Updated: May 3
Residential status required for directorship under Companies Act
Under the Companies Act 2016, section 196(4) provides the requirement for a director that he must ordinarily reside in Malaysia by having a principal place of residence in Malaysia. This requirement is applicable to the minimum number of directors (in the case of a private company, at least one. In the case of a public company, at least two).
A "nominee" director is not involved in the operation and the management of a company.
No matter whether you are a nominee director or not, no personal financial liability for the company’s debts has to be borne by you. However, a nominee director has the same duty to the company as a “real” director does.
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