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What Is the Minimum/Maximum Number of Directors for a Singapore Company?
What Is the Minimum/Maximum Number of Directors for a Singapore Company?
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Can Employment Pass Holder become Director of a Singapore Company?
Among all the stakeholders of a Singapore company, the local director is considered the most essential as this role governs the company’s direction. A local director also ensures that the company is in compliance with Singapore laws. These are just one of the many responsibilities that a local director is tasked to do.
While company owners already know that a local director is a requirement upon company incorporation in Singapore, the exact number of local directors that they must appoint remains unclear to them. This is what we are going to resolve in this article.
What Are the Legal Requirements of Appointing a Local Director?
The Singapore Companies Act states that a Singapore company must appoint at least one local director. The law also mandates that the local director must be:
What Is an Ordinarily Resident?
An ordinarily resident of Singapore is a person who is a Singapore citizen or permanent resident or Entrepreneur Pass (EntrePass), Dependent Pass (with Letter of Consent), or Employment Pass (EP) holder. However, EP holders must acquire a Letter of Consent (LOC) from the Ministry of Manpower (MOM) first before being eligible for the local directorship.
Business owners who struggle with finding a local director for their companies may seek help from us here at Epica Consulting Pte Ltd. We can provide you with a Nominee Director service to assist you in meeting this statutory requirement. If applicable, you may be appointed as the foreign director.
Is there any minimum / maximum number of Directors?
To answer the question, the Singapore Companies Act does not mention a minimum or maximum number of directors for Singapore companies. Nevertheless, since the act has mentioned to appoint at least one director, the minimum requirement for the role technically becomes one. On the other hand, the maximum number of directors is typically indicated in the company constitution.
If the company has only one director, then he or she cannot take the role of a company secretary.
A Wrap-up
A local director must be a Singapore resident, while there are no specific obligations for the other directors.In practice, if you are incorporating a company and you happen to be a Singapore permanent resident or citizen, you will be appointed as the company’s sole director. You can also appoint your friends or business partners, who are also residing in Singapore, as directors. Moreover, you can choose an employee from the company as the local director, but this option is not required.
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