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Setting up a company. Need help

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
confucious
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Re: Opening a Import Export Company

Postby confucious » Thu, 06 May 2010 8:11 pm

Hi Helmi,

I am not sure if you would be interested but I am looking for a singaporean nominee director, I would pay for this of course but I need someone who is local to Singapore as that is the rules in order to open a local business. Please let me know if you would be interested. There is no such work involved and absolutely no risk as there is a waiver form saying that you are only a director for legal purposes and you would not be liable for any risk. Please mail me back at kim.leelow@yahoo.com
looking for Nominee director, shareholder and company secretary.

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Strong Eagle
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Re: Opening a Import Export Company

Postby Strong Eagle » Thu, 06 May 2010 9:00 pm

confucious wrote:Hi Helmi,

I am not sure if you would be interested but I am looking for a singaporean nominee director, I would pay for this of course but I need someone who is local to Singapore as that is the rules in order to open a local business. Please let me know if you would be interested. There is no such work involved and absolutely no risk as there is a waiver form saying that you are only a director for legal purposes and you would not be liable for any risk. Please mail me back at kim.leelow@yahoo.com


This is bullsh*t. Anyone who becomes a nominee director assumes ALL the risks of director responsibilities, including fraudulent activities. Hey! This is what being a director 'for legal purposes' is all about.

One should carefully investigate the business before consenting to be a director for same. Remember, 'nominee' director only means that you sign in advance your resignation so that if the company owner doesn't like your actions, you can be immediately terminated.

But, if you don't like the company actions, you, as director, can be held liable.

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 06 May 2010 9:06 pm

Furthermore, he should advertise in the classified section for opportunities, and not be soliciting here in the forum in the first place!

neldorin
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Postby neldorin » Wed, 21 Jul 2010 2:42 pm

Quick two questions:

I'm holding an employment pass from my current employer and I would like to register an LLP under my name and two Singaporeans.

1. Am I allowed to do that without giving up my current employment and employment pass?
2. When I quit my current job, would I still be allowed to be a partner in the LLP?

Thanks for the answer. It's not stated explicitly anywhere in the government website, so experience from you guys are needed :D :D

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Postby beppi » Thu, 22 Jul 2010 11:14 am

As far as I know, anybody can be a partner in an LLP - only one of the partners must be resident (i.e. be Singaporean or have a valid residency visa) in Singapore, for all others the status does not matter at all.
However, if you have an EP, you are only allowed to work for the employer mentioned in it - you are not allowed to do any work for other businesses, even if you are a partner in them.
Also, if you lose your EP, you'd have to leave Singapore or get another valid visa. As far as I know you can't get one based on being partner in a Singapore LLP.
Last edited by beppi on Sat, 24 Jul 2010 10:25 am, edited 1 time in total.

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ksl
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Postby ksl » Sat, 14 Aug 2010 1:39 am

You can apply for EP in the company if your EP is not renewed, though the application will be scrutinized on a case by case scenario and i would believe, if there was any doubt of your true intentions, of trying to save your butt, it would be turned down! But who knows until you try! Can you pull a rabit out of a hat?

Though consideration would be given under the quota system for foreigners, if the company was showing progressive growth. Much harder to be successful in the application these days though not impossible, after a couple of years waiting maybe! Lets just say they are aware of all the tricks, though you cannot work in the company, while on EP, maybe you are the one with the brains behind a successful business, but you would still have to convince them. There is no crystal ball for the outcome!


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