Nominee Director
By Law, minimum of one resident director (a resident is defined as a Singapore Citizen, a Singaporean Permanent Resident, or a person who has been issued an Entrepass, Employment Pass, or Dependent Pass) is mandatory. There is no limit on the number of additional local or foreign directors a Singapore Company can appoint. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past. There is no requirement for the directors to also be shareholders. It means the non-shareholders can be appointed as the directors.
- Singapore Companies Act does not allow corporate Directors
- Non-shareholders can also be appointed as Directors
- A director and shareholder can be the same person
- Details of Directors will appear on public records
- The appointed director must be at least 18 years of age and not be bankrupt or has prior record of malpractice
Nominee Director Service in Singapore – Eligibility & Requirements
We will also require a refundable security deposit for the provision of the Nominee Director Service. The service can be terminated any time but another Singapore resident director must be appointed to meet the statutory requirement.
A security deposit is to be placed in addition to the Service Fees. The security deposit is refundable and it is held for the duration of the service. It will be refunded to you upon termination of the Nominee Director Service.
Even though a person is not formally appointed as a director, ACRA will still “recognise that person as a director if other directors of the company follow his instructions or if he is involved in the management of the company”.
In a company, the director is the most important one as he or she is the person responsible for managing the affairs of the company and providing it with directions. ACRA states: “A director must make decisions objectively, act in the best interest of the company, avoid conflicts of interest, and be honest and diligent in carrying out his duties.”
Though, normally, a person is said to have agreed to become a company director once he has signed the prescribed consent form to act as one.
Do note that Singapore’s law doesn’t recognise the difference between an “active”, “inactive”, “shadow”, and “sleeping” director Therefore a local nominee director, in order to fulfil his/her fudiciacy duties, every right to review & scrutinize the bank & financial sattementsof the company at all times.
Mandatory Statutory Requirements to be Complied by the Company Director
- Firstly convening and holding of the company’s Annual General Meeting (AGM)
- Secondly, the subsequent filing of its annual returns by the specified due dates (normally within a month of the AGM)
If the above 2 requirements are not met, either a penalty is imposed on the company or legal action is taken against the company directors.
What happens at AGM?
At an AGM, directors are elected,& their remuneration is determined. Auditors if required are appointed and, company’s accounts and balance sheets are tabled for signatures , and any other “special business” as required is conducted. Dividends are also declared at this AGM.
However, if all members have agreed not to hold AGMs , they have to pass a resolution but the company must still file its annual returns.
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Benefits of Our Nominee Director Service
Fulfill the statutory requirement for a resident director and ensure your company is in full compliance with Singapore law.
Smoothly open a business bank account and facilitate other business activities requiring a local director.
Our experienced team provides reliable nominee directors, ensuring your business meets all legal obligations without complications.
Focus on growing your business while we handle the regulatory requirements.
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Why Choose Singapore Incorporation?
Expertise in Singapore Law
With extensive experience in Singapore’s regulatory environment, we ensure that your business adheres to all legal requirements seamlessly.
Dedicated Support
Our team offers dedicated support throughout the incorporation process and beyond, providing peace of mind and allowing you to focus on your core business activities.
Customized Solutions
We understand that every business is unique. Our Nominee Director service is tailored to meet the specific needs of your company, ensuring you get the most effective solution.
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