How to avail the accounting services of Singapore

I recently opened a bank account in Singapore. Most of the reputed international banks have their branches in Singapore. I needed an offshore account and Singapore was the best option available. I want to share my experience with you. Since there are a wide variety of accounting services available, you have an option to choose a bank account of your choice. Singapore offers very modern banking facilities, so by using online banking you should not have any problem in making banking transactions online. So you can be in any part of the world and still avail all the banking facilities. Singapore banks are regulated and controlled by the monetary authority of Singapore. The exact requirement of opening up an account in different banks is different. Most of the banks allow a corporation to open only one account. The type of monetary transaction can be decided by you. They allow you to open a different account for different type of currency transaction. The deposit and withdrawal of money should abide by the rules and regulation set by the country in which the company is incorporated, so that there are problems in the future. The interest earned on bank deposits by foreign investors is exempted from taxation. You can form the account in the name of foreign companies, trusts and LLCs, providing a great deal of privacy and helps in avoiding asset reporting requests.

The following documents are required, if you want to open a bank account in Singapore. You need to fill the respective bank account opening forms. It should be properly filled and duly signed. The form should contain all the details of the company’s board of directors, and signed by authorities who will be operating the bank account. You will have to provide a copy of the company’s authorization certificate. Next you will have to provide a certified proof of the company’s memo and articles associated with the company. You need to provide verified copies of the passport of the various people associated with the company. You need to provide details of the residential address of all the company’s dignitaries and people who will be handling the account and the ultimate beneficiaries. You should also provide a certified copy of the business profile of the company. If all the valid documents are available, then it is possible to open up an accounting service in Singapore within a day. The process can be much faster if all the documents are provided by the company’s dignitaries in person. The initial level of deposit money required is quite high. Some banks require an initial deposit of $ 100,000 or more. But this amount varies from bank to bank. You can choose a bank which has lower requirements for cooperates. But you should keep in mind that banks asking for a higher deposit amount provide higher security and better service. So, depending on your banking requirements and level of investment you should select an appropriate bank to open your offshore account in Singapore.

My Role as a Nominee Director

With many different types of directors being recruited and serving a corporate company such as a managing director, sales and revenue director etc, the post of nominee director has its own significance. I was honored with this designation by an appointer and I have the task of working under the appointer’s interests. The appointee who had appointed me has a large number of shares in his name and thus I enjoy a good respectable position in the company. Certain times I have participated in the decision making of the company and certain times it has happened such that I had to refrain myself from decision making as my decisions and my company’s decisions locked in conflicts. Certain times I am also regarded as a non-executive director and this are when I do not participate in the everyday working of my company. Thus my needs and my services, my commitments and my work are all handled by my appointer according to his benefits and interests. Furthermore I have all the rights and the obligations what the director also enjoys. I basically work for both parts, for my appointer as well as for the company to which I am working for. For my company, I act as a conduit for information and for my appointer I work to represent the interest of my appointer on a board meeting and conferences.  Basically my work in this designation is to represent an interest outside the company.

For the people who want to know my work more illustratively I urge them to read the following lines clear. This post or designation for which I am working has grown in demand because of the financial loans that are provided by the financial institutions. And when such an institution grants a loan to a company, have certain conditions and one being as the appointment of their representative on the board of the companies who wish to avail a loan. And thus such a person who has the task of safeguarding the interest and privacy of an institution is called a nominee director and I being at such a post have all the rights of making decisions about the loans and the contracts and clauses. With a formidable salary of almost around $6000 and with the excitement of the work under the company as well as my appointer, this seems to be a good position to be in for all those people reading this. I have been subjected to many clauses and conditions while being enrolled for this designation as one of them being depositing a formidable refundable amount of $10000 to my appointer and the other one being an agreement called as the Nominee Director Indemnity agreement. With all the duties of maintaining privacy and safeguarding the interests of my company, I am responsible for any of the failures that happen to be in the company regarding loan matters and financial matters. But to my credit there have not been any such crisis situations since the time I have been working at this designated post.