Residents are targets for dirty money fronts in business friendly Singapore
Regulators alert to vulnerability of directors-for-hire, as Singapore residents used to legitimise shell companies channeling illicit flows
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Singapore
THERE are thousands of corporate services firms in Singapore that offer Singapore residents as directors of Singapore-incorporated companies for as little as S$250 a month.
An online check sieves out companies that sell services - with one marketing these as "bonanza packages" - to entities looking to set up a business in this financial centre in a jiffy. With any company looking to register its business in Singapore requiring at least one local director under regulations here, such professional service firms bundle services to help incorporate a company, get a Singapore nominee director and corporate secretary, as well as digitise official letters coming through a Singapore registered address - all for less than S$3,000.
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