Nominee Director: Easy Startup In Singapore

The Nominee Director (ND) plays a non-executive role in the companies. The Companies Act of Singapore states the need for a nominee director to hold the responsibilities in critical situations if the executive director is not available. For instance, if a company breaches any law or doesn’t pay its taxes, steals money from clients, etc. 

There are certain criteria to be accepted as a nominee director in Singapore. The ND must be a citizen or a permanent resident of Singapore and should have a permanent address in Singapore. Furthermore, the ND can be an EntrePass holder, Dependent’s Pass holder, or Employment Pass holder and must be residing in Singapore for a long time.

Responsibilities of a Nominee Director

You need a competent nominee director for a successful startup in Singapore. A competent ND is familiar with all the rules and regulations that a company and its employees need to follow. They fulfil the laws of Singapore Company Acts and reassure the requirements of the Accounting and Corporate Regulatory Authority (ACRA). 

NDs are in charge of ensuring the maintenance of statutory books of the corporation accurately. They are responsible for the regulatory filings, maintenance of annual accounts, correct records of accounting, etc. Furthermore, they may need to take part in meetings with the shareholders as per the law. Nominee directors need to carry out their directory duties with integrity and honesty. These all are the reasons your company benefits from the right nominee director services.

Besides, nominee directors are prohibited to take part in the management of your business. They can’t participate in policy meetings or indulge in any negotiations on behalf of your company. There are executive directors to operate your business corporation.

Knowledge Requirements to Become a Nominee Director

You need someone you can do the following:

• Someone who knows the background of the Singapore company along with its goals.
• Someone who understands the role and responsibility of the nominee director.
• The director may need to prepare the necessary documents to fill the online incorporation form.
• The director may need to know how to open a bank account for the company.
• You can establish your company.

Certain documents required are passport or IC or Singapore work visa card and bills with the residential address of Singapore for the local resident director. And, for foreign directors or shareholders, passports and bills showing overseas residential addresses are required.

It’s very important to select appropriate and esteemed corporate service providers to handle your business affairs. 3E Accounting Singapore provides you with expert and trustworthy corporate services professionals to proceed with the company incorporation.