• What risks does a Nominee Director in Singapore take?

  The Nominee Director runs the risk of being taken to court should a company, or its other Directors break the law. Therefore, it is imperative that he or she monitors the activities of the company closely to ensure that it complies with any regulatory requirements. In view of such liability, Swiftly conducts a comprehensive KYC review before entering into a Nominee Dire ctor service agreement with our clientsFew readers

• Am I able to terminate the Nominee Director service at any time?

  Yes, you can terminate the Nominee Director Service anytime by providing us with the details of an alternate local resident Director.Few readers

• Do I need a Director? Who can be one?

  Every company must have at least 1 Director who is a local Director in Singapore. A company Director must be at least 18 years old, of full legal capacity, a Singapore citizen, Singapore permanent resident, EntrePass or employment pass (EP) holder & not disqualified from acting as a Director of a company (e.g. an undischarged bankrupt). Importantly, a company Director and shareholder can be the same or different person in Singapore. For foreigners who wish to set up a Singapore company, we pFew readers

• What are the Director’s Duties under the Companies Act?

  A Director is responsible for managing the affairs of the company and setting the company’s strategic direction. A Director is required under the Companies Act to ensure accurate and timely record keeping, prepare financial statements (if applicable) and comply with corporate filings and other disclosures. The director also has the legal duty to advance the interests of the company, act honestly and in good faith in exercising the given powers. The consequences of breaching the director’s dutiesFew readers

• Can the Nominee Director manage my company?

  No, the Nominee Director cannot manage or be involved in the operations of the Company. The Nominee Director will neither be the bank signatory to the corporate account nor play an active role in the Company. The Nominee Director will only be the named Director of the Company, in order to fulfil the statutory requirements.Few readers

• Who will be liable if I do not comply with the statutory requirements?

  Directors of the company are legally responsible and accountable for complying with the requirements of the Singapore Companies Act. Failure to adhere to the statutory compliance requirements is an offence and may result in fines or prosecution.Few readers

• Documents Required for the Appointment of Nominee Director service

  Business Profile of Company - Provided by ACRA (Can be extracted via Myinfo Business) Memorandum and Articles of Association / Constitution Directors’ Particulars (Can be extracted via Myinfo/Passbase) Shareholders’ Particulars (Can be extracted via Myinfo/Passbase)Few readers