Nominee Director

2 days ago

Remote, Singapore Bestar Full time

**What is the role of a nominee director?**

A person appointed as a director of a company for the purpose of compliance with the requirement that every company registered in Singapore must have at least one director who is ordinarily a resident in Singapore would generally fall within the definition of a director who is a nominee.

A director is a nominee if the director is accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of any other person. The obligation to act in accordance with the directions, instructions or wishes of any other person may arise from legal obligations (e.g. contract; trust) or informal arrangements.

For example, a director is a nominee of a person with a shareholding in a company if he is appointed by that person to the board of directors of the company and he acts in accordance with the directions, instructions or wishes of that person. This obligation may arise from legal obligations (e.g. contract, trust) or informal arrangements.

If you are appointed a resident director to help clients meet the legal requirement, you and the companies you are appointed to may have an increased risk of being misused to facilitate money laundering (ML), terrorism financing (TF) and proliferation financing (PF). As such, it is imperative that you exercise reasonable card and take adequate steps to meet and discharge your obligations under the law as directors.

**Compliance Review**

Nominee directors are required to comply with the anti-money laundering and counter terrorism financing requirements. To ensure this, appointed nominee directors should perform compliance reviews on customers.

The compliance review undertaken by the nominee director will include the following areas:

- general information about the customer’s business activities, and overall assessment of its money laundering and terrorism financing risks;
- the customer due diligence and enhanced customer due diligence;
- the obtaining of beneficial ownership information; and
- suspicious transaction reporting.

If you wish to better understand your statutory duties and responsibilities under the CA, you may wish to sign up for ACRA's complimentary online Directors' Training Programme.

Bestar provides nominee resident director and branch’s resident agent service by our external working panels to help clients meet the legal requirement for a company and branch to have a resident director and agent. If you would like to know more, please contact us.

**Job Types**: Full-time, Permanent

**Salary**: From $13,374.12 per year

**Benefits**:

- Professional development

Schedule:

- Flexible hours

Work Location: Remote

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