Resident and Nominee Director Services for Foreign Subsidiary Company
December 3, 2020
Companies Act, 2013 provides that every Company shall have at least one director who has stayed in India for a total period of at least 182 days in the previous calendar year. This Section 149(3) is applicable w.e.f 01-April-2014.
We nominate Director in order to comply with the requirement of Resident Director. Professionalism is the key factor when finding a right nominee. You need to appoint professional firm with expertise and dedicated in handling your compliance matters.
A nominee is also required to sign important corporate documents pertaining to Annual General Meeting and other important docs required by the law.
TERMS & RESPONSIBILITIES OF RESIDENT DIRECTOR:
- Please note that a Resident Director has the same responsibilities as any other director. Therefore providing a nominee director for your company imposes certain responsibilities on you as well as on us and we would like to highlight the terms of our nominee director service as below.
- We will appoint one of our team members as the Resident director for your company.
- The service is offered for statutory compliance only. The Residentdirector will not be involved in any management, financial, or operational matters of the company. You must appoint one or more other individuals (who can be foreign individual(s) including yourself) as the executive directors who will be responsible for running the company.
- Adequate cover by way of Directors and Officers Liability insurance policy is a pre-requisite.
- You can ask our nominee director to resign at any time by identifying another person who will be acting as the local director.
- You must have a robust system to comply with the law of the land. You may subscribe to our annual compliance and maintenance of statutory records services.
- Our Nominee Director fees and fees for Annual Compliance services shall be provided upon request.