The fiduciary services in Singapore involve legally assigning a third party to hold assets in trust for another organization. The responsibility of the assigned fiduciary party is to manage the assets for the benefit of the owner. Fiduciary services are an important aspect of our accounting facilities in Singapore.
Fiduciary duties are undertaken when a party (the trustee) makes a legal commitment to another organization (the beneficiary), namely when the trustee is assigned property or valuable assets which are owned by a beneficiary. The trustee gains permission to use these assets and manage them to the outmost interest of the beneficiary without actually owning these assets.
Fiduciary services in Singapore include company fiduciary and nominee firm secretary services.
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Company fiduciary services in Singapore
As required by the Companies Act in Singapore, all corporations in the country must have minimum one natural or corporate shareholder. The shareholder does not have to be a resident of Singapore. Since the local legislation enables onshore as well as offshore company incorporation in the country, an investor is able to assign a nominee shareholder for any type of organization to maintain company privacy. An accountant in Singapore can provide further details on this matter.
The main purpose of the nominee shareholder is to hold the beneficiary’s shares in trust and to be identified in the Companies Register.
Our accountants in Singapore deliver nominee shareholder and director services for foreign entrepreneurs and can also perform an audit for your company.
Nominee firm secretary services in Singapore
According to the Singapore Corporate Governance Code, other fiduciary services we offer in Singapore are nominee firm secretary services. One of the most important positions in a firm is that of the secretary. Nevertheless, as requested by the local legislation, the secretary has to be a resident of Singapore, which is the reason why it is recommendable to appoint an accounting firm in Singapore as a company secretary. The nominee firm secretary performs similar duties to those of a regular secretary. Among these duties, we mention:
• maintaining and updating the registries of the firm;
• filling all the necessary documentation with the Singapore Trade Register in time;
• assistance in opening a bank account in Singapore.