Singapore resident director
23 May, 2014
Singapore is a reputable jurisdiction for any types of global business. Starting a company in Singapore is quick and easy with minimal corruption, minimal business restrictions and low bureaucracy. Before incorporating a Singapore company, there are several compliance regulations to be considered:
1. Under the Singapore Companies Act 1963, every Singapore company must appoint a Singapore resident director. The director can be a Singaporean citizen, a Singapore Permanent Resident (PR), or a person who has been issued an Entrepass/ Approval-In-Principle letter/ Dependant Pass.
2. There are no limits on the number of directors, only individual directors are allowed. Corporate directors are not permitted for a Singapore company. Details of all shareholders and directors will appear on the Singapore public register.
3. All resident companies are barred from releasing private information about individuals without his/her consent.
4. Every Singapore company formation is mandated by law to provide the details of its directors and its shareholders along with their holdings for public record. A resident company is exempt from this obligation if there have been no relevant accounting transactions in the financial year.
5. A resident firm is exempt from the annual statutory financial audit if corporate turnover is less than US$4 million and there are no corporate shareholders.
6. A resident company must ensure that all its foreign employees hold relevant permits before they start working in an official capacity.
7. All resident firms are mandated to report all changes in the particulars of the company or its officers to the Accounting and Corporate Regulatory Authority (ACRA).
8. Every Singapore company is mandated by law to provide the details of its directors and its shareholders along with their holdings for public record. A resident company is exempt from this obligation if there have been no relevant accounting transactions in the financial year.
Click here for a full guide on compliance considerations of starting a business in Singapore.
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