Singapore’s law and regulatory compliance and thus does not involve the Nominee Director taking any other forms of direct involvement and risks in the operation aspects of the business (i.e. single handedly authorising the incorporation, opening of a company bank account, voting or attending board meetings, etc).
Many foreigner and foreign entrepreneurs and business owners who do not know any Singapore Citizens, Permanent Residences or Entrepass Holders in the management or shareholders willing to support their company will typically take up the use of a Local Nominee Director Services.
Benefits of Sleek’s Nominee Director Services in Singapore
There are quite a few benefits to getting a Nominee Local Director for your company’s best interests: (After the company registration)
- A convenient temporary arrangement for EP or DP applicants seeking to eventually become the director of their own entities or for entities set up from overseas with no local presence.
- Access to a person with extensive knowledge to ensure your entity remains compliant at all times including making sure that all of your required documents are filed on time with ACRA and IRAS
- A person who will perform their director duties with utmost honesty and integrity
- An individual who knows all the rules and regulations that have to be followed to give you peace of mind.
- Provide local company office address proof
- Fulfils Singapore company compliance requirements
What are the conditions and requirements for using Sleek’s Nominee Director Service?
- Take up of one of our accounting and tax packages (starting from $900/year) or provision of a refundable $2,000 security deposit.
- Appointment of at least one other director (can be 100% foreign) who can make decisions and take responsibilities for the entity
They have the capabilities and knowledge to help your company maintain a good reputation and also keep your company compliant in Singapore at all times.