Start a Singapore Company: What You Need to Know “The Singapore Company Registrar requires all private limited companies to have at least one resident director who may be a Singaporean citizen or a foreign individual who is a permanent resident or holder of Dependant Pass, Employment Pass, or EntrePass with a residential address in the country”, Rikvin said. (Special note: For foreign businessmen who have no plans to relocate and have no trusted contacts in the country, they can ask their business registration firm to provide them with a “nominee director” who does not have any role in the company except to perform the statutory requirements which include giving an accurate income declaration; ensuring all the company’s declaration; and submitting the income tax returns of the company. With this, the “nominee director” provided by a business registration firm is a director by name only, without authority in managing and operating the company.) Meanwhile, there is not limit on the number of additional local and foreign directors in a Singapore company as long as they are at least 18 years old, should not be “undischarged” bankrupt, and should not be convicted of any criminal offences and malpractices. Under the Singapore Companies Act, nonshareholders may also be appointed as directors and a shareholder and director may be the same person. These are the responsibilities and duties of directors stated by the law:
Carry out their duties in the company.
They should ensure that they have reasonable degree of knowledge and skills that will allow them to handle the affairs of their company.
They should act honestly in performing their duties without putting themselves in a “conflict of interest.”
They should use their authority for the advantage of their company and not for any collateral purpose.
They should meet the statutory requirements and obligations including the submission of the financial records, filing of notices and other prerequisites, making accurate disclosures, keeping statutory records, and conducting meetings.
Company directors are required to hold the first board meeting right after their company has been incorporated so they can appoint the officers. Meanwhile, the frequency of the succeeding board meetings will depend on the scale and nature of the Singapore Company Formation . In addition, a company is required to hold at least one shareholders’ meeting which is knows as the annual general meeting. The directors must ensure that their first general meeting is held within 18 months of incorporating their company, and after that, not more than 15 months of interval. “Foreign businessmen who want to start a Singapore company should make sure that they only hire a professional registration firm which has been accredited by the Accounting and Corporate Regulatory Authority (ACRA). In this way, they will have no problem during the application process,” Rikvin added. Rikvin Pte Ltd 20 Cecil Street, #1401, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887 Fax : (65) 6438 2436 http :// www . rikvin . com /
Published on Oct 20, 2010
Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for S...