Singapore is a country well-known for everything, whether it’s business or any other industry. Singapore is in the middle of East Asia and is a hub for many businesses. For setting up your company, it’s a Singapore law to appoint a company secretary or hire a corporate secretary within six months of incorporation. Corporate secretarial services in Singapore are mandatory for the company to run smoothly. The corporate secretary fulfills all the duties of the company under the Singapore Company Act. They must be well aware of the rules and regulations of Singapore so that your company is running fully under the set of rules. They take over all the duties of the company, including communications with the board and shareholders.
If you are unaware of the services and responsibilities of a corporate secretary, then here you go!
Why is it mandatory to appoint a company secretary?
All private limited companies need to appoint a corporate secretary within six months of incorporation of the company. If this does not happen, the company will have to face penalties. It’s crucial to appoint someone as a corporate secretary because not everyone is trustworthy to work as a corporate secretary. There are some standard rules for a person to be eligible as a corporate secretary:
- The person must be over 18 years old.
- The person must be a Singaporean national.
- The person must be qualified and experienced in the field.
- The person must be familiar with the Singapore Companies Act.
- A director can become a corporate secretary if he is not the company’s only director.
What are the duties and responsibilities of a corporate secretary?
The corporate secretary must be well-trained to fulfill the following set of responsibilities:
- Obedience to the law:
It’s the prime duty of the corporate secretary to fulfill his duties by the Singapore Companies Act. The secretary must ensure that the company is working with all the rules and regulations according to Singapore’s Companies Act 2006.
- Relation with shareholders:
If you want to communicate with your shareholders, the corporate secretary must arrange your meeting with them. The corporate secretary represents your company as a whole. They are also responsible for spreading announcements to shareholders and all the related information, such as dividends, registration, and transfer of shares.
- Informing about any company updates:
It is part of the corporate secretarial services in Singapore to ensure that the company’s address is the same everywhere, in business stationery, website, emails, and other areas. If there are any changes in the company’s address, the corporate secretary must correct them and notify the company.
- Maintenance of statutory books:
The corporate secretary must keep and maintain the company’s statutory books, which are a register of charges, register of members, register of substantial shareholders, etc.
- Filing of statutory forms:
The corporate secretary must be aware of filing all forms and returns before the deadline. It complies with filing for allotment of shares return, the notification of appointment, or resignation of a director, etc.
- Saving company seal and documents:
The corporate secretary must keep all the private documents safe and secure. These documents include certification of incorporation, constitution, share certificates, and director service contracts.
- Arrange all types of board meetings:
Apart from communicating with shareholders, corporate secretarial services in Singapore include the board meeting preparations. With this, they have to prepare the purpose of the meeting and the director’s tenacity. Meanwhile, the corporate secretary will distribute the company’s financial report and record the details of the meeting.
- Handling projects with consistency, accuracy, and timeliness:
The corporate secretary must conduct all administrative tasks timely, accurately, and consistently. When you have hired a corporate secretary, you can be least bothered about your document submissions. The corporate secretary eliminates the risk of errors and non-compliance with the deadline of Singaporean policies.
- Trustworthy and reliable:
The corporate secretary you hire must be trustworthy and reliable because you are handing all your company details to them. They are representing your company and know well about your company. Hiring a corporate secretary means you are free from administrative issues. Your secretary is taking care of your company. You must hire the right fit for your business needs. The secretary can advise you at some stages of business when you need them. The honest company secretary will guide you the right way.
According to ACRA, if the company hires a non-dedicated and non-reliable person as their company secretary, the company will face terrible issues. They can be:
- The company fails to create a business purpose.
- The company fails to validate a significant business step.
- The company will fail to register its name and address.
- The company will fail to notify the Registrar of any changes made.
- Records will not be managed.
- Incorrect year-end reports.
- Non-compliance to the Companies Act.
- The shareholders will fail to keep interest in the company.
- Failure to represent the Annual Return of the company before the date of the Annual General Meeting.
- Fail to notify the Registrar about the changes in directors, managers, corporate secretaries, auditors, registered official addresses, etc.
Winding up:
Before hiring a corporate secretary, you must be cautious of all the corporate secretarial services in Singapore. For hiring a reliable company secretary, you must come to Shane Goh and Associates, who are well-experienced with the Singapore Companies Act. They know how eager you are to hire a qualified and competitive company secretary. Their team is the best to provide you with expert services. They will not only provide you with expert services, but they are also cost-effective.
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