Asiabizservices Offers Nominee Agent Services 

A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.

by Perlei Clement Thursday, December 30, 2010
A branch office by a foreign company comprises of at least two agents appointed by the foreign parent company and who shall be responsible for the office’s administrative duties. When local authorities serve official notices to a branch, the agents are authorized to accept them.

As specified by the Singapore Companies Act, the agents shoulder the obligations of all matters relating to the branch office. In circumstances wherein they breached the laws or Acts in Singapore, these agents are personally held liable and hence, required to comply with the penalties imposed upon the branch office.

Chi Han, a Singaporean business specialist connected with Asiabiz Services states that the agents must be natural persons and not firms or any other entities. Among their eligibility requirements are of legal age and ordinary residence.

“Having an ordinary residence entails they are citizens or permanent residents of Singapore,” says Han, adding that obtaining a labor pass such as Employment or Dependant allows foreigners to be appointed as the local agents.

A branch office is formed with directors as well. In the Memorandum and Articles of Association lodged with ACRA, the personal information of the directors and local agents is indicated, along with their corresponding authorities and responsibilities. At times, the directors may wish to act as the local agents as well. Thus, relocation by working visas is necessary.

Foreign companies having a hard time finding local agents may engage the nominee agent service of another company. Asiabiz Services’ Chi Han assures that its nominee agent service has been helpful to foreign companies in pursuit of establishing a branch office in Singapore despite not having appointed agents.

“Mostly, foreign companies may proceed with the registration of a branch office by employing our nominee agent,” elucidates Han, setting matters straight, however, that unlike the real and appointed agents, the nominee agents are not responsible for anything related to the branch office. Nominee agents are not accountable for the penalties levied upon the branch office in cases of liabilities.

Han further says, that “During their terms of office, they are not in any manner, obliged to comply with the annual requirement such as preparing and submitting the branch office’s annual report and audited accounts.” ACRA directs branch offices to submit their audited accounts and annual report within two months before the Annual General Meeting is held.

“A nominee agent’s main concern is to lend his or her name to a branch company during its registration,” concludes Han, assuring that at any time, the title is transferred to anybody the parent company may appoint, which may be any one from among its shareholders.

Asiabiz Services is a corporate solutions provider. Its specializations include accounting and payroll management service, nominee services for a resident director and shareholder, and company registration services.

About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Perlei Clement
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