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Please recommend company to establish LLC

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anter
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Please recommend company to establish LLC

Postby anter » Tue, 03 Sep 2013 11:14 pm

Greetings!

Could you please recommend me (via private message) good company incorporation services with reasonable prices? ( LLC with nomminee director + secretary for a year around 3000 sgd).

I tried to Google, but i do not need previum incorporation services from major companies. Just a small but reliable one.

Thanks in advance!

anter
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Postby anter » Wed, 04 Sep 2013 4:38 pm

Thanks goes to Strong Eagle for advice! (cant reply in PM due to not enough posts on forum yet).

I am still open to more suggestions.
Thanks!

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Mi Amigo
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Postby Mi Amigo » Wed, 04 Sep 2013 8:06 pm

I would second Strong Eagle's recommendation - I can guess which company he recommended as he introduced me to them some time ago and they have provided / are providing good service.
Be careful what you wish for

anter
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Postby anter » Fri, 06 Sep 2013 2:28 pm

Sadly,
they do not provide nominee director service, which is vital for me.. so i do need to search again.

Also, with the latest restrictions to entrepass from 1st september, 2013, i think nominee director is the easiest way for me to start.

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Strong Eagle
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Postby Strong Eagle » Fri, 06 Sep 2013 10:20 pm

anter wrote:Sadly,
they do not provide nominee director service, which is vital for me.. so i do need to search again.

Also, with the latest restrictions to entrepass from 1st september, 2013, i think nominee director is the easiest way for me to start.


Interesting. I know she has done so in the past and I will contact her to find out why she does not offer this service any more.

anter
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Postby anter » Tue, 10 Sep 2013 6:06 pm

Maybe anyone knows just the nominee director services at reasonable prices? (annual not exceed 2k sgd and security deposit also not exceed 2k?)

Cause i found 2 companies, but all of them require 5k sgd security deposit, which is a ripoff for me.

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Mi Amigo
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Postby Mi Amigo » Wed, 11 Sep 2013 4:22 pm

anter wrote:Maybe anyone knows just the nominee director services at reasonable prices? (annual not exceed 2k sgd and security deposit also not exceed 2k?)

Cause i found 2 companies, but all of them require 5k sgd security deposit, which is a ripoff for me.

In the overall scheme of things, $5k is not a large or unreasonable amount for a company IMO. And it is a security deposit, held on account, not a fee as such. So I don't really understand the 'ripoff' comment.
Be careful what you wish for

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Strong Eagle
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Postby Strong Eagle » Wed, 11 Sep 2013 10:22 pm

anter wrote:Maybe anyone knows just the nominee director services at reasonable prices? (annual not exceed 2k sgd and security deposit also not exceed 2k?)

Cause i found 2 companies, but all of them require 5k sgd security deposit, which is a ripoff for me.


Just to be clear: There is no such thing as a "nominee director" under Singapore law. A director is a director is a director...

And, as such has legal obligations that must be fulfilled. For example, the director has a fiduciary responsibility to prevent self dealing in the company, to ensure that all loans are valid, to ensure that creditors are paid, to ensure that reports are correct and filed on a timely basis... and a lot more stuff than this.

When you hire a "nominee director", she/he has to be prepared for all the crap things you might try to pull off with your new company, and she/he is the one that will be legally and even criminally liable should things go wrong. Is it any wonder that any nominee director worth their salt will have a pre-signed letter of resignation in place, date blank, to get out of your company prior to the illegal/unethical activities you perform?

And, on the flip side, the nominee director has the right to run your company... not you. The director can make any and all decisions regarding the running of the company except for those that require an AGM or EGM according to the companies act, and that isn't many things. Therefore, you, as part of hiring a nominee director, must also have a pre-signed, undated letter of resignation in the event your director does things you don't want her to do... because certainly, she will be legally entitled to do them as part of your company.

So... it's a standoff. The fees you pay are for the risks the nominee director takes. Without knowing a lot about the company, I wouldn't put myself in that position. The deposit will be used if you mess things up, causing the director to have to spend money to defend herself. When you think about the costs of legal actions these days, $5,000 is cheap, cheap.


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