Asiabiz Services Bestows Nominee Services
by Shanra Ceeti Sunday, February 20, 2011
The purpose of the nominee services is to satisfy the statutory compliance which is the presence of a particular individual occupying a certain position. The information of these nominees are indicated on one of the documents—specifically a Memorandum—submitted to ACRA during registration.
Asiabiz Services proffers three nominee services: resident director, shareholder, and agent.
Says one of Asiabiz’s business consultants: “A nominee director occupies the position of a resident director in a private limited company and subsidiary. Being a nominee director does not grant executive corporate powers, however. Nor is he obliged to perform the duties emerging from that position.”
Hence, during accountability, the nominee director is not held liable in all aspects. Depending on the agreement between the beneficiary-director and the nominee, the service can be a long-term or short term.
“A nominee director may serve as long as the investor requests. At times, the major stockholder becomes the resident director but unable to relocate to Singapore to consummate his position. Thus, a nominee director is the best option. During meetings and other activities, the beneficiary-director may use tourist passport or Long-term visitation visa to stay longer in Singapore,” chants Asiabiz.
On the other hand, a nominee director may be temporary until the Employment pass or Entrepreneur pass has been issued by the Ministry of Manpower. In incorporating a company, foreigners are prohibited from personally handling the procedure, which requires a login access from Singapore Personal Access card.
Moving on, a nominee shareholder is a statutory compliance of a shareholder also in a private limited and subsidiary. Just like the other nominee service, the nominee shareholder is not accountable for any liability incurred during the terms held by the nominee shareholder.
Asiabiz continues: “A nominee shareholder holds shares in trust in behalf of the beneficiary shareholder who seeks anonymity in their identity.”
A Memorandum of Agreement executed by the beneficiary-shareholder and signed by both parties shall bind and set the terms and conditions of the service.
Meanwhile, a nominee agent is applicable to a branch office. Through obtaining a labor pass, any foreign nationals may be appointed as the agent tasked to assist in the administration of the branch. However, in some cases, the foreign company may not be able to find immediately qualified individuals to be appointed as such. Thus, they can opt for Asiabiz’s nominee agent service until the ideal candidates are appointed.
As a creator of business solutions, Asiabiz Services provides services such as Singapore company registration, immigration, and accounting.
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
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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