Singapore Company Incorporation with Paul Hype Page
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It is a legal requirement for companies in Singapore to appoint a company secretary. A good and reliable secretary guides the company on business ethics as well as corporate governance. By choosing the right company secretary, it takes the burden off your shoulder and accelerates your business growth.

Ultimately, you have managed to muddle through all the processes for your company incorporation in Singapore, and your business is finally set up. The next thing you need is to appoint suitable and qualified staff to help you run the company. The foundation of any company is laid on 4 main pillars: directors, shareholders, auditors, and the company secretary.

A company secretary is mandatory for any public listed or private limited companies here which is a legal requirement under the Companies Act. Being a full-time business owner, it is rather a daunting task to look over all the accounting, administrative and legal matters. Hence, it is a practical choice to engage a corporate secretarial service and assist in handling your business effectively which covers all aspects from compilingfinancial reports to managing all legal compliance duties.

Appointment of a Company Secretary

Appointing a company secretary is a part of the legal compliance. As stipulated by ACRA (Accounting and Corporate Regulatory Authority), every company must hire a company secretary within 6 months after the date of incorporation. The company secretary will be the primary officer of the company who will oversee the various administrative and reporting responsibilities which a company must adhere. These statutory requirements are mandated by the law and include all filing of annual returns and board resolutions of the company.

Do note that if there is more than one director in the company, one of them can be appointed as the company secretary. But if there is only one director, then you will need to seek another individual to become the secretary.

One of the most important criteria to look at before appointing a company secretary is the eligibility. A qualified company secretary must be one of the following:

  1. Singapore citizen
  2. Permanent Resident

Based on the type of company, different requirements should be met in order to qualify as a company secretary.

Compared to a public listed company, the requirements are not as stringent for private limited companies. The Companies Act Section 171 is the primary section that sets down the guidelines for a company secretary. For the private limited company, as long as the individual is equipped with extensive knowledge on the legal functions and relevant experience to discharge the role of the company secretary, he or she is considered eligible.

As for public listed companies, a more qualified individual is needed and at least meet one of the following requirements:

  • have at least 3 to 5 years’ experience being a company secretary prior to the actual appointment.
  • a qualified person under the Legal Profession Act.
  • a public accountant as per the Accountants Act.
  • a member of the Singapore Institute of Certified Public Accountants.
  • a member of the Singapore Association of the Institute of Chartered Secretaries and Administrators.
  • a member of the local branch of Association of International Accountants.
  • a member of the Association of International Accountants within the country of Singapore
Company Secretarial Service in SG

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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:

  1. Change of company’s registered office
  2. New appointment, resignation, or death of any directors
  3. Amendment to the Company Constitution
  4. Change of company’s name
  5. Changes in share capital

Other Duties

Apart from conforming to the company law requirements, the company secretary will need to carry out other duties too in the company which include:

  1. Ensure that the directors carry out their statutory duties on time
  2. 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
  3. Manage all correspondence between shareholders and directors
  4. Ensure accountability and transparency in all functioning of the company
  5. 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.

Company Secretarial Services Singapore FAQs

Is the company secretary and corporate secretary the same?2021-01-04T12:51:13+08:00

No, although they are both secretaries, but they have entirely different responsibility. A corporate secretary manages all the administrative tasks of a company while a company secretary serves as a legal advisor for a company.

Where can I find reliable company secretarial services in Singapore?2021-01-04T12:50:45+08:00

Paul Hype Page is a professional chartered accountant firm. It would be our pleasure for our accountants to serve as your company secretary.

What is the market price if I need to engage with company secretarial services in Singpore?2021-01-04T12:50:06+08:00

The company secretary service provided by Paul Hype Page is super affordable – as low as S$600 per annum

Must the Company Secretary a local resident of Singapore?2021-01-04T12:45:23+08:00

Yes, the company secretary must be a local resident of Singapore, which means he/she must be either a Singaporean or a PR.

2021-01-26T18:40:54+08:00July 3, 2012|0 Comments

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