Who will be liable if I do not comply with Statutory Compliance?
Directors of the company are legally responsible and accountable for complying with the requirements of the Singapore Companies Act. Failure to comply with the statutory compliance requirements is an offence and may result in fines or prosecution.
What is the nominee director?
A nominee director is a third party provided by us to be registered as the local resident director of the Singapore Company due to Singapore Companies Act requirements.
What is Directors Disclosure?
A Director shall disclose to the company: any material personal interest they have in a matter which relates to the affairs of the company; and any other interest which the Director believes is appropriate to disclose in order to avoid an actual conflict of interest
What is the minimum age for one to be Director in Singapore?
Any person above the age of 18 years may be appointed as a director. However, certain individuals e.g. bankrupts, are disqualified from holding director positions.
Does Singapore Company require a Local Resident Director?
Singapore Company Act requires all Singapore incorporated company must have at least one director who is “ordinarily resident in Singapore” i.e. Singapore Citizen, Singapore Permanent Resident, or a person who has been issued with a work pass such as EntrePass/Employment Pass/Dependant Pass.
How does the director convene a shareholders’ meeting?
Usually a company has at least one meeting in a year which is known as the annual general meeting (AGM). The directors must ensure that the first AGM is held within 18 months of the incorporation of the company and, following that, in every calendar year at not more than 15 months interval. The Companies [...]
How often is it required for directors to hold Board Meetings?
Directors are required to hold the first Board Meeting after the company is incorporated to approve the appointment of the officers of the company and other related matters. The directors should ensure that there are regular meetings to review the company’s financial and trading position properly. The frequency of the meetings depends upon the nature [...]
Are directors responsible for other administrative issues such as CPF contribution for the staff?
Yes the directors are held responsible for the company’s CPF contribution.
Are the directors required to maintain proper accounting records?
The directors and managers of every company are required to keep proper accounting records to sufficiently explain the transactions and financial position of the company. The records usually contain entries of all receipts and payments, details of sales and purchases of goods, record of the company’s assets and liabilities and a record of annual stocktaking [...]
What are some of the statutory obligations the director have to comply with?
Changes in certain statutory information (e.g. notification of a change of registered office address, appointment or resignation of directors, secretaries, or auditors, allotment of shares) must be lodged with the ACRA on the prescribed forms within specified time limits as stipulated by the Companies Act. In addition, an annual return must be filed with the [...]
