Asiabizservices Offers Nominee Director Services
To incorporate a company, there must at least one individual who shall act as the resident director.
by Ashley Varghese Friday, December 31, 2010
Therefore, directors are all natural and living individuals. They must be of legal age as well. To incorporate a company, there must at least one individual who shall act as the resident director. “A resident director is a local,” says business analyst Chi Han, referring to citizens and permanent residents of Singapore, “it could also qualify a foreigner upon acquiring an Employment or Dependant pass.”
Foreign investors dreaming of establishing their business presence in the international community but do not favor relocation may engage a nominee director. Also called by its other terms such as de facto, shadow, independent, and nominal director, a nominee director occupies the position of a resident director and thus complies with the statutory requirement defined by Companies Act.
Chi Han, a consultant of Asiabiz Services for a long time, says that foreign investors could proceed with the company registration by nominating a director. Companies reserve the right to specify the duration the nominee director shall hold valid.
“Some stipulates temporary term such as after the investors they or any of their appointees have successfully obtained their corresponding working visas,” reflects Han, assuring that upon holding the working visa, the directorship is soundly transferred.
There are also other circumstances in which the nominee director holds long term validity. “In such cases, the investors themselves visit Singapore on a long-term visiting visa to legally tend to company affairs like attending meetings,” says Han when asked how a nominee service works.
However, Han reminds that the nominee director only lends a name to satisfy the requirement specified by the Companies Act. “Nominee directors are not responsible for running the affairs of the company. Nor are they obliged to make decisions in behalf of the investors.”
Among the annual requirements of a corporation is filing of annual returns and submitting financial statements which include Form C, comprehensive income statement, and director’s report. Han clarifies that such heavy tasks are not placed upon a nominee director’s burden. Says Han, “the investor must understand this condition and be ready to assign these tasks to someone else.”
During meetings like Annual General Meeting or Board Meeting, the nominee director is not obligated to attend. Circumstances like these, the principal investors are present to hold the meetings.
Han further says that Asiabiz Services provides other corporate solutions such as accounting service which is helpful in complying with financial statements. It also offers services like company registration and application of working visas.
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
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