Singapore Nominee Director Services
It is very important to appoint a competent person to act as your local director of your Singapore company. Our nominee director services with economical fees but guaranteed high quality of services is one of the best deal in the market. A wrong choice in the appointment may bring dire consequences to the company. To understand more, please refer to our write-up regarding “Appointing the right person as your Nominee Director“.
Package Fee for Singapore Nominee Director Service
|Package Available||Fee (SGD)|
|Nominee Director Services(We will also collect a refundable security deposit of $2,000 from you for the provision of our Nominee Director Service. The security deposit is refundable upon termination of our Nominee Director Service.)||$2,000 (W/GST $2,140) per year **|
|Verification of .com.sg / .sg domain name through VerifiedID@SG by the nominee director *||$200 (W/GST $214) per domain name *|
* VerifiedID@SG requires all new .sg domain names registered from 2 May 2013 to undergo compulsory verification using SingPass. The verification is to be carried out by the administrative contact of a domain name to verify the identity and contact information of the registrant. Only Singapore citizens, PRs and foreigners working in Singapore could have been issued with a SingPass ID. Kindly be reminded that if you are using our nominee director services and would like to purchase a “.com.sg” or “.sg” domain name, you are required to purchase it through our affiliated service provider, IT Solution.
** Currently, we are running a promotion for our Singapore Nominee Director Service. The security deposit is reduced to only $2,000. We will offer you a lower security deposit at $2,000 only if the company is in good standing based on a detailed company search. We will perform the search free of charge. You, the principal, must satisfy our initial Know Your Customer (KYC) requirements.
Alternatively, we will charge a higher fee, increase the security deposit or some combination thereof to compensate for a medium risk profile or we will reject the engagement if the risk profile is high.
Note that a higher nominee director or security deposit fee may apply if your company falls under any of the following:
– The annual turnover of the company expected to exceed S$1 million. #
– The company has external debt more such as notes, bonds, certificates, mortgages, leases, banking facilities or any other agreements between a lender and the Company of more than S$1m. ##
– The company has hired local and foreigner staff in Singapore ###
# An additional security deposit of $10,000 is required. Besides, the Company will need to register for GST if the revenue is expected to be more than S$1 million.
## An additional security deposit of S$10,000 is required.
### Additional security deposit of $2,000 per staff (local or foreigner) and per family member (with dependent pass) is required.
We will not be able to act as your Company Nominee Director if you are a citizen or in connection with or born in any country which is listed under the US Sanctions list. View Sanctions Programs and Country Information for the list. Should you proceed to engage our services without disclosing to us that you are one such person, we will have to take appropriate action including but not limited to forfeiting the security deposit that you have with us, close down the company and any other necessary action that we deem appropriate as soon as we discovered that you are one such person.
The Singapore Companies Act requires all Singapore private limited companies (PLCs) to have at least one individual director who is an ordinarily resident of Singapore.
Responsibilities are quite onerous for all directors, including the nominee director. The nominee director is required to pay for company liquidation charges in case the foreign client is no longer reachable. Our Nominee Director Service is provided by our reputable and trustworthy professionals. To safeguard the 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.
Generally, an individual is accepted as ordinarily resident in Singapore if the individual:
(a) provides a local residential address;
(b) is a Singapore Citizen, Singapore Permanent Resident, EntrePass holder, EmploymentPass holder or Dependant’s Pass holder; and
(c) proves that he/she is long-staying (i.e. he/she can legally remain in Singapore for a long period).
Please note that the above conditions are non-exhaustive as other factors may be taken into consideration.
If you do not have a local Singapore resident director to meet the requirement of the Singapore Companies Act, you can still engage our Nominee Director Service. We will provide the local Nominee Director Service for your company, provided the followings conditions are met:
- 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. Our nominee director will not be involved in your business operation.
- You must satisfy our initial and ongoing KYC requirements.
- Execute our Nominee Director Indemnity Agreement.
- You must subscribe to our annual secretarial service.
- You must subscribe to our annual accounting service (i.e. compilation of financial statement).
- You must subscribe to our annual tax filing service.
- You must subscribe to our registered address service.
- You must subscribe to our payroll service if hiring any staff in Singapore.
- You must redirect the Company’s bank statement to our nominee director’s office for monthly review.
- You are allowed to maintain one Singapore Bank Account only in the Company. For the second bank account opening, it is subject to our nominee director approval provided valid reason is given
- Opening of foreign bank account in overseas is subjected to 3E approval if you are engaging our nominee director services
We will also require a refundable security deposit to provide you with the Nominee Director Service. The service can be terminated any time at your request. You, however, must appoint a new Singapore resident director to meet the statutory requirement.