Numerous businesses choose Singapore to start their operations in Asia since Singapore has always focused on developing a sophisticated free market economy that attracts entrepreneurs and investors to launch their ventures in the country. The government of Singapore streamlined the processes, transparent governance and lower taxes making it easier for company formation in Singapore.
What makes Singapore Stand Out from the Rest?
- Strong support from the government
- Highly-developed infrastructure
- Sophisticated banking and finance sector
- The strategic location in Asia with excellent connectivity
- The well-qualified and proficient workforce
- Liberal and pro-business ecosystem
- Extensive corporate support services
- A simplified single-tier tax system
- Graded as the most innovative country in Asia
- Effective corporate laws that protect IP
- The competitive business advantage with 8+ Free Trade Agreements
- Comprehensive double taxation treaties
Business Environment in Singapore
Singapore's robust economy is primarily based on trade, finance, manufacturing and shipping; hence the country enjoys favourable GDP, high-rate of growth and has amassed huge foreign reserves. Meanwhile, the open economy of Singapore creates a supportive business ecosystem, combined with low tax rates, hundred per cent for foreign ownership, exceptionally talented workforce and persistent governmental support for businesses. The state has encouraged numerous companies to register their companies in Singapore with pioneering strategies and policies.
Why Your Company in Singapore Needs a Nominee Director?
Company registration in Singapore gives your business a competitive edge in the international market. If you are located outside Singapore, you can start your business in the country by taking advantage of the Singapore corporate structure and operate the company without the need for staying in Singapore. This can be performed by using a nominee director to get a limited company registered in Singapore and maintain the company presence in the country.
Advantages of Hiring a Nominee Director in Singapore
- By appointing a nominee director for managing your company registered in Singapore, as a business owner you can operate your Company legally in Singapore without any need for staying in the country as a resident. The nominee director can lawfully hold the responsibility for your company registered in Singapore according to the law
- The individual in the role of nominee director must comply according to Singapore laws and is allowed to act as a non-executive director of the firm in place of the owner, director, shareholder or investor
- The nominee director is officially in charge of your corporate structure limited by shares, but from a legal perspective, you remain in absolute charge of your business according to the legal agreement in place (i.e., Power of Attorney document). Usually, a nominee director is not obligated to owning shares of the company depending upon the structure
- A nominee director officially appointed for your Singapore Company can be hired from a corporate services provider such as business setup worldwide who has expert individuals suited for this task.
- Moreover, you can choose a nominee director to secure your name and remain anonymous in terms of official limited company records
How to Choose a Nominee Director for your Company?
- A nominee director in Singapore must be a natural citizen or a permanent resident of the Republic of Singapore according to the Companies Laws
- The nominee director who is chosen must be trustworthy and be capable enough to handle and support the company director in managing the legal and administrative tasks
- Nominee director must be actively involved and responsible for the company’s operations in Singapore
- The nominee director must always strive to uphold their legal obligations under the Singapore Companies Act
- Must avoid conflict of interest with the director or investor when considering any decision. The nominee director must always abide by the rules, obligations of the company and Singapore laws
- The individual appointed as nominee director must understand that he/she is making the decision on behalf of the full-director with the same legal obligations as any other director and could potentially cause the same legal consequences in the event of failure to adhere to those obligations
- The individual must maintain integrity, the nominee director like other directors is bound by the rules of confidentiality, and he/she is not allowed to make unauthorised disclosures to the nominator
Starting a business by registering your company in a foreign nation is a big step, at this point, it becomes critical to choose the right business consultants who can assist you in the process for incorporating your company in Singapore. Contact us, our expert professionals in Singapore can provide you with more information on starting your company in Singapore by helping you classify the industry, assessing the corporate structure required, registering and hiring a nominee director.