Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form
IR8A Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)
Notice of Assessment (NOA)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
SingPass
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Nominee Director

A nominee director is a resident of Singapore (Citizen or PR) appointed to act as the resident director of a company. As per the Companies Act, Chapter 50, every company incorporated in Singapore should have at least one resident director at all times. Companies incorporated by foreigners who do not reside in Singapore need to hire a nominee director to comply with the government regulations. Every company is required to maintain a register of nominee directors containing their details like name, residential address, passport/NRIC, and appointment date. If the nominee is appointed through a service provider, the register should include the particulars of the legal entity like their name, office address, UEN (if any), form of the entity, jurisdiction, and statute under which the legal entity is formed, and the date of appointment. This register is to be kept confidential. Only ACRA and public agencies like IRAS, the Singapore Police Force, and the Corrupt Practices Investigation Bureau can gain access to this register along with all the supporting documents.

Who can be a Nominee Director?

While the company is still being incorporated, only Singapore citizen, PR, or EntrePass holders can become a nominee director. After the company is incorporated, an Employee Pass (EP) holder can also be appointed as a director of a Singapore company.

Responsibilities of a Nominee Director

The nominee director usually does not participate in the running of the business but is responsible for the annual compliance of the company as he is also an officer of the company. They do not take part in the day-to-day management as well as the financial and operational matters of the company. These tasks are managed by executive directors.

How to Appoint a Nominee Director?

A company can appoint a nominee director through a service provider. It could either be for a short-term or annual basis. And when the company has employees who are Singapore residents, they can appoint them as the local resident director. In such a case, then the services of a nominee director would be ceased.