Singapore Expats Forum

Incorporation of company in Singapore and opening business bank account

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
JonaBoss
Newbie
Newbie
Posts: 5
Joined: Thu, 13 Oct 2016

Re: Incorporation of company in Singapore and opening business bank account

Postby JonaBoss » Fri, 14 Oct 2016 12:03 pm

Thanks for the feedback. Very helpful :-)

As promised, here is the feedback of the agency.

1) Our company does provide local nominee director service. Our fee charge is as follows :-

xxx

Generally, clients will engage my nominee service for 3 months while at the meantime we apply EP for the director. Once the director obtained his/her EP, the nominee service will ceased and the deposit will be refunded.

I have enclosed Notes on EP application stipulating the documents required for the EP application.

We would prefer to act as nominee director only to assist client with the setting up of the company and would strongly encouraged director to go for EP as we may not want to remain our name permanently as director. Reason because it may be too costly for you to retain my name and moreover only you would understand your business well.

2.It is true that the liability and responsibilities of a local director is very onerous. Hence, we would prefer not to act as local director permanently because we need to understand the nature of your business and to be fully involved to be confident enough to answer all queries that may be posed by IRAS or ACRA. Hence, we would prefer you to obtain your EP because the company belongs to you and you know best what is transacted.

3.So far all our clients have no issue with bank account opening. 100% of clients manage to open their bank accounts.


I have not replied yet, but will do so later this afternoon. I will use some of your comments to explain my point of view. If there is anything else that you haven't told me and that I must tell my agency, your comments as always are highly appreciated.

okonu
Regular
Regular
Posts: 106
Joined: Mon, 02 May 2016

Re: Incorporation of company in Singapore and opening business bank account

Postby okonu » Fri, 14 Oct 2016 5:24 pm

Well, if you get an EP, by definition you are a tax resident of Singapore, so the stuff on with holding taxes doesn't apply.

There's a long thread on entrepass/ EP etc, you can read that


  • Similar Topics
    Replies
    Views
    Last post
  • Opening a local business bank account
    by rbasia » Tue, 09 Aug 2016 8:43 pm » in Business in Singapore
    17
    4366
    by BBCWatcher View the latest post
    Wed, 10 Aug 2016 3:38 pm
  • opening a bank account
    by andrewskg » Sun, 30 Jun 2013 1:48 am » in Credit Card & Banking in Singapore
    2
    1983
    by andrewskg View the latest post
    Sun, 30 Jun 2013 3:11 pm
  • Opening up a bank account on DP
    by anikko » Wed, 09 Apr 2014 12:02 pm » in Credit Card & Banking in Singapore
    9
    2937
    by aster View the latest post
    Sat, 26 Apr 2014 9:48 pm
  • Opening a bank account with IPA
    by Hitoiro » Sat, 21 Jun 2014 10:36 pm » in Careers & Jobs in Singapore
    8
    3312
    by ecureilx View the latest post
    Sun, 02 Jul 2017 10:06 pm
  • Opening Bank / CU Account from Abroad
    by vantojo » Tue, 03 Feb 2015 3:13 am » in Business in Singapore
    2
    1284
    by JR8 View the latest post
    Tue, 03 Feb 2015 11:10 am

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 1 guest