Asiabizservices Discusses On the Duties and Responsibilities Of a Company Director
A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.
by Xylee Hobson Monday, December 13, 2010
Directors may number from 1 up to 50 in a private limited company and 20 in an exempt private limited. Among the company directors, there shall be 1 appointed as the resident director that acts as the head. To be appointed as such, the director must be a local or a permanent resident. Should a foreigner desire to be the resident director, a Singapore employment pass is necessary.
Asiabizservices is a company established in Singapore to provide complete corporate and accounting services necessary in registering and running a business. Represented by its leading consultant, Asiabizservices cites the responsibilities of a company director.
“They have fiduciary obligation which they should carry out with honesty and in good faith,” Asiabizservices says, “in a circumstance when a director is confronted with a conflict of interests, the board of directors must be notified and sought for approval,” through a board meeting.
In compliance with statutory requirements, directors are expected to maintain statutory books such as a register of its members and a book of minutes of the meetings. There shall be a separate book for the minutes of the meetings held among directors and meetings conducted among shareholders. Only the minutes of the shareholder’s meetings can be subject for inspection by the company members.
Any changes in statutory information should be forwarded to the Registry of Companies and Businesses on prescribed forms within the period specified by the Companies Act. Moreover, Asiabizservices emphasizes that directors must also file with the Registry of Companies and Businesses an annual return and a copy of audited accounts of the company.
“Unless the company is an exempt private, it shall file the audited accounts within 1 month from the date of the Annual General Meeting of the company.” As for exempt private company, its directors should issue a certificate stating that it is solvent and capable of fulfilling its liabilities as they due and the audited accounts have been presented before the members during its Annual General Meeting.
It is also the duty of every director to keep and maintain the company’s accounting books containing all receipts, records of payments, and details of purchases and sales. Information on the assets and liabilities and annual stocktaking—if applicable—must be included in the accounting records.
“Each year, annual accounts are prepared to convey a fair view of the company’s affairs,” Han continues elaborating, “the accounts contain a balance sheet of the profits and losses with notes by the directors.”
With the exception of an exempt private, an auditor or group of auditors is appointed by the company within 3 months from its incorporation. The auditors, according to Han shall hold office until the conclusion of the first Annual General Meeting. During that meeting, they may be reappointed.
About the publisher:
Since its inception, Asiabizservices assists foreign entrepreneurs establish a company in Singapore. Among its specializations are corporate services, accounting services and nominee services.
Asiabizservices does not waver in its goal to establish its reputation in the industry by helping investors register a company in Singapore. Such efforts pay off as the company is among the prestigious corporate solutions providers in Singapore.
Among its specializations are singapore company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, and accounting services including payroll preparation.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company.
Asiabizservices also provides a nominee director service for foreign investors seeking for business expansion or opportunity exploration but cannot find a trusted individual to occupy the resident director. The nominee director service may be temporary until the investor has found the qualified resident director or may be for a long-term basis.
For more information:
address: 120 Telok Ayer Street Singapore 068589
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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