3 Key Roles of Nominee Director in Singapore
Singapore has a pro-business environment that makes it such an attractive destination for foreigners that are considering starting foreign businesses. One of the key requirements that a foreigner should be aware of when starting a company is the need to appoint a nominee director in Singapore. The director should be a resident of the country and with a local residential address. Having knowledge of the key roles of nominee director services in Singapore is vital and can be of help to anyone who intends to start a business in the country.
Here are some of the local director services that one should be aware of’;
Acts in the interest of the appointing company
The key role of the nominee director in Singapore is to comply with requirement of the resident director. As much as the business owner may not be a citizen of Singapore, he is still recognised by law as the director and the nominee director in Singapore has to act in their interest. That’s why before making such a choice, the individual should be able to demonstrate the ability and skills required to handle the company affairs.
Since the nominee director in Singapore acts as a director level representative, there are some tasks he or she will be expected to undertake such as engagement with the local authorities in relation to factors such as license registration, and such like. The person delivering nominee director services Singapore should also be able to perform the duties with maximum integrity and honesty.
Well versed with accounting and company tax issues
When looking for nominee director services Singapore, it’s advisable that you engage the services of a company like Onestop-ca.com as they have a team of trustworthy ad reputable professionals. For local director services, you will need a person with the right competence and capabilities and that can be guaranteed if you engage such a company. You need a nominee director in Singapore who can handle accounting and tax issues effectively and with utmost credibility so taking chances should be avoided.
Filing statutory requirements
One of the key benefits of having nominee director is that they help with ensuring that the statutory requirements are adhered to. The person that’s providing local director services should ensure that the company gets to comply with two of the most important statutory requirements and such include; convening and also holding an annual general meeting for the company and the subsequent filing of company returns by the required dates.
Engaging a professional for nominee director can come with a lot of peace of mind especially if the individual is well versed with all of the statutory regulations. You need a professional who will be able to effectively execute their duties as failure to do that can in a great way attract penalties. It is during the annual general meetings that various statutory duties get executed such as declaration of dividends, election of the directors and fixing of remuneration for the auditors so it’s important that you consider engaging a professional.
We hope this blog post was helpful to you.