Many countries ask a foreign-owned company to appoint a local or resident director. Singapore, for example, needs at least one director who lives there.
On paper it looks like a formality. In practice that person can sign for your company, sees its accounts and may be the first person a regulator contacts. It is worth choosing them as carefully as you would a business partner.
Three questions we ask clients before they appoint one. First, what will this person sign, and what needs your approval before they do? Second, how will you remove or replace them if your plans change? Third, who pays their fee, and is the arrangement written into a contract?
Get those answers in writing before the company is incorporated. Changing a director later is possible, but it takes time and paperwork in every country.
If you are setting up abroad and want to talk it through, book a call with us.