rikvin explains a singapore company director's role
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Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.TRANSCRIPT
Rikvin Explains a Singapore Company Director's Role
The directors are among the compositions of a company. To register a Singapore company , at least 1 director is required. In Singapore, an investor of a company shall appoint a director who is responsible for managing the affairs of the company.
To qualify, legal age and capacity are sought. A director must not be a bankrupt morally, mentally, and financially. In every company, a local resident director shall act as the head. Besides age and qualifying skills, the local resident director is either a Singaporean citizen or a permanent resident. For foreigners to occupy such position, a labor pass shall suffice.
“Generally, in handling the affairs of the company, directors are directed to abide to the constitution of the jurisdiction where the company is established,” says Rikvin, “they must exercise honesty as they carry out their duty, lest they are accountable to shareholders for any negligence and unwise decision.”
Besides managing the company, the directors have substantive duties such as discharging responsibilities to all departments, ensuring that all employees are qualified to handle the job objectives that correspond to their positions, comply with the requirements and obligations as specified on the Singapore Company Act.
Among the requirements that must be complied with annually is the tax return filing. Rikvin specifies that “the annual return should be filed with ACRA along with audited accounts of the company within 1 month from the date of Annual General Meeting, unless if the company is exempted from such obligation like following an exempt private structure.”
Maintaining the company’s accounting records is a delicate task which the directors are also responsible for. The accounting records shall sufficiently explain the company transactions and support the financial position of the company.
Rikvin continues explaining, “included in the records are entries of receipts of purchase and or payments, particulars of sales, records of assets and liabilities the company incurs.”
A balance sheet and accounts of profits and losses with notes detailing the real status of the company and its current affairs every end of financial year must also be prepared and presented to the board and signed by 2 directors.
Since they manage the company, they ought to hold board meetings and regular meetings to ensure that the affairs of the company are in line with its objectives and the requirements are met as per stipulation of the laws of Singapore.
The first Annual General Meeting is held within 18 months following the incorporation to appoint the officers of the company among others. Subsequently, an Annual General Meeting is held in every calendar year or not more than 15 months interval.
In circumstances where a local resident director is not immediately appointed, the investor has the option of employing the nominee director service of a company.
Rikvin specializes in providing corporate services such as nominee director, nominee shareholder, and nominee agent. It also assists foreigners in registering their company in Singapore.
About the publisher:Rikvin provides corporate solutions to investors and entrepreneurs in the local and abroad. Among its specializations are Singapore company registration and business firm and providing professional services relating to finances and administrative. Rikvin specializes in processing working visas and providing services such as nominee director, nominee shareholder, nominee agents, accounting, payroll, and secretarial.
Since 1995, Rikvin serves hundreds of companies managing and rendering Singapore accounting service using sophisticated payroll software system to handle even the most complicated payroll account. In its payroll services, Rikvin assures its clients of confidence in dealing with every transaction. Its accountants maintain competence. Above all, Rikvin’s principles adhere to the laws and share the same vision such as the inevitability of innovation. Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company .
For more information, visit:http :// www . rikvin . com / 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705Main Lines : (65) 6438 8887Fax : (65) 6438 2436Email : [email protected]