Starting a company is hard work and requires your utmost attention. It is even more challenging to make sure that the company stays afloat and operating correctly. To make things even more convoluted, there are specific rules and regulations that all companies must follow and abide by at all times. Setting up a company abroad is an entirely different challenge itself. Many investors give up on the thought of all the burdensome paperwork and legalities involved in this.
Countries such as Singapore require all Privately Limited Companies (PLCs) to have at least one Singaporean director. It means that every PLC must have a director who is a resident of the country complete with citizenship and residence and can prove that they have lived there for some time. Foreign investors can avail themselves of a “nominee director” to fill this position for them.
Why a nominee director is needed
Nominee director services in Singapore allow foreign investors to set up a PLC in Singapore without having to go through residency. The nominee director will effectively act as the face of the company to avoid any legal or regulatory issues. They are essentially fiduciary, which means that they must uphold their fiduciary duties. These directors have the responsibility to handle the demands and obligations of the people they represent as well as making sure everything follows the laws of Singapore.
As stated earlier, these nominee directors are fiduciaries and have a fiduciary duty to uphold. They must also act in accordance with the law. It ensures that these individuals are not given too much power or sway over your company. Worry not as they simply act on your behalf and make sure legal problems are avoided.
Trust your nominee director
It is understandable if you are reluctant to entrust someone with such a high position in our company based solely on the fact that they are a citizen of Singapore. It is important to note, however, that these individuals are capable and competent as well.
Nominee directors are screened and tested to make sure that they meet all the requirements necessary to do their job. Each one of them is a trustworthy individual that is capable of assisting your company. They are industry professionals that know the laws and regulations of Singapore better than anyone else. It is through them that multiple companies owned by foreign investors are able to circumvent numerous fines and legal troubles.
How to avail of one
There are multiple different nominee director services in Singapore that offer you this assistance. Many of them have minimum requirements that you have to meet before you can hire them. They each offer different services and at differing qualities. It is important to find a service that works best for you and can allow your company to grow and reach its utmost potential. Starting a PLC in Singapore can be a difficult challenge, but business services such as these make it that much easier. Find the right service for you at your nearest convenience and begin your Singaporean company’s journey.