SINGAPORE – There are clear and robust guidelines for foreigners seeking to register companies in Singapore, said corporate service providers that support such initiatives.
To incorporate a company here, foreigners must engage a registered filing agent and name at least one Singaporean director. Corporate service providers are registered filing agents. Mr Lancaster Lee, the managing director of corporate service provider One Tax CM, stressed that it is illegal under the Acra Act for registered filing agents and registered qualified individuals to produce any document or provide any information or explanation which they know to be false or do not believe is true.Besides facing a fine of up to $50,000 and a jail term of at least two years, errant firms can be struck off from Acra’s list of registered filing agents.
It is also compulsory for One Tax CM staff to contact the Singaporean nominee director, either by meeting in person or through Zoom.ContactOne Professional Services, which says on its website that it has had more than 10,000 clients, requires clients to hold up their identification cards if any communication is done through a videoconferencing platform, said its senior business consultant Ryan Lim.
Additionally, it has a dedicated team of compliance officers who will take up nominee directorships for clients, instead of relying on external parties. A checklist is included in the guidelines to assist corporate service providers when they conduct due diligence checks.