Choosing A Board Of Directors For A Singapore Company

By Author: Shayne Hughes
Total Articles: 108
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The private limited company (also called as corporation) is one of the most ideal business legal formations because it protects the personal assets of shareholders from business-related debts, liabilities, and bankruptcy. Incorporating a company in Singapore provides countless of benefits especially when it comes to tax incentives and protection for business debts, liabilities, and bankruptcy.

But to incorporate a company in Singapore, it is a requirement to hold an annual meeting, file an audited account every year to the government, and perform other corporate duties stated by the Singapore law.

But to setup a Singapore company, it is important to note that entrepreneurs are required to appoint at least one director who is a local resident or a holder of Employment Pass, Dependent Pass, Entrepass, or Dependent Pass. (Meanwhile, the country has no limit on the number of directors whether local or foreign.)

However, this qualification alone is not the end all and be all of choosing a director since the position requires great responsibility which will determine the success or failure of a business.

This ...
... is the step-by-step guide in choosing a board of directors for a Singapore Subsidiary Company:

1. Write down the characteristics of a great director that are relevant to an organization's need.

Every business organization has its own needs, goals, visions, and purposes. With this consideration, entrepreneurs should determine the characteristics of a good director that would provide benefits for the company.

For example, a company which provides IT solutions services should appoint directors who have a deep understanding with the Internet media and other related communication tools, have connections in the industry, and have an extensive experience handling an organization that operates in the Internet media.

2. Know the community.

Read the newspapers to know the shakers and movers who may be appointed as directors of a company.

Some entrepreneurs also use their connection to know who may be the most qualified as a board director for their companies.

3. Invite the potential directors to a company tour.

Invite the potential directors to a tour that will give them a bird's eye view on how a company operates and its every day dealings. By doing this, the potential directors and entrepreneurs can determine if they are a good match or not.

4. Talk to the potential directors

After the entrepreneurs have provided the potential directors with the company background, the next step is to invite them to a lunch or dinner where both of them can discuss things related to the business.

Rikvin.com is the leading Singapore business solutions provider that provides Singapore Subsidiary Company Setup, Incorporation and registration services. Rikvin has successfully helped thousands of foreign entrepreneurs who wish to form a Singapore company by securing their work visas using employment pass route once they have incorporated a Singapore Company.

Please visit http://www.rikvin.com/incorporation/setting-up-a-singapore-subsidiary-company/ for more help in choosing a board of directors for a Singapore company.