SINGAPORE - The number of nominee directorships that an individual can hold may soon be limited, as part of a review to ensure Singapore’s corporate regulatory environment remains robust.
They must also appoint at least one director who is living in Singapore. He can be a citizen, permanent resident, or entrepreneur pass or employment pass holder. Dr Ang Ser-Keng, the principal lecturer of finance at Singapore Management University’s business school, said multiple directorships can be a boon or bane.
Mr Raymond Lam, chairman of the Chartered Secretaries Institute of Singapore, said the CSP landscape and money laundering trends are constantly evolving, which means the industry needs to be agile and nimble to cope with these changes. Mr Yoo said that as Singapore welcomes more businesses, regulators recognise that there is a need to strengthen the regulatory and enforcement framework to manage anti-money laundering checks.Among other things, it will propose additional measures for CSPs, including restrictions on the number of roles an individual can hold.
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