How to use the Register of Nominee Directors?

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 (save those exempted) must maintain this record as of March 31st, 2017, under amendments to the Singapore Firms Act (CA). The Singapore Accounting and Corporate Regulatory Authority (Singapore ACRA) has the power to require a business to submit its Register of Nominee Directors and related documents for inspection or examination. There may be fines for companies that fail in their obligations under this Register, and for any corporate officials who are found to be in delinquent. If you follow the instructions in this guide, you may build a Register of Nominee Directors with confidence. Please read our page on how to set up a Register of Controllers instead for information on how to create a Register of Controllers, which will be required as of March 31st, 2017. Those who have been nominated to serve on a company’s board of directors are included in the Nominee Directors’ Register. company registration How does one become a nominated director? As stated by the Register of Nominee Directors, a “nominee director” is a director who falls into one of the following categories:
  • “accustomed to or under a responsibility, whether official or informal, to operate in accordance with the commands, instructions, or desires of another person”
  • To ensure that their votes are cast in accordance with their wishes and those of the company’s major shareholders, a substantial shareholder may nominate a nominee director at board meetings.
  • As part of the incorporation process, a foreigner who wants to set up a business in Singapore may select a Singaporean resident to act as the company’s nominee director. (At least one director of a Singapore-incorporated company must be a Singaporean resident, according to the CA.)
Those who have been nominated as directors must inform their companies of their nomination 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 (for more details, see the section below).
  • Nominee directors must inform the company of their nomination within 30 days of the date of the company’s creation if the company was founded after March 31, 2017.
  • To avoid any legal ramifications, a company’s nominee director must notify the company within 60 days of the date of formation, or 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.
Additionally, after 30 days of becoming aware of a change in his or her status as a nominee director (such as no longer being eligible to be nominated), the nominee director must tell the company of the change in the details of his or her nominator. Last Words As long as you are aware of the identities of the persons who nominated the nominee directors for your company, you are not required to ask them to disclose their nominee directorship or the names of those individuals. Even if you don’t intend to, you may nevertheless want 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.

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