rohitsingh
1 post
Mar 03, 2025
10:04 PM
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In Singapore, resident directors play a crucial role in the governance and compliance of a company. As per the Singapore Companies Act, every private company is required to appoint at least one director who is ordinarily resident in Singapore. The duties of a resident director include the following:
1. Compliance with Local Laws: A resident director ensures that the company complies with all local laws and regulations, including those related to tax, employment, and business licenses. They must be knowledgeable about the legal framework governing businesses in Singapore.
2. Filing and Reporting: Resident directors are responsible for ensuring timely submission of financial reports, annual returns, and other mandatory filings to the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). This includes maintaining accurate and up-to-date records.
3. Corporate Governance: They help uphold corporate governance practices within the company by overseeing management decisions and ensuring that proper internal controls are in place. This includes making decisions that align with shareholders' interests and long-term business goals.
4. Fiduciary Duty: Resident directors must act in the best interest of the company, demonstrating loyalty, good faith, and care when making decisions. They are personally liable for breaches of their fiduciary duty, including mismanagement or failure to comply with regulations.
5. Acting as a Point of Contact: They serve as the primary point of contact for government authorities and are responsible for ensuring the company’s local operations are conducted smoothly.
In short, the role of resident director in Singapore involves legal compliance, corporate governance, and fiduciary duties that are essential for a company's success and accountability.
Last Edited by rohitsingh on Mar 03, 2025 10:05 PM
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