A nominee Director (ND) is a person who will be held liable if any illegal thing happens or if any company breaks the law. A nominee director is very important for a company as this builds trust in the company because a person is putting his reputation at risk.
The nominee director of the company must be one of the board members, and to be a board member of a company in Singapore, one has to be a residence of Singapore.
There are some criteria that one needs to qualify to be a resident in Singapore.
These criteria’s to be a citizen are:
The person must have a local address proof.
The person must have a permanent resident card and license to work and own a company in Singapore.
Must have stayed in Singapore for a long time or must have proof that he is in it for a long run.
Importance Of Nominee Director In Singapore:
- A nominee director has to ensure that everything in the company is working according to Singapore law.
- AND helps the company when there are some legal issues against the company.
- A nominee director keeps in mind all the company’s demands and needs and every person and group.
- He is also responsible for managing any foreign investors.
Company’s like margin wheel provide nominee director services singapore. They provide local nominee director service because they know how important it is to qualify all the requirements by Singapore authorities to own a company.
Margin Wheel Provide Their Services Under Some Conditions:
- The ND will not be part of any financial issues of money management.
- There must be multiple boards of directors to handle the management of the company
- The company must be subscribed to the accounting services.
- If the company decides to go overseas and opens a bank account, Margin Wheel must be informed.
- Monthly statements of the company must be transferred to the nominee director.
- The company has to register with the Margin Wheel address service.
- The company must have a bank account in a local Singapore bank.
Nominee director services Singapore is very important because Singapore is very particular and strict about its rules and regulations. A nominee director can be the person who can make or break the company. The company must be very careful while choosing the nominee director because he is the most important person.