The usual role of a Nominee Director in Singapore is to fulfill the legal requirement for local directorship, ensuring statutory compliance and representing the company’s interests without participating in day-to-day management. Hence, the Nominee Director in Singapore plays a significant role in fulfilling these statutory requirements.

However, it’s important to note that Nominee Director does not have jurisdiction over your business transactions, operations, or management.

If your company is registered for Goods and Service Tax (GST), it increases the risk exposure on the Nominee Director.

Singaporean regulations require GST-registered companies to submit their payments within a month after the accounting period specified in the returns.

Penalties are enforced on companies that delay or neglect GST payments, which can even lead to prosecution.”

The selection of a nominee director is a crucial decision, as this individual represents your interests and influences the performance of the company. It’s important to choose someone with qualities like competency, trustworthiness, and a good reputation, as their actions can have a significant impact on your stake in the company.

If you are a non-resident stakeholder in Singapore, you are required to appoint a nominee director who is a resident of Singapore, in accordance with the provisions of the Singapore Companies Act for private limited companies.

Eligibility Criteria for Singapore Residency Include:

• Possessing a local residential address.
• Being a citizen / permanent resident of Singapore – or holding an Employment Pass, Dependent’s Pass, or EntrePass.”

You can enlist the nominee director from your own network.

Should you have no fitting profile, BESO provides proficient nominee director services to ensure you maximize the benefits of having a skilled nominee director.

There is no fixed duration during which a nominee director must serve you. You have the authority to appoint and dismiss a Nominee Director as needed. When you terminate the services of a Nominee Director, your company is required to notify the authorities. BESO will assist you in this process.

BESO is providing yearly renewal contract should you need your help to find and appoint the right profile.

A competent nominee director is:

• Knowledgeable about compliance requirements under the Singapore Companies Act
• Proactive in filing returns promptly and obtaining necessary signatures for crucial documents.
• Provide timely updates and notifications about the company’s activities.

No, a nominee director typically does not have the authority to open bank accounts on behalf of the company.

The nominee director’s role is primarily limited to fulfilling statutory requirements and representing the interests of the appointing party.