November 16, 2019
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Finance

Why And When Do You Need Nominee Director Service?

 

As part of Singapore company’s incorporation compliance, it is mandatory to have a Resident Director as per the mandated requirement by the Companies Act, specifically in Section 157(1) of the Companies Act (Cap 50). Hence, Nominee Director Service comes into place. Should a Resident or Local Director not be available, a Nominee Director can be appointed. If you are a foreigner, a Nominee Director should be appointed. AI Accountant Chai Chung Hoong who is experienced with over 10 years’ work in tax and accounting tells you more. 

Nominee Director Is A Professional

Choosing the right Nominee Director is important as the Nominee Director is required for compliance purposes. He must be of at least 18 years old, and should be physically and mentally fit to execute obliged duties and responsibilities as a local director. He has to be a local resident with local residential address, with either of the following resident status: Singapore Citizen, Singapore Permanent Resident, Singapore EntrePass Holder, or Singapore Employment Pass Holder. 


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He is responsible to act with honesty and reliability, in the best interests of the company and discharge duties as a local director. Having said that, the nominee director has the duty to disclosure interests in transactions and should avoid any form of conflict of interests. Having an adept knowledge in the financial departments and maintaining the reputation of the company.

AI Accountant Chai Chung Hoong Can Help!

Singapore nominee director service is advantageous to the company to meet the desired corporate goals. Appointing the right person as the company’s nominee director also play a part in ensuring good compliance review. Let AI Accountant Chai Chung Hoong and his team explain all of the attractive benefits that you get when you appoint a Nominee Director. Contact AI Accountant to find out more.

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