{"id":1358,"date":"2019-08-30T12:35:54","date_gmt":"2019-08-30T04:35:54","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/?page_id=1358"},"modified":"2019-09-11T12:26:43","modified_gmt":"2019-09-11T04:26:43","slug":"appointing-a-local-director","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/appointing-a-local-director\/","title":{"rendered":"Appointing a Local Director"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;1119&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][vc_custom_heading text=&#8221;Appointing a Local Director&#8221; font_container=&#8221;tag:h1|font_size:36|text_align:left|line_height:1.3&#8243; use_theme_fonts=&#8221;yes&#8221;]<div class=\"ult-spacer spacer-6a7d1ec0bd80d\" data-id=\"6a7d1ec0bd80d\" data-height=\"10\" data-height-mobile=\"10\" data-height-tab=\"10\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[vc_column_text]The appointment of at least one local resident director is necessary for every company in Singapore and you are required to register with the Accounting &amp; Corporate Regulatory Authority (ACRA).[\/vc_column_text]<div class=\"ult-spacer spacer-6a7d1ec0bd821\" data-id=\"6a7d1ec0bd821\" data-height=\"20\" data-height-mobile=\"20\" data-height-tab=\"20\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Requirement for the Appointment of Local Director in Singapore&#8221; font_container=&#8221;tag:h2|font_size:24|text_align:left|line_height:1.3&#8243; google_fonts=&#8221;font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221;]<div class=\"ult-spacer spacer-6a7d1ec0bd82d\" data-id=\"6a7d1ec0bd82d\" data-height=\"10\" data-height-mobile=\"10\" data-height-tab=\"10\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[vc_column_text]Under Singapore law, there are certain requirements an individual must meet to be qualify as a local director in Singapore:<\/p>\n<p>&nbsp;<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\">\n<tbody>\n<tr style=\"height: 173px;\">\n<td style=\"width: 50%; background-color: #ffdcab; height: 173px;\"><strong>Residential Status<\/strong><\/td>\n<td style=\"width: 50%; height: 173px;\">The individual with a Singapore address must hold one of the following residential status below:<\/p>\n<ul>\n<li>Singapore Citizenship<\/li>\n<li>Permanent Resident in Singapore<\/li>\n<li>Entrepass Holder<\/li>\n<li>Employment Pass Holder (must obtain a Letter of Consent from the Ministry of Manpower)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 19px;\">\n<td style=\"width: 50%; background-color: #ffdcab; height: 19px;\"><strong>Minimum Age Requirement<\/strong><\/td>\n<td style=\"width: 50%; height: 19px;\">18 years old<\/td>\n<\/tr>\n<tr style=\"height: 19px;\">\n<td style=\"width: 50%; height: 19px; background-color: #ffdcab;\"><strong>Individual&#8217;s Capacity<\/strong><\/td>\n<td style=\"width: 50%; height: 19px;\">The individual must hold full legal capacity in making his or her own decisions.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Other requirements that must be fulfilled are:<\/p>\n<ul>\n<li>The individual must not be an undischarged bankrupt.<\/li>\n<li>The individual must not have a record of past conviction involving offences related to fraud or dishonesty.<\/li>\n<li>The individual must not have a record of 3 or more filing related offences under Companies Act within the last 5 years.<\/li>\n<li>The individual must not have a record of acting as a director for 3 or more defunct companies within the last 5 years.<\/li>\n<\/ul>\n<p>[\/vc_column_text]<div class=\"ult-spacer spacer-6a7d1ec0bd838\" data-id=\"6a7d1ec0bd838\" data-height=\"20\" data-height-mobile=\"20\" data-height-tab=\"20\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;The Appointment Process&#8221; font_container=&#8221;tag:h2|font_size:24|text_align:left|line_height:1.3&#8243; google_fonts=&#8221;font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221;]<div class=\"ult-spacer spacer-6a7d1ec0bd842\" data-id=\"6a7d1ec0bd842\" data-height=\"10\" data-height-mobile=\"10\" data-height-tab=\"10\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[vc_column_text]The appointment of a local director may be done through the passing of a resolution by the company&#8217;s shareholders in a general meeting.<\/p>\n<p>Alternatively, according to each company&#8217;s constitution, specific shareholders may have the power to appoint directors without the requirement of passing a 50% votes in the meeting.<\/p>\n<p>The individual appointed must provide his or her written consent for the role and statement of non-disqualification to act as a local director.<\/p>\n<p>Upon appointment, the company must notify ACRA within 14 days through BizFile+ website. The following information of the newly appointed director will be required:<\/p>\n<ul>\n<li>Individual&#8217;s Name<\/li>\n<li>Appointment Role<\/li>\n<li>Appointment Date<\/li>\n<li>Identification Number<\/li>\n<li>Nationality<\/li>\n<li>Residential Address<\/li>\n<li>Contact Number<\/li>\n<li>Email Address<\/li>\n<\/ul>\n<p>[\/vc_column_text]<div class=\"ult-spacer spacer-6a7d1ec0bd858\" data-id=\"6a7d1ec0bd858\" data-height=\"20\" data-height-mobile=\"20\" data-height-tab=\"20\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;The Roles of a Director&#8221; font_container=&#8221;tag:h2|font_size:24|text_align:left|line_height:1.3&#8243; google_fonts=&#8221;font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221;]<div class=\"ult-spacer spacer-6a7d1ec0bd866\" data-id=\"6a7d1ec0bd866\" data-height=\"10\" data-height-mobile=\"10\" data-height-tab=\"10\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[vc_column_text]Under Singapore law, company directors are required to fulfill a number of fiduciary and statutory duties.<\/p>\n<p>&nbsp;<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\">\n<tbody>\n<tr style=\"height: 19px; background-color: #ffdcab;\">\n<td style=\"width: 50%; height: 19px; text-align: center;\"><strong>Fiduciary Duties<\/strong><\/td>\n<td style=\"width: 50%; height: 19px; text-align: center;\"><strong>Statutory Duties<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 19px;\">\n<td style=\"width: 50%; height: 19px;\">\n<ul>\n<li>Act and make decisions in the interest of the company<\/li>\n<li>Run the company with skill and diligence<\/li>\n<li>Avoid conflicts of interest<\/li>\n<li>Not misuse the authority granted to them for personal benefit<\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 50%; height: 19px;\">\n<ul>\n<li>Keep accounting records<\/li>\n<li>Submit Annual Accounts<\/li>\n<li>Hold company&#8217;s meetings<\/li>\n<li>Appointment of company secretary and auditor<\/li>\n<li>Payment of dividends to shareholders<\/li>\n<li>Issues of shares upon approval of shareholders<\/li>\n<li>Disclosing of any unavoidable conflicts of interest<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/vc_column_text]<div class=\"ult-spacer spacer-6a7d1ec0bd870\" data-id=\"6a7d1ec0bd870\" data-height=\"20\" data-height-mobile=\"20\" data-height-tab=\"20\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;The Risks as a Director&#8221; font_container=&#8221;tag:h2|font_size:24|text_align:left|line_height:1.3&#8243; google_fonts=&#8221;font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221;]<div class=\"ult-spacer spacer-6a7d1ec0bd879\" data-id=\"6a7d1ec0bd879\" data-height=\"10\" data-height-mobile=\"10\" data-height-tab=\"10\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[vc_column_text]Under Singapore Company Act, failure to comply with the statutory requirements is an offence and may result in a fine penalty (not exceeding $5000) and\/or imprisonment (not exceeding 12 months). Company can also file a lawsuit against the director for any loss or damages he or she is responsible for.[\/vc_column_text]<div class=\"ult-spacer spacer-6a7d1ec0bd882\" data-id=\"6a7d1ec0bd882\" data-height=\"20\" data-height-mobile=\"20\" data-height-tab=\"20\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Resignation and Removal of Director&#8221; font_container=&#8221;tag:h2|font_size:24|text_align:left|line_height:1.3&#8243; google_fonts=&#8221;font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221;]<div class=\"ult-spacer spacer-6a7d1ec0bd88b\" data-id=\"6a7d1ec0bd88b\" data-height=\"10\" data-height-mobile=\"10\" data-height-tab=\"10\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[vc_column_text]The director may resign (or be removed) as long as there is at least one or more other local director(s) operating in the company.<\/p>\n<p>In case of resignation, the director must give written notice and comply with the resignation procedure dictated in the company&#8217;s memorandum and articles of association. Upon approval, the company must notify ACRA and file a cessation of director via BizFile within 14 days.<\/p>\n<p>A director can be removed from the position by passing a resolution in the general meeting. According to the company&#8217;s constitution, the requirement and process of removal may vary. Upon reaching the decision to remove the current director in position, ACRA must be notified via BizFile by filing a cessation of director within 14 days.[\/vc_column_text]<div class=\"ult-spacer spacer-6a7d1ec0bd893\" data-id=\"6a7d1ec0bd893\" data-height=\"20\" data-height-mobile=\"20\" data-height-tab=\"20\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;How Timcole can Help You&#8221; font_container=&#8221;tag:h2|font_size:24|text_align:left|line_height:1.3&#8243; google_fonts=&#8221;font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221;]<div class=\"ult-spacer spacer-6a7d1ec0bd89b\" data-id=\"6a7d1ec0bd89b\" data-height=\"10\" data-height-mobile=\"10\" data-height-tab=\"10\" data-height-tab-portrait=\"\" data-height-mobile-landscape=\"\" style=\"clear:both;display:block;\"><\/div>[vc_column_text]It is crucial to appoint the right person as the company&#8217;s director. It comes with great responsibility and risks if the power is misued. At <strong>Timcole<\/strong>, we offer <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/appointing-a-nominee-director\/\">professional Nominee Director services<\/a> at affordable prices. We also provide <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/book-keeping-services\/\">bookkeeping<\/a> and <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/corporate-tax-filing\/\">accounting support<\/a> to aid your administrative burden.<\/p>\n<p><strong>Timcole<\/strong>\u00a0is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency.<\/p>\n<p><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/contact-us\/\">Contact us to find out more<\/a>\u00a0on how we can help you with your company today.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;1119&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][vc_custom_heading text=&#8221;Appointing a Local Director&#8221; font_container=&#8221;tag:h1|font_size:36|text_align:left|line_height:1.3&#8243; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]The appointment of at least one local resident director is necessary for every company in Singapore and you are required to register with the Accounting &amp; Corporate Regulatory Authority (ACRA).[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Requirement for the Appointment of Local Director in Singapore&#8221; font_container=&#8221;tag:h2|font_size:24|text_align:left|line_height:1.3&#8243; google_fonts=&#8221;font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221;][vc_column_text]Under Singapore law, there are certain&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1119,"parent":0,"menu_order":60,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/pages\/1358"}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/comments?post=1358"}],"version-history":[{"count":6,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/pages\/1358\/revisions"}],"predecessor-version":[{"id":1885,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/pages\/1358\/revisions\/1885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media\/1119"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media?parent=1358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}