Residents are targets for dirty money fronts in business friendly Singapore

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.