Singapore Company Registration Specialists » company secretary

Rikvin Singapore Company Incorporation Firm Offers Anonymous Nominee Director & Shareholder

admin — Fri, 15 Jan 2010 07:49:50 +0000

For Entrepreneurs who wish to be anonymous, Rikvin’s personnel may act as your Nominee Shareholder & Nominee Director.

In Singapore, The Companies Act requires the names and addresses of the company secretary, directors and shareholders be available to the public. This means that if you are a director or shareholder of a Singapore Limited Company, your name and address and association with the company is available to any person or organisation that carries out a company search.

How our Anonymous Nominee Service Works?

We will appoint our personnel to act as the nominee shareholder and/or nominee director on your behalf. The Nominee is a director/shareholder of a company in name only and has no other powers or responsibilities. We will also provide our client’s with a nominee director agreement/trust deed which defines the limitations of our role as nominee.

* To act as your nominee director, we will collect a refundable security deposit of S$3,000.00 which will be refunded to you upon our resignation as your nominee director.

Singapore Nominee Director

The Singapore Companies Act requires all Singapore Private Limited companies to have at least one individual director who has to be an ordinary resident of Singapore i.e. being one of the following:

Singapore Citizen
Singapore Permanent Resident
Singapore Employment Pass/EntrePass/Dependant Pass holder
Rikvin’s personnel can act as your Nominee Director to satisfy the companies act requirements

The responsibilities of a Singapore company director are quite onerous hence we require you to:

Execute our nominee director indemnity letter

In addition to our nominee director professional service fee of S$200.00 per month, we require a S$3000.00 refundable security deposit for the provision of this service.

Note: Security deposit should not be confused with our Service Fee. It’s your money that is temporarily in our custody for the duration of us acting as your nominee director.

We will refund the security deposit back to you immediately upon termination of our nominee director service by you providing us with the details of an alternate local director. We will do the necessary paperwork, lodge the change with authorities and promptly refund the security deposit to you.

Singapore Ready Made Shelf Company

admin — Tue, 15 Dec 2009 10:51:40 +0000

At Rikvin we strive to meet our clients’ needs. One of our invaluable services is to provide shelf companies that are incorporated in Singapore for clients with specific requests. Each of these shelf companies meets all the necessary requirements and can be purchase for immediate operation.

Profile of a shelf company at Rikvin:

It is incorporated as a Singapore Private Limited company
It has a single shareholder with one share
Paid-up capital of S$1
A registered local address
Rikvin serves as the Company Secretary
Rikvin serves as the current local director

To complete the purchase of a shelf company the following information is required:

Information of new shareholder
Appointment of a new director of your choice, or
Engagement of Rikvin’s Director Nominee service

The following services are included with the purchase of a shelf company:

Transfer of company share
Assistance in opening of a bank account in Singapore, if necessary
Provision of pertinent documents
Certificate of Incorporation
Certificate of Memorandum and Articles of Association (M&A)
Share Certificate
Certificate of Incumbency
Company Secretarial Service for one year
Registered Address Service for one year
Local Nominee Director Service for 1 year (optional)

Note: Additional documents such as certificate of tax residency can be provided at an additional cost.

Pitfalls in Singapore Companies Act – Recent Changes

admin — Thu, 03 May 2007 08:11:46 +0000

To continue to promote Singapore as one of the world’s best locations for business, and to ensure we have an edge over countries such as Malaysia and Hong Kong, our government recently decided to make significant changes to the Companies Act.

Some of the major changes include

Private Limited Companies with annual turnover of less than $5 million are now exempt from audit.
A Private Limited Company may now have only one Director/Shareholder.
The Company Secretary of a Private Limited Company need not be formally qualified.

These changes have been welcomed by small companies as they will help reduce their costs dramatically – in the short term. But I foresee major problems for such companies in the long run. Audits may not be crucial for small companies, especially if they are family-owned. And the role of a qualified secretary may not seem significant. My concern is that these small companies, managed only by directors with no prior corporate experience or knowledge of the law, may be unaware that their records and accounts are not being kept in accordance with the Act – until it is too late.

For professionals to then step in and clean up the mess is going to be time-consuming and very costly. I therefore believe that an external, qualified accountant or company secretary should oversee the statutory records at least once a year.

The irony of the audit exemption initiative is that it applies only to exempt private limited companies with annual turnover of less than $5 million. One of the prerequisites to qualify as an exempt company is that a company should not have any corporate shareholding – that is, all the shareholders have to be individuals.

Therefore, a small company that has low turnover but a corporate shareholder will not qualify as exempt, and will still have to have its accounts audited. In other words, a big exempt company need not audit its accounts however complex the business may be, whereas a non-exempt company, however small and simple, will still be required to do an annual audit.

The other change – allowing only one Director/Shareholder in a Private Limited Company – may well make it easier for small companies to run their daily affairs without having to seek approval from co-directors. But what would happen to such a company if that director suddenly disappeared, leaving huge debts and unresolved issues? Under the amended Act, there will be no qualified company secretary in position or with the powers to decide what happens next.