Resident Director Service
What is role and scope of local director service?
- If you are not relocating to Singapore, you will need our local director service on an annual basis.
- If you are applying for employment pass, you will need our local director service on a temporary basis. Once your employment pass is approved and you have local residential address, you will be able to take over as the local director.
- We will appoint one of our team members as the local director for your company
- The service is offered for statutory compliance only. The local director will not be involved in any management, financial, or operational matters of the company. You must appoint one or more other individuals (who can be foreign individual(s) including yourself) as the executive directors who will be responsible for running the company.
- In addition to our local director fee, we also collect a refundable security deposit for the provision of our local director service. The security deposit is collected to safeguard the interests of local director.
- You can ask our local director to resign at any time by identifying another person who will be acting as the local director. We will refund the security deposit within 5 working days after the change has been affected with ACRA.
- You are required to engage our Registered Address, Accounting & Corporate Tax Filing service unless otherwise approved by our compliance team.
- You are required to provide copies of your company's bank and financial statements on a monthly basis.
- The bank account must be with a bank that's on our list of approved banks (OCBC, UOB, DBS, Citibank, HSBC). Click here for more information.
- The annual turnover of the company exceeds S$1 million.
- The company has external debt.
- The company has a bank account with a bank that is not on our list of approved banks.
Resident Director Role at a Glance
|Who acts as the executive director(s) of the company i.e. who runs the company?||Client|
|Who acts as the bank signatory?||Client|
|Who signs contractual and financial documents of the company?||Client|
|Who acts as the shareholder of the company?||Client|
|Is local director involved in any matters of the company except to satisfy the statutory local director requirement?||No|
|Can the local director review and scrutinize the bank and financial statements of the company?||Yes, to fulfill his/her fiduciary duties|