Starting Company

[tobrien]

I am looking into starting a business in Singapore. I see over half the expense is paying for a Nominee Director. Does anyone know if there is a way to find a Nominee Director who will accept say $500 ? or a reason why it should be more?

[Strong Eagle]

Pay less? No, not a chance.

Why? Because there is no such thing as a "nominee director". Anyone who becomes a director of a company has all the rights and responsibilities of a director. If you perform illegal acts, your rented director can be prosecuted. If your company is sued, your director can be civilly liable for the penalties.

And, I'll add... if you think it's too much to pay $2,000 for a rented director, you're really in no position to start a company in Singapore... that's chump change.

[tobrien]

Only fools have money to waste. If a director can be prosecuted and is civilly liable liable , why isn't it $200,000 instead of $2000?

[ecureilx]

Only fools have money to waste. If a director can be prosecuted and is civilly liable liable , why isn't it $200,000 instead of $2000?

Good luck !

[PNGMK]

Only fools have money to waste. If a director can be prosecuted and is civilly liable liable , why isn't it $200,000 instead of $2000?

Competition from older retired men who see themselves as director material. They know there is a liability issue but they don't know how bad it can be until one of them gets burned and tells the others.....

[Strong Eagle]

Only fools have money to waste. If a director can be prosecuted and is civilly liable liable , why isn't it $200,000 instead of $2000?

Don't be surprised if the costs for a rented director go much higher. Used to be easy to get someone to be a director... obviously someone got burned, and coupled with a much higher level of concern about money laundering, any firm that will rent you a director will have stipulations similar to this.

Be assured that directors are most assuredly at risk for the actions of the company they direct. People who rent directors try to get out of it but the companies act doesn't allow it.

PS: Fools are also penny wise and pound foolish.

• You can engage our Nominee Director Service under the following conditions:
• You must appoint at least one foreign individuals shareholder to be the active executive director’s responsibility to run the business.
• The nominee director is to meet the statutory compliance of a resident director. It is a non- executive position with no financial, operational or management responsibilities of the company. This is completely false. It is not possible for a director to give away statutory responsibilities under the companies act.
• You must satisfy our “Client Risk Assessment Review” requirements.
• You must execute our Nominee Director’s Indemnity Agreement.
• You must use our company secretarial service, corporate annual taxation filing service.
• You must use our payroll service when you provide employments to hire local employees.
• You must provide monthly Company’s bank statement to our nominee director’s email address for review by our accountant.
• Your annual accounts records must be subject to auditing
• You can maintain Singapore Bank Account in the Company.
• The opening of one foreign bank account overseas is subject to Board Resolutions approved by all directors.