Registry Of Companies
Nominee Requirements For Registry Of Companies
The registry of companies in Singapore requires certain qualified individuals to be nominated or designated as key officers. Singaporean law requires non-residents (or foreigners) to engage the services of professional firms to incorporate in Singapore. It also sets forth their qualifications. This is known as the Provision of Nominee Director, Shareholder, and Named Secretary.
The nominated director can either be a Singapore citizen, holder of Singapore permanent residency, or a foreigner with an Entrepreneur Pass, Employment Pass, or Dependent Pass. But he or she will not take any active role in the day to day operation and overall management of the company. Professional firms servicing the requirements for registry of companies may nominate a director in behalf of the client. One or more other directors should be designated to oversee the overall management of the company.
Nominee Shareholders For Registry Of Companies
A nominated shareholder may be another legal entity and does not have to be an individual. There are occasions, however, when a shareholder must maintain anonymity for privacy and confidentiality issues. In such cases, firms servicing the requirements for registry may nominate a shareholder who will appear in the public documents of the Registrar Company’s registry. The nominee holds shares in trust for the client and returns these upon termination of the nominee service.
The particulars of the director(s), shareholder(s), and corporate secretary must be published in the Company Business Profile, except those requiring anonymity. The nominated director executes a pre-signed resignation for ease of termination if firms nominated them. Likewise, a declaration of the trust agreement is executed for nominated shareholders.
Other Contingent Requirements For Registry Of Companies
Other necessary items are a share register indicating shares allotment of each shareholder; a company seal; and, a rubber stamp. Of course, you will need a corporate bank account in Singapore. Some types of businesses need additional permits to be processed before business operations are allowed to commence. Be sure to check yours!