We provide Singapore Resident Director Services as ACRA requires a local director to set up business entities in Singapore.
What are the requirements in Singapore?
A director is a person who makes decisions objectively, honest, diligent and is responsible for the overall affairs of the company and provides directions for expansion.
For a Singapore-incorporated entity, the Singapore Companies Act, Chapter 50 requires at least one director, who is a Singapore ordinarily resident.
The director’s usual place of residence must be in Singapore.
A Singapore Citizen, a Singapore Permanent Resident (PR), or a person has an Entrepass, Employment Pass (EP) or Dependent Pass (DP), can be considered as a Singapore ordinarily resident.
There is no limit on the number of local or foreign directors a Singapore incorporated company can appoint.
The directors should be above 18 years old.
Persons convicted of offenses or bankrupts are not qualified to hold position of a Director in Singapore
For foreign companies, it sometimes becomes difficult to manage these directors when they intend to set up their businesses in Singapore.
Our company secretarial team specializes in providing Singapore Resident Director Services to foreign-owned companies.
If you do not have a local Singapore resident director to meet the requirement of the Singapore Companies Act, we can assist you.
What is a Singapore Resident Director?
A Singapore Resident Director is a person who uses his name for incorporation documentation in Singapore.
He is a responsible person for the Singapore entity and assumes the position of the company director.
He will not and cannot enter into any business contract or financial commitment, and that is the core principle of appointing a Singapore Resident Director.
Professionalism is the key factor to find a right Resident Director for the new entity.
It is necessary to appoint a professional company secretarial service firm with expertise and dedication to handling business matters.
What are the common Terms and Conditions?
The terms and conditions of the service exhibit accountability and the responsibilities of a company secretary.
Here are some basic terms that the company needs to follow:
1. The Resident Director will only act in such capacity under express written instructions from the beneficial shareholders of the company.
2. The Resident Director is not involved in the day-to-day running of the company.
3. The company must appoint at least one individual (typically, company shareholders) to be the Director that is responsible for the operations of the business.
4. The company must satisfy all initial and ongoing Know-Your-Client (KYC) and Anti-Money Laundering (AML) requirements in Singapore.
5. The company must execute a Resident Director Indemnity Agreement.
6. The company must subscribe to the accounting firm’s company secretarial service, corporate tax service, registered office address service and payroll outsourcing service.
7. The company must direct all bank statements to the Resident Director’s office for monthly review.
Should you need assistance or would like to find out more about Learn More in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.