The company secretary Singapore personnel serves as the conscience of your company. The most thrilling aspect of becoming a company secretary is the organization’s centrality. You never become bored; you are always learning and growing. The company secretary will work so closely with the board of directors, you are relied upon for guidance and support on a daily basis.
You may be dealing with the facilities manager or catering staff in the morning, the sales or finance director in the afternoon, and the chairman may have placed a call to you before you close. As a company secretary Singapore personnel, you will have the ability to serve at the executive level. For any organization, from a small trust fund to a large multinational corporation, the position is very difficult to describe due to the wide range of responsibilities involved.
If you start business in Singapore as a private company, you are not required to have a company secretary Singapore personnel but can choose to do so. International companies, on the other hand, are expected to have a company secretary. If you start a business in Singapore with foreign directors you would need the services of a competent company secretary to incorporate the company and file the foreign directors’ appointment.
A company secretary Singapore professional is one of the incorporation criteria in Singapore. Additionally, the secretary should be a Singapore native. The secretary serves as the company’s enforcement officer. However, can anyone be named secretary of your business? Continue reading to learn what you need to know about the company secretary for Singapore-based businesses.
A company secretary required for any business
If you start business in Singapore, you are required to have a company secretary. According to the Act, every company must have at least one secretary who resides in Singapore as his principal or sole residence. Additionally, he should not be barred from serving as a company’s secretary under section 155B. In Singapore, the company secretary is responsible for ensuring that the company complies with all applicable laws and regulations. Additionally, the company’s directors must take all appropriate precautions before recruiting the corporate’s secretary. It entails ensuring that each secretary of the organization is competent in their respective fields.
The role of a company secretary
A company secretary Singapore personnel has a variety of functions and responsibilities in relation to different stakeholders, including the following:
1. They are responsible for ensuring that all applicable statutory requirements, such as filing annual reports or using XBRL, are met. Additionally, they ensure that the company’s commercial interests are always secured and that the company adheres to sound corporate governance practices
2. He or she advises the directors on regulatory issues such as which corporate activities require board approval and which require shareholder approval.
3. Company secretaries are expected to advise on necessary contact with the company’s shareholders in order to ensure that the company act’s requirements are met.
4. Secretaries will issue appropriate notifications and distribute financial statements on a timely basis in compliance with applicable laws. Through this, it will ensure that shareholders are always prepared to engage in decision-making at every company’s meeting.
Consider these top four responsibilities of a business secretary
In Singapore, corporate law vests the secretary of the company with these responsibilities. A business secretary’s primary duties and managerial and legislative functions are as follows.
#1 Meetings of the board and general meetings
The company secretary is responsible for writing meeting minutes and resolutions and facilitating the company’s decision-making process. The corporate secretary also organizes general meetings, which must adhere to the company’s constitution and Act.
#2 Statutory conformity with ACRA
The company secretary is responsible for timely filing of the company’s annual accounts. It also part of their duty to maintaine all necessary registers when you start business in Singapore. A company is required to maintain a variety of registers, including the Register of Members and the Register of Directors. Additionally, they will assist in filing notices of share changes, resignations or dismissal of auditors, amendments to the company’s constitution, change of address, or any other regulatory obligation imposed by ACRA.
#3 Acquisitions and dispositions
A company secretary contributes to the protection of the company’s interests by ensuring the validity of all documents when you start business in Singapore. Additionally, she ensures that due diligence disclosures allow for adequate commercial assessment prior to the transaction’s completion. Additionally, she works as a core member of the company’s team responsible for corporate disposals and acquisitions.
#4 Constitution of a company
When a company in Singapore is previously incorporated, it will have two documents defining how the company will conduct business and make decisions, referred to as the Memorandum & Articles of Association (M&AA). However, following a recent amendment to the Company’s Act, the M&AA has been consolidated into a single document dubbed the Constitution. The business secretary will advise directors on their compliance with the Company’s Constitution.
What are the requirements for being a company secretary?
The company’s directors designate and compensate the company clerk. However, directors must adhere to certain requirements when naming the secretary in accordance with section 171 of the Company Act.
Is someone qualified to serve as a director and company secretary?
Yes, you will serve as director and corporate secretary concurrently, provided you meet the requirements of being physically present at the company’s registered address. However, if the company only has one director, the sole director cannot also serve as the company secretary.
Appointing a corporate secretary is a critical move in incorporating a business in Singapore. The directors of a corporation are responsible for ensuring that the corporation complies with applicable laws. They will ensure that this work is carried out properly by selecting the appropriate corporate secretary.
If a business incorporates through the services of a professional services firm, that firm often appoints one of its employees as the Company Secretary. As a result, it is even more important that you choose a reliable corporate service like WLP Group to handle your initial incorporation. Visit our website today for more information.