There are clear and robust guidelines for foreigners seeking to register companies in Singapore, said corporate service providers that support such initiatives.
As for the implementation of the guidelines, it is left to the corporate service providers to act accordingly as middlemen, they added.
Those who spoke to The Straits Times acknowledged that there are differing standards - which they set for themselves - when it comes to matters such as verifying information about prospective directors and shareholders.
Corporate service providers came under the spotlight after ST reported recently that one Singaporean man said he did not know that his personal details, including his NRIC, had been used to register four companies in the Republic.
All four companies were set up by foreigners through corporate service providers, with one allegedly owing its investors at least US$1.5 million (S$2.02 million) and facing reports filed with the Singapore police, as well as the Federal Bureau of Investigation and Securities and Exchange Commission in the US.
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.
Such agents are supposed to verify the information provided and perform checks to prevent the financing of terrorism and money laundering before registering the company with the Accounting and Corporate Regulatory Authority (Acra).
Besides helping clients incorporate companies in Singapore, corporate service providers also provide other business services, including accounting and tax filing.
Such service providers help new companies save time and costs by handling the administrative aspects of setting up a company, while ensuring compliance with local laws and regulations.
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