{"id":1311,"date":"2022-05-30T18:04:00","date_gmt":"2022-05-30T10:04:00","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=1311"},"modified":"2022-07-06T12:27:46","modified_gmt":"2022-07-06T04:27:46","slug":"register-of-nominee-directors-rond","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/register-of-nominee-directors-rond\/","title":{"rendered":"Register of Nominee Directors (ROND)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1311\" class=\"elementor elementor-1311\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14ea1614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14ea1614\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280712e8\" data-id=\"280712e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10583e9 elementor-widget elementor-widget-text-editor\" data-id=\"10583e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Following our previous article on Register of Registrable Controllers (RORC), in this issue, we shall highlight another register that came into effect on 31 March 2017 as part of changes to the Companies Act \u2013 the Register of Nominee Directors (ROND).<\/p><p>When foreign business owners come to Singapore to start businesses, many do so without being physically present in Singapore to run their businesses. As they are not in the country, coupled with the requirement that at least one director be locally resident in Singapore, many business owners engage nominee directors (NDs) to act in their stead. While many foreign business owners engage NDs, local business owners may also appoint NDs for various reasons.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f7f1df elementor-widget elementor-widget-spacer\" data-id=\"4f7f1df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-003eadd elementor-widget elementor-widget-heading\" data-id=\"003eadd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Who is a nominee director?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d9254f elementor-widget elementor-widget-text-editor\" data-id=\"5d9254f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Generally speaking, NDs are obligated to act according to the instructions of their nominators, typically the controllers of the company (you may find out more about controllers <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/register-of-registrable-controllers-rorc\/\">here<\/a>). Thus, while they are legal officers of the company, NDs tend to have no material control of its operations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b29bb3f elementor-widget elementor-widget-heading\" data-id=\"b29bb3f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What is ROND?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68aceb2 elementor-widget elementor-widget-text-editor\" data-id=\"68aceb2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Under the Company&#8217;s act, a nominee director must inform the company of his appointment as an ND within 30 days (including those who became nominee directors at incorporation). In addition, the ND must provide the particulars of his nominator(s), which is to be kept in the ROND at the entity&#8217;s registered address or the address of the entity&#8217;s Registered Filing Agent (RFA).<\/p><p>The ROND contains the particulars of nominators of NDs. Like the <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/register-of-registrable-controllers-rorc\/\">RORC<\/a>, the requirement for maintaining ROND is to ensure accurate and transparent information on beneficial ownership and control of entities, which would also comply with the requirements of Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.<\/p><p>All companies must also input all historical records, including particulars of previous NDs and the date they ceased to be NDs. The date on which an individual or legal entity becomes\/ceases to be a nominator should be the actual date that the person becomes\/ceases to be a nominator of a ND, which has to be on or after 31 March 2017 as the law commenced on that date.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e2b567 elementor-widget elementor-widget-heading\" data-id=\"2e2b567\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What should an ND do?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22e8290 elementor-widget elementor-widget-text-editor\" data-id=\"22e8290\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Provide information of particulars of the ND&#8217;s nominator to the entity<\/li><li>Update the entity if there are any changes to the particulars of the ND&#8217;s nominator<\/li><li>Inform the entity once he ceases to be an ND<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4c7552 elementor-widget elementor-widget-heading\" data-id=\"f4c7552\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Who can see information in ROND?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4f7779 elementor-widget elementor-widget-text-editor\" data-id=\"a4f7779\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Only the Registrar of Companies, ACRA officers or public agencies and their officers are allowed access to the ROND.<\/li><li>Requests for access are usually only required in the course of investigating possible offences by government agencies.<\/li><li>Officers of the company (directors and company secretaries) are also allowed access to ROND.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a70118c elementor-widget elementor-widget-text-editor\" data-id=\"a70118c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Shareholders, auditors and the public are not entitled to access information in the ROND.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc868a8 elementor-widget elementor-widget-heading\" data-id=\"bc868a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Updating of ROND<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0672196 elementor-widget elementor-widget-text-editor\" data-id=\"0672196\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>NDs must inform the company of any changes in the particulars of their nominator(s) or their cessation of being an ND within 7 days. For foreign companies, the deadline to update their Register of Members is within 30 days. Directors that fail to inform the company of these changes may result in a fine not exceeding S$5,000 on the company and\/or its officers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d72eab8 elementor-widget elementor-widget-heading\" data-id=\"d72eab8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Who can set up ROND for companies? \n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de44e7f elementor-widget elementor-widget-text-editor\" data-id=\"de44e7f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Company officers and appointed RFAs are allowed to make changes to the ROND. RFAs are generally companies that provide <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/incorporation-services\/nominee-director-services\/\">nominee director services<\/a> and <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/corporate-secretarial-services\/\">corporate secretarial services<\/a>. Companies may appoint RFAs to assist them in setting up and maintaining their ROND if they are unsure how to do so.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ede61d elementor-widget elementor-widget-spacer\" data-id=\"2ede61d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a9ee7e3 elementor-widget elementor-widget-html\" data-id=\"7a9ee7e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"text-center tab-contact-btn\"> <a class=\"default-btn red\" href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/contact-us\/\">Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f983722 elementor-widget elementor-widget-spacer\" data-id=\"6f983722\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Following our previous article&#8230; <\/p>\n","protected":false},"author":10,"featured_media":1312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ongoing-compliance-for-singapore-companies","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=1311"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/1312"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=1311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=1311"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=1311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}