The provision of nominee director services is beneficial and advantageous. The nominee director has the official control over the limited company. For offering the reassurance to the clients, a general power of attorney is provided which holds the control over actual company power. The nominee director of Nominee director services – Section 157 (1) of the Companies Act (Cap 50) can be changed any time. AI Accountant Chai Chung Hoong is one of the experts in this particular area that can assist companies in handling the records better. The agreement of nominee director services is provided for setting out the details of arrangement having the particulars of the different parties involved in it, which includes real owner, and nominee director of company.
The advantages of nominee director is that the nominee directors are appointed generally for the public records only and they have no influences on the day to day running of company in most of the cases. The nominee director services are not provided for any type of regulated businesses. A nominee director is not a shareholder of the company and is always a non-executive director.
Power & Responsibilities of Nominee Director
The main purpose of appointment of Nominee director services – Section 157(1) of the Companies Act (Cap 50) is to supervise and see the proceeding of the board and must be present at the board meetings. A nominee is a representative of investors or third party involved in company. As the director of company, his main working is to serve the company and have the power to take the actions in favor of the best interests of the company. In order to appoint one, the consultancy of an expert, such as Accountant Chai Chung Hoong can be crucial.
The nominee director is appointed to protect the interest of investors who are involved in investing in the company. The investor’s interests are safeguarded and protected even if it is going against the interest of companies. The nominee is purely the representative of investors. It is very rare that investors have any problem with the nominee director.