WZWU & Partners
In situations when foreigners in Singapore desire to either form a business or extend their current activities in Singapore, a Nominee Director is a person chosen to fill the legal need of a local director.
Despite having the same duties as a normal director under Singaporean law, a Nominee Director is seen as inferior to a regular corporate director and is easily available from a nominee director service. Nominee directors often do not have executive power to make decisions for the corporation to which they are appointed.
Statutory Conditions for a Director Nominee
The purpose of the regulatory procedures put in place to appoint a Nominee Director is to safeguard your business and the markets you serve. The prerequisites that a potential Nominee Director appointed by the top corporate tax services Singapore must fulfill before hiring are listed below: He or she hasn't engaged in dishonesty or fraud crimes He or she does not have an unaddressed bankruptcy
Does your company need a director nominee?
A Singapore-incorporated firm is required by the Companies Act to have at least one local director. You will need to hire a Nominee Director if you are a foreigner who wants to form a company in Singapore but is unable to meet the requirements of having a local director. This also applies to foreigners who currently have a Singapore Employment Pass and who are limited to being the company's sole shareholders. Source Url:
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