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. 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. For More information visit this link: http://precursor.com.sg/role-responsibilities-singapore-company-resident-director/

1. 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.

2. 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.

3. 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 director’s duties.

4. 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 company’s Annual General
Meeting (AGM)
•The subsequent filing of its annual returns by the specified due
dates (normally within a month of the AGM)

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

6. Record keeping:
It is the responsibility of Singapore resident director to ensure
that the company maintains the following registers at the
company’s 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.
It’s 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.

7. Director’s 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 company’s constitution

8. The director must inform about such resolutions to company
secretary, with who’s 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

9. 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.

10. For foreigners looking to register company in Singapore, it’s
extremely important that they choose someone really
trustworthy as Singapore resident director. It’s also important
that such a resident director is able to hold and guard
company’s 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-singapore-
company-resident-director/