Nominees are just third party members that act as directors, partners, or shareholders when the real owners of a business want their real identity to be protected. A nominee director will be just a name on the legal records and will not have any control over the everyday activities of your business. Most company owners will appoint nominees whenever they start a new company in Singapore for different reasons. Here are some reasons why you should enlist the services of a nominee director for your business.
Meet statutory requirements regarding residency
A nominee director will be needed to meet specified statutory requirements. For example, Singapore necessitates newly registered businesses to appoint a resident director that has been residing in this country. This requirement can be quite troublesome, especially for investors that want to take advantage of foreign countries’ company law. However, you can meet all these statutory requirements when you hire nominee director services for your business. With a local nominee director, entrepreneurs can meet the company law requirements and still live whenever they want to.
Nominee director services bring a lot of expertise to the operations of any offshore company. Whether you are just a startup company or you want to redefine your main business operations, the nominee will be of great value to your business. Most of the nominee directors have been in the business for many years and they have helped out several companies. Therefore, they will be of great help in making the right decisions for your company.
Nominee directors can be immensely beneficial to your business for logistical reasons. Offshore companies need to open a corporate bank account in order to complete the company incorporation and to open a bank account, the director of the company will have to meet the bank in person. A nominee director will save investors the money and time required to travel and meet the bank representatives. The nominee director can also help you in completing other legal requirements that can arise, for example, the need to register for taxes, register specific government organizations, and obtain special licenses. Therefore, a nominee director enables investors to save lots of money in the long run.
Demonstrate tax substance
Nominees will assist new business owners to clearly exhibit tax substance. Even though the main objective of hiring nominee services is to cover the identity of shareholders, they are also important in representing tax substance. Nearly all jurisdictions are quite committed to making sure that local residents are given priority whenever new jobs are created. Since nominee directors used by most nominee services are local residents, then your business will have an edge when showing tax substance. This is because most transactions and meetings will be carried out locally in Singapore. By taking advantage of local nominee directors, you can easily benefit from double tax arrangements.
You have complete control of your business
Most people believe that hiring a nominee director for your business is like giving all your rights to someone you do not know. However, this is never the case because you will have complete control of your business in Singapore. With nominee director services for your offshore company, you will get covered representation without having to transfer important rights, for example, control of bank accounts. This means that when you hire nominee services, your new business will never lose any funds to the company you hire. However, for you to get the best value, you need to choose the best nominee services for your company. Check out www.nomineedirectorservices.com.sg for detailed information.
Help you outsmart existing competition
When you start a new offshore business or expand your existing company to a highly competitive economy such as Singapore, you should be extremely smart for you to succeed. In top economies such as Singapore, Mauritius, Macau, China, Hong Kong, and many more, it is crucial for investors to work in unique ways in order to outsmart the dominant and existing enterprises in those countries. This is especially important if you are new in the country and the business. With nominee director services, you will have an effective way of operating your business as privately as possible and will get all the support that you need to grow your business.
Perfect mask when running in a foreign jurisdiction
Even though nominee directors are usually the eyes that are put on the frontline, they are just the cover. They clearly understand that their opinions should always be a representation of the will of original shareholders. The actual business owners can relax knowing that their interests are well represented and that all operations proceeding will show as if they are the ones on the frontline. Every time big decisions are made, the nominee director will work closely with all shareholders to inform them and get their opinions.
Craft winning strategies
Most nominee services are carefully structured to make sure that customers get more than what they actually ask for. For companies that are just entering the market, nominees will assist in helping to mask the identities of shareholders. They have adequate experience in the industry, goodwill, and technical know-how to help in crafting winning strategies. They have worked in the industry and they have seen many enterprises that have grown and others that have fallen by the side. Therefore, they can easily determine the strategies that are likely to propel enterprises to success.
Protect your privacy
Companies usually hire nominee directors when they do not want to reveal their identity in the Articles of Incorporation. This is especially important especially if you are the owner of the company and you want ultimate control over your business, but you do not want many people to know your business interest. When you hire nominee directors, these individuals will appear as the administrators of your new company in the Public Articles of Incorporation. You will get the necessary protection without having to give up control of your business since you will still be the company owner. In addition, the nominee directors will also issue a General Power of Attorney in your favor to ensure you have complete control over the business.
Native expertise can be the difference between the success and failure of your business. As your company representative, a nominee director will be a valuable liaison to Singapore’s business, banking, and even regulatory institutions. With their understanding of the local requirements and laws and native knowledge, you will focus fully on running your company without the drawbacks and risks of costly oversights. To get the best services, you should hire the best nominee director services company to guarantee maximum profits for your new business.