Nominee Director (ND) In Singapore
A Singapore Private Limited Company must have at least one ordinary Singapore resident. This is mandatory according to the Singapore Companies Act (Cap 50).
ACHI BIZ can provide the assistance for appointing a Nominee Director in Singapore to meet this requirement.
The roles of a Singapore Resident as a Nominee Director
Any Company in Singapore must appoint a minimum of 1 director who is an ordinary resident of Singapore. ACHI BIZ’s services will assist you to comply this statutory requirement as we can appoint a Nominee Resident Director even on a short-term basis or as per your necessity.
Under the Singapore Companies Act and common law, the Nominee Resident Director (NRD) is similar to the regular Director and has the same duties and responsibilities. Majority powers in the Company lie with the Board of Directors, who control the affairs of the business and are answerable to the shareholders.
In addition to their fiduciary duty to the Company Directors stand responsible for the Director’s/shareholders’ meetings, annual accounts, accounting records, statutory account books and filings.
Because of these obligations, we provide the Nominee Resident Director service based on the following conditions:
- We offer the Nominee Resident Director Service solely to meet the statutory requirements. The NRD will not participate in the day-to-day or daily operations of the Company involving finance, management and regular business operations. This includes not executing any documents or signing any personal assurance related to any affairs of the Company.
- It will be required for you to appoint at least two individuals as Executive Directors who will administer the duties of running the Company and sign the Cheques, Trade Facilities with Bank, Financial Statements, Director’s Statements, etc.
- The Non-Resident Director service is offered against a fee together with a refundable security deposit. We collect the security deposit for protecting the interests of the local resident acting as the Nominee Director.
- You can terminate our Non-Resident Director service whenever you have found the ideal replacement for the position. There is a minimum commitment period applicable for this Non-Resident Director service.
- The security deposit without any interest will be refunded once the resignation of Non-Resident Director is effected with the Company Registrar only after setting off with any outstanding dues.
- It is mandatory that your Company remains compliant and solvent during the entire period we are offering our Nominee Director services.