What is director role in today business world
Who is Director ?
In Singapore all registered Pte Ltd Company must have at least 1 local resident director who must be Singaporean , Singapore PR or Employment Pass holder.
Company director role had been eloving with time.
To deal with the fast changes in business landscape , tighten regulation was introduced .
Based on ACRA records, a lot company was incorporated and “Been Dump aside” . To cure this issue, relevant companies will be force to struck off by ACRA. Kindly click here for the list of company to be strike off by ACRA
For Director who has at least 3 companies struck off by ACRA within 5 years, will be disqualified from acting as director OR to take part in the management of any other company for 5 years with effect from the stuck off date of 3rd Company.
In the ACRA ‘s eyes there is no different between nominee director or sleeping director .As long as you are appointed Company Director, you bear duties to comply with Companies Act requirement.
Not sure what requirement need to meet ? Please join Director Compliance Course conducted by ACRA .
New challenge Role
The most challenge task being appointed Director is how to combat Money Laundering activities ?
Company Director should be the core gate keeper in this role because they are the one who meet the business associate, signed contract and effect the business transaction .
Before Business Engagement
Before engage business relationship, measurement must be take to check on their backgroup. For example where they come from ? any business relationship with high risk country ? any ” hidden control person “? any high risk business activities ?
With the help of technologies, is easy to check backgroup of your business associate.
Public can check on MAS website for Anti Money laundering guideline
During Business Transaction
Singapore registered Company carry good reputation in business world .And due to that it been used as money laundering activities tools as well, Kindly click the following link
If you engaged Company with suspisous activities : dormant company but with hugh amount of in – out fund, business activities was different from ACRA records, numbers of different currency bank account opened which does not required by Company activities etc, please report to authorities .
Another scenario is company with complex structure .
You may contract with entity A but at the end was instructed to issue invoice to entity B.
Implementation of New Regulation
Register registrable Controller was introduced. The reason behind is to disclose who are the control person behind the screen . This will help our business world more transparency and it further boost and maintain our strong reputation as clean business hub.
ACRA also imposed higher penalties amount from S$60 to S$300 per section. Please click here for more detail
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