Nominee Director Services
If you establish a company in Singapore, you are required to appoint at least one nominee director. As per the Singapore Companies’ Act, the nominee director should:
- Be a resident in Singapore
- Possess a residential address in Singapore
- Be either a Permanent Resident (PR), EP Holder, Entre Passholder or a Singapore citizen
If you are a foreigner with a newly established company, you may be intimidated by the process of appointing a nominee director. Do not fret as Jaanik offers you the most reliable nominee director services. Note that we offer resident director services to new as well as existing companies in Singapore.
Role of a Nominee Director
You need to appoint a nominee director to comply with the Singapore Companies Act. However, he/she should represent the interests of your company. The nominee director has no power to operate your company or make decisions without the approval of authorised representatives. Thus, your interests are protected and you will not be under any risk. On the other hand, the nominee’s interests are also safeguarded as he/she will not be held accountable for the company’s decisions.
Also, it is of utmost importance that you select a reliable nominee director. An inexperienced or fraudulent nominee director could prove to be highly detrimental to the reputation of your company, leading to civil or even criminal consequences.
Requirements of a Nominee Director
The following requirements should be fulfilled by the nominee director:
Comply with Statutory Requirements
The nominee director should help you meet your two important statutory requirements:
- Organising and holding your company’s Annual General Meeting (AGM)
- The prompt filing of Annual Returns one month after the AGM
Registration of Local Business Address
In the absence of a resident director, the nominee director should register the physical address of the company where all the important documents will be sent. In case, there is a change in the business address, the ACRA should be notified within 14 days.
Reporting of Company Amendments
In case there are amendments within the company and its operations, the nominee director should file a report to the ACRA on the same.
Record of Statutory Registers
A nominee director is required to maintain an accurate record of statutory registers that include the Register of Directors, Register of Members, Shareholdings and also details on the accounting records of the company.
Updates on Register of Directors Shareholdings
The nominee director should disclose updates on the Register of Directors Shareholdings including shares, contracts and rights to ACRA.
Responsibilities of a Nominee Director
Jaanik’s nominee directors will act with diligence and ensure that you comply with the obligations stated in the Singapore Companies Act. The following table illustrates the responsibilities of a nominee director.
|Comply with Law||We ensure that your company abides by the law, pays taxes on time and help you meet your duties with honesty and integrity.|
|Skills and knowledge||Though the nominee director does not make important decisions on behalf of the company, he/she is required to be knowledgeable about the company affairs, such as dealing with local authorities and handling financial paperwork among others.|
|Handling Documentation||The nominee director is required to collaborate with the company secretary and make sure that all the necessary documentation is lodged with the ACRA promptly.|
|Protect the Company’s Interest||A nominee director should ensure that he/she does not:
|Company Information||The nominee director requires approval from the Board of Directors and should make a declaration if he/she is to disclose company particulars to his/her nominators.|
Selecting the right nominee director is similar to walking a tightrope. You need an astute nominal director with sound legal knowledge, but not someone who would probe into the inner details of your company or influence the decision-making process. This is where Jaanik will help you. We will appoint an expert in our team as your nominee director who has a perfect understanding of his/her responsibilities. Our professionals are trustworthy and employ ethical practices to safeguard your company. Get in touch with NOW for nominee director services.
Should you have any queries, send an email to us at firstname.lastname@example.org