Asiabizservices Offers Singapore Nominee Agent Services
Through the nominee agent service, foreign companies can pursue with their goals of running a branch office in Singapore.
by Ashley Varghese Thursday, December 16, 2010
To set up a Singapore branch office, there shall be two staff members appointed as agents to support the business administration and accept official notices for authorities. Under the Singapore Companies Act, the agents have the responsibility over all matters concerning the branch office. They are also personally accountable for all penalties imposed upon the company for any breach of law.
A principal requirement of agents besides their qualifying skills is their residence. They must either be locals—such as a Singaporean citizen or permanent resident—or foreigners holding either an Employment or Entrepreneur or Dependant pass.
Foreigners appointed as local agents shall be relocated to Singapore to accommodate the affairs of the branch office. Nonetheless, in case foreign companies are unable to immediately appoint agents among the locals or among their existing teams offshore, they may employ the nominee agent services of Asiabiz services, a company established to assist foreigners and locals in form a Singapore company.
Among the nominee services provided by Asiabiz services are the agents for a branch office. Through the nominee agent service, foreign companies can pursue with their goals of running a branch office in Singapore. One of its business consultants has something important to say on this.
“The nominee agents may act as temporary agents until the appointed foreign staff members have acquired their respective Employment passes or qualified Singaporean residents are appointed.”
Under such nominee service, the nominee agents are for complying with statutory requirements only.
“Therefore, they are not involved, directly or indirectly, in the management of the branch office,” The business consultant adds, “Nor are they obliged to handle matters such as financial or operational.” Simply put, they do not have corporate powers and duties.
To get started with the service, the clients must execute Asiabiz services’ Nominee Agent Indemnity Agreement and satisfy the initial and ongoing Know-Your-Client requirements. The agreement can be revoked at any time the client-company deems necessary.
About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company. It also provides chartered secretarial services.
Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.
For more information visit:
AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
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