Nominee Director Singapore – ACE Financial
Under Singapore Companies Act, every company incorporated in Singapore must have at least one resident director or we called “Nominee Director Singapore”. This provision prevents criminal elements using the state as a base of operations for fraudulent activities.
Resident Director can be either a Singapore Citizen, Singapore Permanent Resident, EntrePass and Employment Pass (“EP”) Holder.
At Ace Financial, we are always happy to help legitimate foreign businesses operating in Singapore in this regard. Ace Financial provides robust nominee director service to such firms.
Nominee Director Services in Singapore
We can appoint a member from our experienced team to stand as a nominee director for our clients. This arrangement can be on a short, medium, or long-term basis depending on the peculiar needs of the business.
Our nominee director services also come with compliance to all statutory obligations, and we will also carry out all required fiduciary duties to the client’s business as prescribed by both the Singapore Companies Act and common law.
Conditions for Resident Director Singapore Service
The client company must satisfy all risk assessment and due diligence procedures. Risk depends mainly on the kind of business or industry niche that best describes the company’s operations. For companies deemed to be involved in high-risk business ventures, we may refuse the right to offer resident director services. Other factors such as GST registration and the presence of external debts could also impact our ability to provide nominee director services for the client.
We render services only to companies that show proof of proper auditing for all business records. Such companies may also operate a company bank account in Singapore. Also, the business must be found to be using a legitimate payroll service. The company will also appoint another director for the daily running of the business.
The client company shall provide a refundable security deposit to facilitate the service. The company may choose at any time to discontinue its contract with ACE upon which time, we will refund the security deposit. During the period of the agreement with the client, the company must ensure that it remains solvent while complying with the laws of the land.
We also provide Nominee Shareholder Services.