Nominee Director Services in Singapore
When establishing a company in Singapore, it is a legal requirement to appoint at least one nominee director. Under the Singapore Companies Act, the nominee director must meet the following criteria:
- Be a resident of Singapore
- Have a residential address in Singapore
- Be either a Permanent Resident (PR), Employment Pass (EP) holder, EntrePass holder, or a Singapore citizen
If you are a foreign entrepreneur setting up a company in Singapore, the process of appointing a nominee director may seem complex. However, Global Business 360 offers reliable and professional nominee director services to assist both new and existing companies.
The Role of a Nominee Director
A nominee director is required to fulfill statutory obligations under Singapore law, but does not interfere with the daily operations or decision-making of your company. The nominee director acts in compliance with legal requirements while ensuring that your interests are protected. They have no authority to run your company or make decisions without approval from your authorized representatives.
It is essential to choose a nominee director who is trustworthy and experienced, as an unreliable or fraudulent nominee could damage your company’s reputation and lead to legal consequences.
Nominee Director Requirements
A nominee director must fulfill several key responsibilities to ensure compliance with statutory regulations:
1. Statutory Compliance
The nominee director will help your company meet the following legal obligations:
- Holding the Annual General Meeting (AGM)
- Filing the company’s Annual Returns within one month after the AGM
2. Registration of Local Business Address
In the absence of a resident director, the nominee director must register a physical address for the company, where official documents and correspondence can be sent. If the business address changes, the Accounting and Corporate Regulatory Authority (ACRA) must be notified within 14 days.
3. Reporting Company Amendments
Any changes or amendments within the company must be reported to ACRA by the nominee director.
4. Maintaining Statutory Registers
The nominee director is responsible for maintaining accurate records of statutory registers, including the Register of Directors, Register of Members, Shareholdings, and the company’s accounting records.
5. Updating the Register of Directors’ Shareholdings
Any updates regarding the nominee director’s shareholdings, including shares, contracts, and rights, must be disclosed and reported to ACRA.
Responsibilities of a Nominee Director
At Global Business 360, our nominee directors perform their duties diligently, ensuring that your company complies with the Singapore Companies Act. Below is an overview of their key responsibilities:
| Responsibility | Details |
|---|---|
| Compliance with the Law | Ensuring that your company operates within the legal framework, pays taxes on time, and meets its obligations with honesty and integrity. |
| Skills and Knowledge | While the nominee director doesn’t make critical company decisions, they must have a strong understanding of company affairs, including handling local authorities and financial documentation. |
| Handling Documentation | Collaborating with the company secretary to ensure all required documentation is promptly submitted to ACRA. |
| Protecting Company Interests | The nominee director must not: Disclose company information to third parties or competitorsEngage in transactions involving company assetsEstablish competing businessesExploit their position for personal gain |
| Company Information Disclosure | The nominee director must obtain approval from the Board of Directors before disclosing any company information to third parties. |
Why Choose Global Business 360 for Nominee Director Services?
Selecting the right nominee director is a critical decision. You need a professional who understands legal obligations but does not interfere with your company’s operations. Global Business 360 provides experienced nominee directors who act with integrity and professionalism, ensuring that your company remains compliant with local laws while protecting your interests.
Our professionals possess the expertise and ethical standards required to support your business, without overstepping their authority. Get in touch with us today to discuss how our nominee director services can help your company in Singapore.