A foreigner can’t set-up a company in Singapore without a local/nominee director. At HeySara, we offer flexible nominee director services to operating companies so that you can run your business at ease.
What Is Nominee Director?
A nominee director helps foreign individuals or foreign companies in the incorporation of a Singapore company, and function as a company director merely to meet the legal requirement of having at least 1 local director.
Our nominee director will act passively and will not be involved in the operations of your business. He will NOT possess any authority power and hold any bank signatory authorities within the company as well. Nevertheless, our Nominee Director will ensure that the company’s compliance with the legal requirement as well as ensuring that the annual returns of the company are filed on a timely manner.
Nominee director is an acceptable practice according to Part IXA of Singapore’s Companies Act.
Our service as a nominee director will be appointed with a legal written arrangement to safeguard you as a business owner and your company as a legal entity. HeySara, as a nominee director, will be excluded from your business operations and will have no signatory authority in your bank transactions, legal decisions, or any other business decisions you make.
Do we need any security deposit?
It is a common industry standard in Singapore to take a security deposit when providing nominee director services. This is because although a nominee director lacks authority, the same liability applies and can still be prosecuted for the company’s breaches of the law.
At HeySara, we will normally require an additional security deposit of S$2,000 for any nominee director services. This security deposit will be refundable back to you, once you no longer requires our services.
Nevertheless, we will waive-off the need of security deposit if you engage our secretarial and book-keeping services altogether. Our role as a secretary and your accountant will ensure that all compliance activities of your company are being performed accurately and in time. As such, no additional insurances such as a deposit is required.
We charge our clients an affordable fee from S$1,500 – S$2,400 per year for Nominee Director services. The price depends on the nature of the business and the credibility of both parties.
Start Your Company with HeySara
Our online incorporation package includes corporate secretary, registered address and nominee director so that you can spend less time on administration and more time on your business.