Can i be nominee director for more than 1 company
The answer is YES for before and NOT SURE for future .
With recent number of money laundering case, all involved with nominee director services, and this rise the consent that business vehicle been used as money laundering tools.
Jail for 2 nominee directors whose shell companies laundered almost $20m in scam profits
Grab driver who was director of 46 companies fined $28k after failing to supervise them
Director of 186 firms fined after one company was used to launder US$2.36 million in scam proceeds
Is a standard requirement for all Singapore registered company to have at least 1 local resident director and this create new business opportunities by providing Nominee director services.
With such “job opportunities” Singaporean or PR will keen to grad the chance and they may include :
**someone who at old golden age
**someone who is housewife
And most of them have no knowledge in compliance matter
Some of them ever hold nominee directorship for more than 1 company and become their major income.
Please bear in mind that nominee director carry the same responsible as director. There is NO EXCUSE to said that i just acting as nominee director, never involved in management, Why i received court summon ?
Authority will implement new regulation for the nominee director services example it may only allowed lawyer to be appointed .
Why nominee director role so important ?
To register Pte ltd company in Singapore, you must appoint at least 1 local resident director who must be Singaporean or Singapore PR.
And market practise is some of the comapny secretary firm provide nominee director services to comply with the law .
As the following case, someone who are jobless and willing to take risk with such easy money at the end sentence for jail .
Most of the appointed nominee director think that just acting as nominee never involved in management is SAFE .
Please note that in ACRA term, there is no different between nominee and actual director, both carry same legal responsibilities in maintainance legal responsible of the comapny .
What should Nominee Director do ?
Beside all the compliance matters with authorities (IRAS and ACRA ) , as nominee director you should aware other regulation outside companies act such as :
- Anti money laundering Act
- Combating financing terorrisum act
- Food healthy act
What was happen :
👉 185 company is using nominee director services and some of the company linked to money laundering activities
It rise high alert in business compliance world.
New regulation may be apply on 2024 , some of the measurement may include :
limitation number being appointed as nominee director OR only qualified accountant / lawyer allowed to provide nomination services.
Will there be any impact on Singapore busienss hub ?
Recently ,Money laundering and all type of scam case become big threats in Singapore .
However by limit number of nominee director services does not means all criminal records will solved. There are still a lot loophole out there example digital payment may become 1 of the tools .