What are the obligations of a director?

Any person(s) who are willing to act as a director and provide advice on behalf of a company in Singapore, are obliged to abide by Singapore’s regulations. Failure to do so and you may be prosecuted by various agencies / ministries i.e. IRAS (GST/Taxes), MOM (Work Visas), CPF, ACRA (AGM/AR).

The director must give notice in writing to the company of his disqualification, if any. The company is then obliged to inform the registrar (ACRA) within ONE month regarding the director’s disqualification.

Failure to do so and the offence is punishable with a fine not exceeding SGD$15,000 or imprisonment for a term not exceeding 3 years and liable to a default penalty of SGD$1,000 per day if the offence continues after conviction.

Failure by a company to notify the registrar is punishable with a fine not exceeding SGD$5,000 and a default penalty of up to SGD$200 per day if the offence continues after conviction. It is also a serious offence for a disqualified person to continue acting as a director during his period of disqualification.