A Nominee Director Has No Absolute Rights But Adheres To Compliance Where Necessary
There are several ways to register a company. If you are going to do it on your own, there is the tedious paperwork. Some could opt for buying readymade companies with extra costs. Otherwise, you can resort to using company registration services. However, if you a foreigner planning to register a company, and do not plan to reside in the country, then you would probably need to engage the nominee director service to appoint a minimum of one resident director for your company. AI Accountant Chai Chung Hoong shares his expertise on the requirement of nominee director services.
APPOINTMENT OF NOMINEE DIRECTOR
The nominee director must be a local resident with a local registered address. The nominee director is someone who is obliged to comply with the resident director requirements and act in the best interests of the appointing company. Nominee director has similar obligations and responsibilities as a regular resident director according to the common law.
As such, an individual who is qualified and trustworthy will be more suitable for the nominee director role:
- Have an acceptable level of knowledge, skills and experience to handle the company matters.
- Responsibility to performs duties with honesty and integrity, avoiding conflict of interest at all times.
TERMINATION OF NOMINEE DIRECTOR
If there is a cessation of nominee directorship, the nominee director will be required to inform the appointing company when they cease to be a nominee, and of any change to the nominator’s particulars provided to the appointing company.
CONCLUSION
A nominee director is a statutory requirement by the government when foreigners want to register a company. For business owners who are foreigners without any nominee director in hand, there are nominee director services to fill the gap. AI Accountant Account Manager Chai Chung Hoong is a qualified accountant who has the right expertise to advise clients on the most suitable experience of a nominee director. With the right capabilities and competency, a professional nominee director is able to help your company maintain good standing and ensure full regulatory compliance with the law. Contact AI Accountant and let AI Accountant Chai Chung Hoong provide the solution to your Nominee Director needs.
