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Amongst others, one of the key requirements for incorporating a company in Singapore is that it should have at least one resident director. While a local Singaporean resident can become a resident director of his own company himself, it is mandatory for a foreigner looking to register company in Singapore to have a resident director in his company in order to proceed with company registration in Singapore. <br>As 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.”<br>The director is the most important stakeholder in a Singapore company considering that he or she is the person responsible for managing the affairs of the company and providing it with directions about how to go ahead both practically as well as on papers. <br><br>For More information visit this link: <br><br>http://precursor.com.sg/role-responsibilities-singapore-company-resident-director/<br>
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Role and responsibilities of Singapore company resident director
As 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.”The director is the most important stakeholder in a Singapore company considering that he or she is the person responsible for managing the affairs of the company and providing it with directions about how to go ahead both practically as well as on papers.
Definition and key requirements: According to Singapore companies act, a director is “any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act and an alternate or substitute director”.
Major role and responsibilities There are two major statutory requirements that a Singapore company director must fulfill. It is penalizing and punishable offense under Singapore law if they do not fulfill the following requirements: •The Convening and holding of the company’s Annual General Meeting (AGM)•The subsequent filing of its annual returns by the specified due dates (normally within a month of the AGM)
Record keeping: It is the responsibility of Singapore resident director to ensure that the company maintains the following registers at the company’s registered office: • register of members• register of directors, managers, secretaries and auditors• register of directors’ shareholdings• register of charges
Director’s Resolution of a Singapore Company Directors’ resolutions, or board resolutions, which are usually passed by a simple majority during company meetings include: • Opening of a bank account resolution• Appointment of company officers including directors, auditors and company secretary• Any other resolution as indicated either in the Companies Act or in the company’s constitution
Role of a Nominee Director in Singapore Company A nominee director in Singapore is a person appointed to satisfy the requirement of setting up a company in Singapore. Singapore company Nominee director has the same obligations and responsibilities as those imposed on a regular director by the Companies Act and the common law.
