Nominee Director Services

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FAQ

• Do I need a Nominee Director?

  Yes, it is required to have at least one resident director at all times, and this role can be filled by a nominee director.

• When can I stop appointing a Nominee Director?

  Initially, a nominee director may be appointed to fulfill statutory requirements, particularly if all directors are foreign residents without the required work passes. Once the company is operational and has local resident directors who meet the residency criteria, the nominee director can be removed.

• What documents are required to appoint a Nominee Director?

  You typically need to provide the following documents:

  • A copy of your passport
  • Proof of residential address
  • Company incorporation documents
  • A signed Nominee Director Agreement

• What is the regulatory compliance involved in engaging a Nominee Director?

  A Nominee Director in Singapore is typically engaged to fulfil the Companies Act requirement. The Nominee Director is responsible for making sure that the company complies with local regulations, even if they are not actively involved in day-to-day operations.The Nominee Director Agreement should be signed between the company, its beneficiary owner(s) and the Nominee Director.
  This agreement outlines the specific terms and scope of the Nominee Director’s role. Lastly, the Nominee Director must be disclosed to ACRA during the company incorporation process.

• What is the fee for hiring a Nominee Director from Lett?

  Our Nominee Director service is bundled with Company Secretary and Accounting plans as part of a comprehensive package, from S$2,400 onwards. The Company Secretary ensures that your business complies with all regulatory requirements, while the Accounting services maintain your company’s financial records in good standing for audit purposes.

• Can foreigners open a corporate bank account in Singapore?

  Yes, foreigners can open a corporate bank account. However, most banks require a face-to-face meeting with the directors and authorized signatories.

• Is Lett's Nominee Director service available for all forms of business nature?

  We do not offer Nominee Director services for the following business nature:

  • Financial services
  • Cryptocurrency and Blockchain
  • Real estate investment
  • Gambling and Gaming
  • Import/Export and International trade
  • Healthcare and Medical services
  • Import/Export of sensitive or controlled goods
  • Debt collection and recovery
  • Telecommunications and Broadcasting
  • Import/Export of high risk financial products
  • Importation or Distribution of alcohol, tobacco, or controlled substances
  • Construction and Engineering
  • Environmental services

• What are the post-incorporation requirements for a Singapore company?

  After incorporation, the company must:

  • Appoint a company secretary within 6 months
  • Hold an Annual General Meeting (AGM) within 6 months after the financial year-end
  • File annual returns with ACRA
  • Maintain proper accounting records

• What are common activities that a Nominee Director typically will not perform?

  Typically, a Nominee Director will not:

  • Sign any documents that could impose personal liability on them
  • Sign tenancy agreements
  • Sign employment contracts
  • Sign letters of undertaking
  • Provide document authentication
  • Act as the sole signatory when opening a bank account
  • Assume any financial responsibility or liability when assisting with opening a bank account
  • Assume any financial responsibility or liability when assisting with opening other online accounts for payment services
  • Carry out any unlawful requests