The Business Times
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Nominee directors may seek higher fees under new laws, pinching corporate service providers’ margins

‘Fit and proper’ candidates might charge higher rates and providers are likely to pass down costs to clients

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Megan Cheah

Megan Cheah

Published Fri, Jul 26, 2024 · 05:00 AM
    • From left: Justin Lim, partner and Singapore head of outsourcing at Forvis Mazars and One Tax CM’s managing director Lancaster Lee. Forvis Mazars and One Tax CM offer corporate secretarial services.
    • From left: Justin Lim, partner and Singapore head of outsourcing at Forvis Mazars and One Tax CM’s managing director Lancaster Lee. Forvis Mazars and One Tax CM offer corporate secretarial services. PHOTOS: FORVIS MAZARS, ONE TAX CM

    CORPORATE service providers who now have to find “fit and proper” individuals to act as nominee directors for companies are likely to face higher rates from these individuals, said industry observers and players.

    This is as errant corporate service providers will be facing higher penalties for breaching anti-money laundering laws passed in Parliament on Jul 2.

    Some amendments to the law are related to nominee directorships. For example, such directorships can be arranged only by a registered corporate service provider.

    Corporate service providersBoard of DirectorsACRA

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