The role of nominee director is to act as the director of the company and handle all the business related assignments when the real owner is unavailable.
Nominees are also introduced as directors or shareholders in case the owner does not want to reveal his identity. It is very common for a nominee director and beneficial owner to sign a legal agreement stating the services of the nominee director.
As per the agreement, nominee director may be authorized to make business-related decisions and sign on official documents and reports. Business owners appoint nominees for various reasons and some of them are
A nominee director should have management skills in order to take care of the customers and employees whenever necessary. A good nominee director will always have some strategies up his sleeves to tackle all kind of situations. They can help your business to dominate the global market by implementing different strategies. With strategy comes experience & competence; the three go hand in hand.
Try to implement the strategies of your nominee director to reach organizational goals. Make sure the nominee director is capable to make your business grow.
Appointing a nominee director can benefit you in various ways and one of them is if you do not intend to reveal your identity as the real owner of the company. Many times business owners want their names to be kept off the overseas corporations because of their multiple deals engagement.
Once you appoint a nominee, only his/her name will appear on the official records. The nominee director will not have any kind of power to handle any day to day tasks as the official authority will still be with the real owner. Also, having a director nominee can help with tax-related issues.
In case you are someone who’s willing to set up a business in Singapore. As per the Singapore Companies Act 2017, there is a mandatory rule in Singapore for each private company to have at least one director who is a resident or citizenship holder of the country.
The director should be a Singapore resident in order to satisfy statutory requirements. This is where a businessman will need to look for a nominee director. You can get in touch with Sandhurst Consultancy who can help you appoint a nominee.
As per a statement by Sandhurst Consultancy, “Appointed nominees from us are guaranteed to not have any financial interest in the owner’s company but their only job will be to satisfy statutory requirements by being local residents of Singapore.”
An experienced nominee director can be a blessing to your company as he must have encountered various challenges & learned valuable skills. His experience and skills can benefit your business in many ways.
Having a nominee director with years of experience can help in the training of employees which would allow for better productivity. He can also handle various aspects of the business and make sure the business grows without facing any major problems.
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