Company Services

Margin Wheeler

A leading Corporate Advisory Firm in Singapore, growing with your help, helping with your growth.

Nominee Director @ $2400/year

The Singapore Companies Act requires all Singapore Private Limited Companies (PLCs) to have at least one individual director who is an “ordinarily” resident of Singapore.

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Generally, an individual is accepted as ordinarily resident in Singapore if the individual:

  • Provides a local residential address;
  • Is a Singapore Citizen, Singapore Permanent Resident, EntrePass holder, Employment Pass holder or Dependant’s Pass holder; and
  • Proves that he/she is long-staying (i.e. he/she can legally remain in Singapore for a long period).
    Please note that the above conditions are non-exhaustive as other factors may be taken into consideration.

A security deposit of $2,000 is required. This security deposit is fully refundable upon termination of the nominee director service.

Responsibilities are quite onerous for all directors, including the nominee director. The nominee director is required to pay for company liquidation charges in case the foreign client is no longer reachable. Our Nominee Director Service is provided by our reputable and trustworthy professionals. To safeguard the interests of the nominee director, we require that a security deposit be kept with us for as long as our Nominee Director Service is active.

Note that a higher nominee director or security deposit fee may apply if your company falls under any of the following:

  • The annual turnover of the company expected to exceed S$1 million. #
  • The company has external debt.
  • The company has hired local staff in Singapore ##

# Additional security deposit of $10,000 is required. Besides, the Company need to register with GST if the revenue is expected more than S$1 million.
## Additional security deposit of $2,000 per staff is required. Please see FAQ for more information

Kindly be reminded that we will not be able to act as your Company Nominee Director should you be a citizen or in connection with or born in the countries which is under the US Sanctions list. Should we discover that you fall under the US Sanctions list and did not disclose the information to us, Margin Wheeler reserves the right to forfeit your deposit and strike off your company upon discovery.

The Singapore Companies Act requires all Singapore private limited companies (PLCs) to have at least one individual director who is an “ordinarily” resident of Singapore.

If you do not have a local Singapore resident director to meet the requirement of the Singapore Companies Act, you can still engage our Nominee Director Service. We will provide the local Nominee Director Service for your company, provided the followings conditions are met:

  • The service is offered for statutory compliance only. The nominee director will not be involved in any financial or operational matters or management of the company.
  • You must appoint one or more individuals (normally, company shareholders) to be the directors that are responsible for running the company operations.
  • You must satisfy our initial and ongoing KYC requirements.
  • Execute our Nominee Director Indemnity Agreement.
  • You must subscribe to our annual secretarial service.
  • You must subscribe to our annual tax filing service.
  • You must subscribe to our registered address service.
  • You must subscribe to our payroll service for hiring of employees in  Singapore.
  • You must redirect the Company’s bank statement to our nominee director’s office for monthly review.
  • You are allowed to maintain one Singapore Bank Account only in the Company. For the second bank account opening, it is subject to our nominee director approval provided valid reason is given
  • Opening of foreign bank account in overseas is subjected to Margin Wheeler’s approval if you are engaging our nominee director services

We will require a refundable security deposit from you to initiate the  Nominee Director Service. The service can be terminated any time at your request. You must, however, appoint a new Singapore Resident director to meet the statutory requirement.

 

FAQ

Question: Can a nominee director manage my company or sign documents?

Answer: No, the nominee director cannot manage your company. As an exception, the nominee director can, for an additional fee, sign a contract or invoice if the document is deemed acceptable to us.

 

Question: Who will be liable if i do not comply with statutory compliance?

Answer: Directors of the company are legally responsible and accountable for complying with the requirements of the Singapore Companies Act. Failure to comply with the statutory compliance requirements is an offense and may result in fines or prosecution.

 

Question:If we don’t have anybody in Singapore who can act as a local resident director for our company, do you provide the service of a nominee director? What role will he or she play in our company?

Answer: Yes, we do provide Nominee Director Service in Singapore. However, please note that our nominee director will not have any financial, management or operational interest in the company. The nominee director’s main role is limited to satisfying the statutory requirement of a local resident director for your Singapore company.

 

Question: Are the service fee and security deposit the same?

Answer: The security deposit should not be confused with our service fee or any other fee. It’s your money that is temporarily in our custody for the duration of our Nominee Director Service. We will refund the security deposit immediately upon termination of our Nominee Director Service.

 

Question: Why do you need a security deposit and others not?

Answer: We understand that we have competitors who are not collecting security deposit, you should always be aware that they usually outsource their Nominee Director services. In the long run, there will be potential risk (e.g. Nominee Director stopped providing service and nowhere to be found). In Margin Wheeler, we provide our own Nominee Directors to guarantee our customers’ safety. Besides, they have a relatively higher nominee director fee on top of other miscellaneous fees which will end up being considerably higher than the security deposit we are collecting.

We will need the security deposit as responsibilities are quite onerous for all directors, including the nominee director. The nominee director is required to pay for company liquidation charges in case the foreign client is no longer reachable. Our Nominee Director Service is provided by our reputable and trustworthy professionals. To safeguard the interests of the nominee director, we require that a security deposit be kept with us for as long as our Nominee Director Service is active.

 

Question: Why do you need extra security deposit when my Company is GST registered or needs to hire Local Employees?

Answer: We will need the extra security deposit as there are more responsibilities for the nominee director when the Company is GST registered or Hiring of Local Employees.

GST-registered businesses are required to pay the GST one month after the end of the accounting period covered by the return. If the tax is not paid or is paid late, the penalties will be imposed.

Besides, Employers who do not pay, underpay or are late in contributing to their workers’ Central Provident Fund (CPF) accounts could face stiffer penalties, including being jailed.

 

Question: Am i allowed to terminate the Nominee Director Service anytime?

Answer: Yes, you can terminate our Nominee Director Service anytime by providing us with the details regarding an alternate local resident director. We will do the necessary paperwork, file the change with the relevant authorities and promptly refund the security deposit.

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