Individuals who nominated a company’s board of directors are included in a “Register of Nominee Directors,” which includes their names and contact information. Companies in Singapore are now required to maintain a record of their business activities under the Singapore Firms Act (CA) as of March 31st, 2017.
It is within the competence of the Singapore Accounting and Corporate Regulatory Authority to request the submission of a company’s Register of Nominee Directors and any associated documents for inspection and/or examination.
A fine of up to $5,000 may be imposed on a corporation and its officials if it is found that they have not met their obligations under this Register.
A Register of Nominee Director may be created to guarantee that you do not break any laws. Please check our page on how to set up a Register of Controllers instead for information on how to create a Register of Controllers (another obligatory requirement as of the 31st of March 2017).
To help small business owners who want to create a Register of Nominee Directors
It has been formed in Singapore; as a company secretary, they would be responsible for drafting and maintaining their firms’ Register of Nominee Directors (instead of engaging a registered filing agent to handle things for them).
An experienced corporate secretarial service can provide information and support in setting up and managing your company’s Register of Nominee Directors.
Those who have been nominated to serve on a company’s board of directors are included in the Nominee Directors’ Register.
How does one become a nominated director?
On the company’s board of directors is an opportunity to nominate a nomination director who will vote in accordance with the shareholder’s wishes, instructions, or directions.
In order to complete the incorporation procedures, a foreign national wishing to establish a company in Singapore may choose a nominated director who is a Singaporean citizen by birth or residence. (At least one director of a Singapore-incorporated company must be a Singaporean resident, according to the CA.)
If you’re nominated as a director, you’ll need to tell your employer
It is now necessary for nominee directors, in order to be included in the Register of Nominee Directors, to notify their companies of their appointment and to provide specific information about their nominator.
- Nominated directors must inform the company of their nomination and the name of their nominator no later than 30 days after their appointment date if their company was incorporated on or after March 31, 2017.
- The candidate director must declare his or her nomination and the name of the person who nominated him or her to the company within 60 days after the company’s incorporation date, which is by 30 May 2017, if the firm was founded before that date.
- A nominee director must inform the company of his or her appointment as a nominee director and the identity of his or her nominator within 30 days of being appointed as a nominee director, regardless of when the business was incorporated.
Conclusion
The law does not require you to get the identities of the people who nominated your company’s candidate directors if you already know who they are. Even if you don’t intend to, you may nevertheless feel the need to do so out of courtesy. Nominated directors who fail to submit the required disclosures might be subject to penalties of up to $5,000.
