| 1. | Is a resident director required for registration of a Singapore company?
Answer:Yes, as per Singapore Company Act, each private limited company must have at least one director who is local resident in Singapore.
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| 2. |
If we don?t have anybody in Singapore who can act as the local resident director for our company, can you provide the service of a nominee director? What role will the Nominee Director play in our company?
Answer: Yes, we can. Our nominee director will not have any financial, management, or operational interest in the company. He will not be involved with any business dealings, contracts, or banking matters of the company. The Nominee Director is just there to satisfy the statutory requirement of a local resident director for your Singapore company and he will not be in anyway involved in the management of your Singapore company.
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| 3. |
What are your terms for providing a nominee director service?
Answer: 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,
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We would need to be satisfied with the credibility of company beneficiaries and may require additional information on a case-by-case basis.
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We require you to sign a nominee director indemnity letter.
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In addition to our nominee director professional service fee, we require a USD1,500 refundable security deposit for the provision of this service.
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| 4. |
Why do you need a security deposit? When will we get it back?
Answer: 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. Please be advised that no reputable company will provide the nominee director service without a security deposit.
The security deposit is 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 within 7 working days after termination of nominee director service.
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| 5. |
Is the service fee and security deposit the same?
Answer: A security deposit should not be confused with our Service Fee for providing the Nominee Director Service or some other fees. The security deposit is 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.
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| 6. |
Can a nominee director manage my company or sign documents?
Answer: No, the nominee director cannot manage and will not be involved in management of your Singapore company. As an exception, the nominee director can sign a contract or invoice for an additional fee if the document is acceptable to us.
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| 7. |
Can I terminate your nominee director service anytime?
Answer:. Yes, you can terminate our nominee director service with a one month advance notice. However, at the time of notifying your intention to terminate our nominee director service, we will need to provide us with the details of an alternate local director. We will do the necessary paperwork, lodge the change with authorities and promptly refund the security deposit back to you.
Singapore Company Incorporation Package #SGLLC03 - Incorporation with Nominee Director and Bank Account for Foreign Entrepreneurs
For further information or assistance, please call us:
Hong Kong Office: +852 2341 1444
Singapore Office: +65 6438 0116
Shenzhen Office: +86 755 8268 4480
Shanghai Office: +86 21 6439 4114
Beijing Office: +86 10 6210 1890
Taiwan Office: +886 2 2711 1324
or send email to enquiries@bycpa.com.
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