How does it work?
The Companies Act requires all Singapore registered companies to appoint at least one resident director. A resident director can be any of the following:
- Singapore Citizen
- Singapore Permanent Resident
- Singapore Work Visa holder (e.g. Employment Pass or Entrepreneur Pass)
Non-residents who wish to register a company in Singapore must appoint a resident director to satisfy the statutory requirements. If required, we can provide you with a nominee resident director either on a temporary or annual basis.
Nominee directors carry the same responsibilities and any other director. As such, by engaging our nominee director service, you are required to agree to and abide by our terms of service.
Terms of Service
- The nominee director service is offered for the sole purpose of satisfying the statutory compliance.
- The appointed nominee director WILL NOT participate in or be involved in the management and operation of your company.
- In addition to the nominee director, you must appoint at least ONE other non-resident director (either yourself or another) who will act as the active executive director/s assuming full management and operation responsibilities of your company.
- You may request to terminate the service as soon as you or any other director becomes a resident or are able to provide another suitable resident director.
- Your company MUST subscribe to our monthly bookkeeping service and provide copies of all bank and financial statements
- Corporate bank accounts must be opened only with our list of approved banks.
- The nominee director WILL NOT act as a signatory in any bank account that is opened.
- The nominee director WILL NOT endorse or sign (for or on behalf of) any contract, agreement or memoranda either legal, financial or commercial.
- Complete our KNOW YOUR CLIENT forms
- The service fees and security deposit amounts may be raised if the company’s annual turnover exceeds S$1 million.
- The provision of the Nominee Director service is solely at the discretion of ECRA and it’s officers. We reserve the right decline to provide the service. In such an event, you are required to provide a resident director on your own.
- Provision of Nominee Director carries a service fee based on temporary or annual basis.
- In addition to the service fee, we also require a refundable security deposit. This security deposit is to protect the interests of the appointed nominee director.
- The security deposit will be fully refunded (within 5-7 days) upon the termination of the service and resignation of our nominee director on condition that all the terms of service are observed without exception.