FAQs for Incorporation, Compliance, Secretarial Duties and Foreign Ownership

Company Annual Compliance

Yes – Under the Singapore Companies Act, it is compulsory for all companies to appoint a Company Secretary.

The main duty of the Company Secretary is to advice the Board of Directors on all matter pertaining to the company. As your Company Secretary, VentureHaven is responsible for ensuring that your company complies with Singapore’s financial and statutory requirements.

Company Incorporation

The minimum paid-up capital is S$1. This is the same, regardless of whether the company has multiple or single shareholder.

To incorporate a company in Singapore, it is compulsory under the Company’s Act to appoint a local resident to perform the role as a local resident director.

Company Secretary

Yes – Under the Singapore Companies Act, it is compulsory for all companies to appoint a Company Secretary.

The main duty of the Company Secretary is to advice the Board of Directors on all matter pertaining to the company. As your Company Secretary, VentureHaven is responsible for ensuring that your company complies with Singapore’s financial and statutory requirements.

Foreign Owned Company

To incorporate a company in Singapore, it is compulsory under the Company’s Act to appoint a local resident to perform the role as a local resident director.

A Nominee Director is a local person provided by VentureHaven to fulfill the requirement of a local resident director for a Singapore company. The Nominee Director will hold no shares, take no part in the management of the company, nor participate for the signing of the company’s documents and contracts.

The Nominee Director will not hold any shares in the company and not take part in the management of the company.

We also expressly disallow the Nominee Director from taking up employment contracts / duties within the company, so as to have clear lines on the duties and obligations of the Nominee Director.

The Nominee Director will not have any access to your bank account and funds and he / she will not be a signatory of your bank account.

However, there are potential risks involved and we can explain them to you in better detail over a call or email consultation.

The usual contract term is 1 year but we’re able to tailor our Nominee Director services to your requirements. If you require a shorter or longer term of service, that can be arranged during your discussion with our Business Consultant.

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To find out more, please give us a call at +65 6444 3130, WhatsApp / SMS us at +65 8122 3888 or contact us online.

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