Important Roles of Nominee Director in Singapore
Singapore is one of the most preferred investment destinations in Asia and this is mainly as a result of its strategic positioning and its thriving economy. Many foreign investors find the country to be ideal for business expansion however, compliance to the set Singapore Companies Act that requires foreign business owners to enlist a nominee director in Singapore must be adhered to. Before you take your time to invest in Singapore, you should have a good grasp of the local company laws and other relevant information.
Amongst other key requirements that a foreign company is required to meet, there should be at least one resident director. So investors should consider engaging with companies that provide local director services as that will ensure that they work with reputable professionals that understand their work well. A company like onestop-ca.com provides nominee director services Singapore and engaging them can make your work much easier.
Having an understanding of the roles of nominee director in Singapore is also important as that can help with influencing the person you get to choose;
There are statutory duties that only a local director will be able to perform and understanding such is important. Being a local of Singapore, he is able to represent the interests of the directors and also ensure that all of the statutory duties are executed as per the Companies Act. There are duties under common law that the local director nominee should adhere to as well. That’s why it’s vital that you consider engaging with a reputable company that offers local director services.
Working with a director nominee who you can be assured of having a high level of professionalism and an understanding of his roles can be helpful. Before you engage a nominee director in Singapore ensure that you look into other key factors such as professionalism and an understanding of the set roles.
Represents the Interests of the Directors
One of the key roles of a nominee director in Singapore is to ensure that the interests of the director is taken care of. He may be appointed to sit in the board meetings. Since the law requires that one of the directors of a local company must be resident in Singapore. The nominated director also helps with executing tasks on behalf of the actual director of the company.
When looking for nominee director services Singapore engaging a company such as onestop-ca.com can be of great help as the company has a team of professionals that understand their duties well.
Making statutory returns
A nominee director in Singapore is responsible for ensuring that the company complies with all of the statutory requirements. The key requirements include; convening and also holding an annual general meeting, subsequent filing of annual returns on specific dates and other related tasks. It’s important to note that if all the statutory requirements are not met then a penalty might be imposed on the company. Working with a professional nominee director who understands the tasks they are required to execute is therefore helpful.
We hope this blog post was helpful to you.