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Singapore law obliges every company to appoint a corporate secretary no later than 6 months from the date of registration. Corporate secretaries play a critical role in the company’s communications with all government and regulatory authorities.
Your corporate secretary will help your company comply with the legal requirements of the Singapore authorities, Accounting and Corporate Regulatory Authority, and Inland Revenue Authority of Singapore.
The company that provides you with corporate secretary services must be reliable.
Incorporate Business Online prepared a list of company secretary firms in Singapore.
The company secretary in Singapore assists the director and ensures that the organization complies with all laws and regulations, and is also responsible for recording the results of all meetings with the participation of the company director.
Every company in Singapore is required to hire a secretary within six months of incorporation. Just like a director, a company secretary in Singapore must be a resident of the country. The only difference is that even a person with an S-pass visa can be accepted as a secretary, which is unacceptable in the case of a company director.
The company secretary services in Singapore include:
In addition, the Accounting and Companies Regulatory Authority (ACRA) imposes certain duties on the company secretary in Singapore that include:
It is also noteworthy that the company secretary in Singapore is empowered to sign company documents and formal procedures. The secretary, together with the director, may be required to draw up official documents bearing a common seal. Sometimes auditors, as part of the annual mandatory audit, may ask the secretary to certify the company’s record book.
Toay, you can find a lot of firms that provide company secretarial services in Singapore. That’s why Incorporate Business Online has prepared a list of company secretary firms so you would have a less headache in finding the service provider that will help you with your operating processes and secretary needs.
Within six months of registering a company in Singapore, at least one company secretary must be appointed, which may be an individual with permanent residence in Singapore. It must be a qualified secretary who has served as company secretary for at least three years in the last 5 years before appointment. At the time of appointment, the secretary must submit to the Registry an application for consent to act as secretary. Moreover, if there is only one director in the company, he cannot simultaneously act as a secretary.
The corporate secretary performs a variety of tasks, from resolving routine administrative issues to drafting agendas and minutes for Board meetings.
Among the key functions of the secretary are:
The secretary in a Singapore company is an officer who is responsible for the effective internal management of the company. Particularly, monitoring compliance with all legal and regulatory requirements and ensuring that the decisions of the Board of Directors of the Company are properly implemented.
It is the duty of the secretary to make sure that the company and its owners operate within the law. In addition, corporate secretaries are responsible for communicating with shareholders to ensure that dividends are paid in the proper amount and time, maintaining company records, filing annual reports with IRAS and ACRA, drafting resolutions, and recording board decisions. Also, the secretary’s duty is to organize proper storage of all official documents of the company (reports on issued shares, minutes of all meetings of the board of directors) and the official Seal of the Company.
The corporate secretary of your company solves all administrative issues and tasks related to compliance with the requirements and norms of the law. Failure to comply with legal requirements can lead to serious consequences for the company, so it is important that your corporate secretary has the necessary licenses, skills, and technical capabilities to perform these functions.