Role and responsibilities of Singapore company resident director

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Role and responsibilities of Singapore company
resident director

• Amongst others, one of the key requirements for
  incorporating a company in Singapore is that it
  should have at least one resident director. While
  a local Singaporean resident can become a
  resident director of his own company himself, it
  is mandatory for a foreigner looking to register
  company in Singapore to have a resident director
  in his company in order to proceed with company
  registration in Singapore. 

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• As ACRA States, A director must make decisions
  objectively, act in the best interest of the
  company, avoid conflicts of interest, and be
  honest and diligent in carrying out his duties.
• The director is the most important stakeholder
  in a Singapore company considering that he or she
  is the person responsible for managing the
  affairs of the company and providing it with
  directions about how to go ahead both practically
  as well as on papers. 
• Those planning to register company in Singapore
  must understand the role and various
  responsibilities of resident director, which is
  what this article aims to share.

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Definition and key requirements

• According to Singapore companies act, a director
  is any person occupying the position of director
  of a corporation by whatever name called and
  includes a person in accordance with whose
  directions or instructions the directors of a
  corporation are accustomed to act and an
  alternate or substitute director.
• A Singapore Citizen, Singapore Permanent
  Resident, an EntrePass holder or an Employment
  Pass holder issued with such a pass to work in
  the company concerned and who has a local
  residential address can be accepted as a person
  who is ordinarily resident here, notes the
  Authority.
• The director should be minimum 18 years of age
  and physically as well as mentally fit to carry
  out directors duties.

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Major role and responsibilities

• There are two major statutory requirements that a
  Singapore company director must fulfill. It is
  penalizing and punishable offense under Singapore
  law if they do not fulfill the following
  requirements
• The Convening and holding of the companys
  Annual General Meeting (AGM)
• The subsequent filing of its annual returns by
  the specified due dates (normally within a month
  of the AGM)

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• If the above two are not met, either a penalty is
  imposed on the company or legal action is taken
  against the company directors.

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Record keeping

• It is the responsibility of Singapore resident
  director to ensure that the company maintains the
  following registers at the companys registered
  office
• register of members
• register of directors, managers, secretaries
  and auditors
• register of directors shareholdings
• register of charges
• Any changes in the content of the above registers
  must be notified to ACRA immediately.
• Its important to know that ACRA takes late
  filings or notifications lodged outside the
  statutory timeline very seriously and company
  directors are held responsible for such delays.

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Directors Resolution of a Singapore Company

• Directors resolutions, or board resolutions,
  which are usually passed by a simple majority
  during company meetings include
• Opening of a bank account resolution
• Appointment of company officers including
  directors, auditors and company secretary
• Any other resolution as indicated either in
  the Companies Act or in the companys constitution

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• The director must inform about such resolutions
  to company secretary, with whos help such
  details are to be kept up-to-date and notified to
  appropriate authorities.
• Other duties
• In addition to the mandatory requirements,
  Singapore company director is responsible for
  various day-to-day operations of company
  including
• ensuring corporate governance
• practice corporate social responsibility
• adopting ethical and socially responsible
  practices
• engaging with society

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Role of a Nominee Director in Singapore Company

• A nominee director in Singapore is a person
  appointed to satisfy the requirement of setting
  up a company in Singapore. Singapore company
  Nominee director has the same obligations and
  responsibilities as those imposed on a regular
  director by the Companies Act and the common law.

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• For foreigners looking to register company in
  Singapore, its extremely important that they
  choose someone really trustworthy as Singapore
  resident director. Its also important that such
  a resident director is able to hold and guard
  companys confidential information so that as a
  foreign entrepreneur doing business in Singapore,
  you are able to focus on your business operations
  with ease.
• For More information visit this link
• http//precursor.com.sg/role-responsibilities-sing
  apore-company-resident-director/

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