Nominee Director is usually needed when there is no “Local Director” for the Company. A Company must have at least one “Local Director” (Companies’ Act requirement). “Local Director” means the Director is an ordinary resident in Singapore. ACRA considers a Director as ordinary resident in Singapore if he or she is a Singapore Citizen, Singapore Permanent Resident, an EntrePass Holder or Employment Pass (EP) Holder (subject to conditions and regulations). This Local Director is required when you incorporate a Company.
When do you need a Nominee Director?
Foreigners who wish to set up Company in Singapore may require a Nominee Director to temporarily assume the role of “Local Director” so as to kick-start the Company while they apply for the EntrePass or EP. In some instances, you need the “Local Director” because the existing Director in your Company is no longer considered a “Local Director” due to expiry or their work passes.
When your only “Local Director”resigns from his or her position, you may also face the same situation. A quick fix to the situation is to engage a Nominee Director to assume the position immediately so that the Company continues to comply with Companies’ Act and regulations.
What is the Fee and Deposit for Nominee Director Service?
As part of the Corporate Secretarial Services, Accounting Firms usually provide such service for a fee and refundable deposit. The service fee usually range from SGD500 to SGD1,500 per month depending on the risk of the Company. The refundable deposit frequently falls within the range of SGD2,000 to SGD7,000.
What is the Role of Director?
As defined by ACRA, “A director is the person responsible for managing the affairs of the company and providing it with directions. A director must make decisions objectively, act in the best interest of the company, and be honest and diligent in carrying out his duties”
Who can be a Director?
In the Company’s Act, it states who is disqualified from being a director and it also states that a Director cannot be a bankrupt or a persons convicted for fraud or dishonesty offence) and must be above 18 years old.
Why outsource your Nominee Director to SG Accounting Solutions?
We are highly reputable and have a proven track record in performing Nominee Director service with many of our clients. This service is provided purely to fulfill statutory compliance requirement, so please be assured that our Nominee Director will not be involved in any sensitive matters of the Company or interfere with the Company’s operation. We also provide tax and accounting services to ensure that our clients’ requirement in related services is met. Give us a call at (+65) 6876 7906 to discuss your situation and need for a Nominee Director. You may also leave us a message and our accountants will revert shortly.