The Paul Hype Page Solution
Step by Step To Incorporation with Nominee Services
- Step 1: Understand the Requirements of setting a Singapore Company
- Step 2: Understand the role of Nominee Director and sign off the Agreement
- Step 3: Fill Up the Online Incorporation form and prepare the necessary documents
- Step 4: Open Company’s Bank Account
- Step 5: Start Your Business
If you are a foreign individual interested to incorporate a Singapore Company and not relocating to Singapore. The following are the steps simplified for you for setting up a company with a Nominee Director.
The best part – we can do it all for you.
Step 1: Understand the Requirements of setting a Singapore Company
Directors: A minimum of one resident director (a Singapore Citizen, a Singaporean Permanent Resident, a person who has been issued an EntrePass, Employment Pass, or Dependent Pass) is mandatory.
Shareholders: The shareholder can be an individual or a corporate entity. 100% local or foreign shareholding is allowed. A director and shareholder can be the same or different person.
Paid-up Capital: Minimum paid-up capital for registration of a Singapore company is S$1.
Registered Address: The address must be a physical local address.(PO Box is not allowed.)
Company Secretary: Companies Act requires one Company secretary who must be a natural person and an ordinarily resident of Singapore.
Audit Requirements: Unless exempted from audit requirements under the Companies Act, every company must appoint an auditor within three months after its incorporation. Only small exempt private companies and dormant companies are exempted from audit requirements. A small exempt private company is one that meets the following conditions: The turnover for the financial year is less than S$5m. The company does not have more than 20 shareholders, and The company does not have, directly or indirectly, a corporation as a beneficial shareholder. We will need the following documents from you:
To know more information please refer to Paul Hype Page Singapore Incorporation Guide
Step 2: Understand the role of Nominee Director and sign off the Agreement
Nominee Director is someone who acts as a non-executive director on the board of directors of a firm, on behalf of another person or firm such as an bank, investor, or lender. Typically there is no shareholding requirement for the nominee director but, if the bylaws of a firm impose a share qualification, he or she must obtain them within the specified period.
We will appoint a member of our team as the nominee local director for your company The service is offered for statutory compliance only. The nominee director will not be involved in any management, financial, or operational matters of the company. You must appoint one or more individuals (normally the company shareholders) as the company directors who will be responsible for running the company. You can ask our nominee director to resign at any time by identifying another person who can satisfy the local director requirement. Note For the provision of our nominee local director service, we also collect a refundable security deposit. The security deposit will be refunded when you no longer need our nominee director service.
Below is a sample copy of our nominee director agreement for your reference
Step 3: Fill Up the Online Incorporation form and prepare the necessary documents
Fill up the incorporation form: http://paulhypepage.yutechs.info/frontcompany/register.php
We will need the following documents from you:
For each Singapore resident individual shareholder and director
- Copy of Singapore IC; and Copy of passport if the individual is not a citizen of Singapore
For each non-resident individual shareholder and director:
- Copy of passport; and
- Copy of residential address proof such as a recent utility bill, residential phone bill, tax bill, or cable TV bill
For each corporate shareholder:
- Foreign Corporate Company Certificate and Special Director Resolution to resolve becoming newly incorporated company subsidiary’s shareholder
Please note the following:
- All documents must be in English or officially translated in English;
- All copies of documents must be certified true copies by a notary public or you must bring the originals to our office for sighting;
- If you are overseas, you can email us the scanned copies of documents so we can proceed with preparing the necessary incorporation documents.
- However we must receive the certified true copies (or sight the originals at our office) before we can incorporate the company.
- Our compliance department may ask for additional information if necessary.
Step 4: Open Company’s Bank Account
Once your company is incorporated, you have to think to open a corporate bank account with any of the local and international banks in Singapore.
Basically, the followings are the required documents to open a corporate account in Singapore banks:
- Completed Corporate Account Opening Forms
- Board of Directors Resolution approving the opening of the account and the signatories to the account
- Certified True Copy of Company’s Business Profile from Company Registrar (Bizfile)
- Certified True Copy of Company’s Memorandum and Articles of Association (M&AA)
- Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.
We will assist you to prepare and arrangement of meeting with a banker
Click here for more information of opening a bank account but I can’t be presence in Singapore
Click here for more information of opening a BVI bank account.
Step 5: Start Your Business
After establishing the Singapore company and if you don’t wish to relocate to Singapore immediately. We can assist you in the initial stage when you don’t have any staff in Singapore. Our firm’s company management service it is a one stop solution called build-operate-transfer(BOT).
In this model, your firm contracts with us to build a shared service to operate your overseas business for a fixed interim period. The logic behind the BOT model: the offshore partner can initiate operations and reach operating stability much faster than it can with our in-house effort.
A typical BOT is built and managed in three phases:
- Option to Transfer
For more detail , please see Company Management Service
Our Fees for Incorporation with Nominee Director
Fees breakdown :
1) Incorporation fee is $800
2) ACRA Fee is $315
3) Appointment of Company Secretary for 1 year is $600
4) Registered Address for 1 year is $240
5) Nominee Director for 1 year is $3,800
We need the Director & Shareholder to email us the following documents
1) Local Resident Director / Shareholder – Passport or IC or Singapore Work Visa Card (Employment or Dependent Pass Visa Card) and Bill showing Singapore Residential Address)
2) Foreign Director / Shareholder – Passport and Bill showing Overseas Residential Address)
For all documents where we did not sight to the original must be notary public
Do email us once you have completed the form and we will proceed to prepare the necessary documents thereafter.
Samples documents and application forms
Click below to download sample documents and application form to start setting up your Singapore company with Nominee Director :