The Role and Functions of Singapore Director Services

Any international business firm owner looking to setup their enterprise in Singapore must get a Singapore Director for themselves that can perform a lot of crucial responsibilities for the company. The business firm should be registered with the ACRA or Accounting & Corporate Regulatory Authority and abide by the rules and regulations ascertained by Singapore Companies Act. There are many professional service providers in Singapore who can act as the Singapore company director for the business firm. Before the company starts its operations, it must determine the person or service provider who can act as the resident director for the business firm.

There are a number of key requirements that are necessary for a company’s registration in the Singapore business directory. These include the following:

• At least a single shareholder (corporate or individual entity)

• One company secretary

• At least a single resident director

• A physical address of a Singapore office

• Initial paid-up amount of share capital of S$1

While a company may have multiple stakeholders, the most important one of them all is certainly the director as he/she is the individual who is responsible for properly managing all the affairs of the business firm and making all the critical decisions. According to ACRA, the director must always make decisions for the business firm in an objective manner. He or she should always act to benefit the company, steer clear of conflicts of interest as well as be diligent and honest in carrying out all of his or her duties.

It is always in the best interest of a business owner to get in touch with a professional firm that can provide the right kind of resident director for its clients. These companies can present a client with a wide range of services and support, some of which are discussed below in brief.

• The director services company can appoint one of their team members to serve as the official local director for the company.

• The service that is offered by the Singapore director company is meant only for statutory compliance. The local director is not going to be involved in the company’s management, operational or financial matters. The owner of the company should appoint a number of individuals who can function as executive directors for the company who will be essentially responsible for managing all administrative tasks. These individuals can be resident or foreign individuals.

• Apart from the local director fee that is deducted by these companies, an amount of refundable security deposit is also collected by them as a provision of their local director service. This security deposit amount is collected for safeguarding the interests of the local director.

• The owner of the company can ask the local director to give up his or her position at any time simply by identifying another individual who will be serving as local director. The company who acts as the service provider can refund the original security deposit within about 5 working from the day that such a change is affected with ACRA.