A company cannot survive if it just has itself. It has officers and directors to govern and manage the Company's business. A director is responsible for managing the affairs of the Company and setting the strategic direction of the Company. A director is required under the Companies Act to ensure accurate and timely record keeping, prepare financial statements and comply with statutory filings. The director also has the legal duty to advance the interests of the Company, act honestly and in good faith in exercising the given powers.
Director's Requirement
The Singapore Companies Act requires that a company to appoint at least one director. In most cases, the maximum number of directors will be specified in the Articles of Incorporation of the Company. In addition, at least one company's director must be either a Singapore citizen, Singapore permanent resident, EntrePass or employment pass (EP) holder. To qualify as a director, an individual must be at least 18 years old and not barred from doing so by applicable laws.
The following are examples of situations in which a person might be ineligible to serve on the board of directors
- Being an undischarged bankrupt.
- By order of the Court
- Company being wound up for reasons of national security or interest
- A criminal record includes one or more convictions for offenses that entail dishonesty or fraud.
- Being found guilty of three or more filing related offences under the Companies Act within a period of five years
- Having at least three orders from High Court within a period of 5 years made against him compelling compliance with the relevant requirements of the Act
- Having 3 or more of his companies struck off the register by ACRA within a period of 5 years under section 344.
Director's Responsibility
- maintain a system of internal accounting controls, keep proper accounting and other records, and prepare the financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act and Singapore Financial Reporting Standards
- holding of the Company’s Annual General Meeting within 6 months after financial year end for private companies and within 4 months after financial year end for public companies
- filing of Annual Return within 7 months after financial year end for private companies and within 5 months after financial year end for public companies
Our company is equipped with some of the most experienced and well-equipped accountants and CAs. It means you have access to accurate accounting procedures and reports.