Responsibilities of a Company Secretary
The scope of work of corporate secretarial service is extensive. In general, they are relied upon to handle all corporate and legal matters efficiently. The company law in Singapore vests specific duties with the company secretary, which include administrative and statutory duties.
Filing and Upkeep of Statutory Registers
The company secretary oversees updating and maintaining the statutory registers such as any register of substantial shareholders, register of members, and register of charges which are
prescribed by the law. Necessary forms and returns such as the Annual Returns, share allotments, and notice of appointment or resignation of directors need to be filed within the specified time by the secretary too.
Safe Keep of Company Seal
The company secretary will have to make sure the company seal is always in safe custody and utilize it on documents whenever necessary.
Preparation of Notice and Agenda for Meetings
The company secretary is solely responsible for preparing the agenda for the Annual General Meetings (AGM) and board meetings as well as sending the notice of meetings to all board members and shareholders. Along with this, the secretary will need to facilitate the meetings and record the meeting minutes which is part of the company records.
Preparation of Accounts
The company secretary will need to make sure the accounts of the company are prepared as stipulated by the Company Law provisions. Not only that, but the secretary also must file these reports and statements with the Registrar.
Filing Requirements with ACRA (Accounting and Corporate Regulatory Authority)
Besides the annual compliances, the company secretary is also expected to file documents with the Accounting and Corporate Regulatory Authority (ACRA) in the following situations:
- Change of company’s registered office
- New appointment, resignation, or death of any directors
- Amendment to the Company Constitution
- Change of company’s name
- Changes in share capital
Apart from conforming to the company law requirements, the company secretary will need to carry out other duties too in the company which include:
- Ensure that the directors carry out their statutory duties on time
- Perform all functions relating to shareholders and debenture holders such as the issuance of share certificates, handling the transfer process, and making sure dividends are paid on time
- Manage all correspondence between shareholders and directors
- Ensure accountability and transparency in all functioning of the company
- Overlooks the administrative tasks in the company
Importance of a Company Secretary
A good company secretary will make sure that there are no breaches of rules and regulations, as not obeying the legal procedure will result in a hefty penalty for your company. An efficient secretary will ensure that your company achieves the set business goals and objectives. You will be faced with a vast number of challenges in maintaining the company, and if you want to focus on your business operations, a secretary will be able to handle all the other legal and compliance matters and ensure a smooth running of the company.