Here’s An Opinion On:
Responsibilities of Company Directors in Singapore
by
Bryan Wong
As far as the Government of Singapore is concerned, apart from being considered a country where doing business is easy and straightforward, it should also be considered as a place where companies practice the highest form of integrity. Singapore takes its image as a trust worthy nation extremely seriously. While it has set minimal ongoing compliance requirements for companies operating from Singapore, it ensures that all compliance requirements are strictly followed by all. Singapore is also known for having one of the highest accounting standards anywhere in the world. For this reason, managing director s in companies based in Singapore have added responsibilities to ensure their company always follow the code of conduct usually practiced in the country.
The main responsibilities of a company director in Singapore can be divided into the following:
1) Managerial Responsibilities towards the company: Of course for a director, their primary responsibility is towards the company. They must execute their managerial duties in an efficient manner and ensure the smooth operations of the Singapore Company. They must attend to any problems or issues immediately and look for the best rectification solutions. They must at all time work towards the interest of the company and not work for their personal gains which may be detrimental to the overall health of the Singapore based company. They must ensure that the company works to meet its goals and adhere to its mission as well as vision. The director is ultimately responsible for all activities of a Singapore Company.
2) Responsibility towards the Singapore Government: A director s responsibilities towards the Singapore government are in the form of ensuring the all ongoing compliance requirements are met by the company. The director has to ensure that proper books of accounts are maintained and the company returns are filed on time. They must also ensure that the company pays their tax obligations in a fair and truthful manner. Trying to hide company accounting matters or not disclosing the full profit can result in heavy fines as well as imprisonment for the company director.
3) Responsibilities towards the public: All company directors must ensure that the company is always truthful and fair in its dealings with the public. They must treat their customers with due respect and ensure the high quality of their product or service. They must ensure that the company always acts in a highly professionals manner and maintain the trustworthy image of Singapore based companies.
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about
Singapore company director
and
Singapore company registrar
.
Article Source:
ArticleRich.com