Things You Should Know About Hiring a Nominee Director in Singapore
One of the requirements for opening a company in Singapore is having a resident director. The director should be living in Singapore and should report to the government.
However, what about if the company director isn’t able to reside in Singapore? Do they need to give up on their dreams of opening a business in the city-state? Of course not! If you can’t stay in Singapore, you can still hire a nominee director.
Who is a Nominee Director in Singapore?
A nominee director is a person who acts as a company director on behalf of another person. He/ she isn’t the ‘actual’ director but is the ‘legal’ director of the company. In other words, a nominee director takes the place of and works for another person who is the real director of the company.
What are the Responsibilities of the Nominee Director in Singapore?
Accounting Expert Chai Chung Hoong says that even if nominee directors are allowed in Singapore, the law doesn’t differentiate between the nominee director and the actual director of the company. As the nominee director should do all the job that the director should do, you should only hire a person who can take on all the responsibilities.
The Singapore law states that a company director should meet all the statutory requirements. This includes making decisions that are on the goodwill of the company, avoiding and managing conflicts, and being honest in their duties. Apart from that, the director should be able to do the following jobs:
- Oversee and Manage Annual General Meetings
- Submit the tax returns to the Inland Revenue Authority (ICRA)
- File Annual Returns to Accounting Compliance Regulatory Authority (ACRA)
You Should Only Hire the Right Nominee Director
You see, a company in the director has very important responsibilities. The government recognizes them as the actual director, so they should have to stand on the same moral grounds as the actual company owner. Furthermore, they should be skilled enough to take on the duties. So, before hiring one, you should take references from a good Guide To Appoint Nominee Director Services.
