Understanding the Role of a Nominee Director In Singapore

Nominee director is one who is usually liable for incorporating a firm’s documents and is the only one who is responsible for the general management of the firm or company. In the process of exercising their given powers, a nominee director is expected to be honest and diligent as well as having reasonable skills. If any individual wish to establish a firm in Singapore, then it is required to have a nominee director above 18 years of age. Also, the nominee director should be a citizen of Singapore that is, a permanent resident of Singapore. He/she must not be a holder of an Employment pass, Dependent pass, or Entre pass and should also have a permanent residential address located in Singapore.

If a company or individual does not have any acquaintance with a permanent resident of Singapore, then the Singapore incorporation company run by the KC Ha consulting pvt Ltd can assist in providing a nominee director. The firm ensures the secrecy and privacy of the clients. The name of the company’s owner will never be disclosed to a third party.

The singapore company incorporation is only responsible for managing the company and will only give his/her signature on the company’s returns and accounts. The company’s accountant is given the responsibility of preparing the returns and accounts of the company. The owner of the company will be responsible for running it both financially and legally. A nominee director appointed for a company in Singapore is neither the authority for the firm’s bank accounts or in charge of running the company. Thus, an individual or company need not have any apprehension in appointing a nominee director.

The appointment of a nominee director in Singapore is done only to fulfill the local law requirements and is not vested with any power in matters of the company’s business and is also barred from holding any shares. To be appointed as a nominee director for a company in Singapore, an individual must fulfill some terms and initial conditions as well as sign an indemnity agreement.

 

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