You might have heard about nominee services when you are trying to establish a company in some foreign countries. Nominee services are famous for the offshore businesses as they provide a 100% guarantee to keep the confidentiality intact with the accordance with the law. Paradigm360 offers these types of services with the minimum fees. We can also inform you in detail about such services that will be helpful to you while making some important decisions.
What does the term ‘Nominee Services’ mean?
In simple terms, such services are related to appointing nominee directors and/or nominee shareholders. This way, the company can keep the record and personal details of real owners away from the public records to maintain privacy. The appointed nominees are directors and/or shareholders who will be the face and the official representatives of the company. There are generally two types, one is Nominee Directors, and another one is Nominee Shareholders. However, some companies in Singapore also appoint Nominee Agents.
In simple terms, such services are related to appointing nominee directors and/or nominee shareholders. This way, the company can keep the record and personal details of real owners away from the public records to maintain privacy. The appointed nominees are directors and/or shareholders who will be the face and the official representatives of the company. There are generally two types, one is Nominee Directors, and another one is Nominee Shareholders. However, some companies in Singapore also appoint Nominee Agents.
Nominee Director
As per the Singapore Companies Act, all Private Limited Companies have to appoint an individual director who is local or resident of Singapore. That person must be a Singapore Citizen or Singapore Permanent Resident. Even if he/she has a Singapore Employment Pass or EntrePass or Dependent Pass (with a residential address in Singapore,) then also it is valid to appoint that person as an individual director.
If you are looking for a local Singapore resident director to meet the requirement of the Singapore Companies Act, Paradigm360 can provide the Nominee Director Service. We will find a suitable regional Nominee Director for your company. This service will be offered for statutory compliance only. That means you don’t need to involve the nominee director to your management or financial matters of the company. You just have to complete our initial and ongoing KYC requirements and sign our Nominee Director Indemnity Agreement.
At Paradigm360, we will need a refundable security deposit for the provision of the Nominee Director Service, and that’s it. The best part of this service is that it can be terminated at any time at your convenience. You, however, must appoint a new Singapore resident director to meet the statutory requirement even after that. Contact our customer support to know more.
Nominee Shareholder
According to the Singapore Companies Act, any Private Limited Company in Singapore must have at least one shareholder. It can be anything - an individual or corporation - and even being a Singapore resident is not mandatory. When you incorporate your company, you can also nominate yourself as a shareholder. Alternatively, you can come to Paradigm360 and let us help you to get a Nominee Shareholder. This way, you can secure your corporate privacy from the public.
The Nominee Shareholders provided by Paradigm360 will be on the Register of Shareholders and hold shares on behalf of the owners. There will be a signed declaration of trust between our clients and Paradigm360 when we offer Nominee Shareholders Services. It will be clearly stated that the appointed Nominee Shareholder holds shares on behalf of the beneficial owner and is not the legal owner of the shares. Also, all beneficial owners will get their shares back once the service is terminated or transferred to another party. All income and capital gains will also belong to the beneficial owner.
Nominee Agent
Any foreign company that is willing to set up its branch office in Singapore must have two resident agents. If a person is a Singapore Citizen or Permanent Resident, he/she can be appointed as the branch office’s Nominee Agent. Holders of Employment Passes or EntrePass or Dependant’s Pass are also eligible for this position in Singapore. A foreign staff member who obtains an Employment Pass to relocate and run the branch office in Singapore can also be the Nominee Agent.
Paradigm360 offers Nominee Services and can provide the branch office with two resident agents. If you opt for this service from us, it can help you to incorporate your branch office within no time and get the Nominee Agents. Many companies expect to have two temporary agents until their appointed foreign staff doesn’t get the Employment Passes. In any case, Paradigm360 is always ready to help you. Call us to know more about our services.