Filings with ACRA
One of the key responsibilities of the company secretary is to make sure that all information within the corporate office are recorded and kept effectively. Typically, the secretary handles all the filing work with ACRA on behalf of the company. The filing work include filling any reports of changes in the share capital or administration that are found to be significant or substantial. This should be handled based on the strict guidelines set. For example, the company secretary will need to notify within 28 days if there are new shares allotted.
Along with this, the company secretary is in charge with any issues related shares such the handling the registers of shareholder as well as managing any complications during transfer of shares. Any compliance work related to ACRA, will be dealt by the secretary and he or she will need to make sure that the company adhere to the stipulated deadlines.
The company secretary is obligated to notify ACRA through documents for any changes such as new appointment, resignation or death of company officers. Basically, any updates related to the directors’ particulars or any amendments to the company institution need to be updated and filed accordingly. ACRA will also need to be notified in case there is a change in the name of business.
It is compulsory for the company secretary to attend all company meetings including meetings with directors and shareholders. Not only that, the secretary is the one responsible to prepare the agenda for the Annual General Meetings (AGM) and board meetings. In these meetings, company secretary will be in charge of recording the meeting minutes and in some cases, the secretary may also assist the chairman or directors with the meeting conduct.
During the meeting, the secretary will distribute financial reports of company and if any resolutions are discussed, the secretary will be the one who prepares the resolutions for directors.
A company secretary also takes up an advisory role in the company despite not having any legal requirement for them to possess any formal qualifications since they are often well versed with extensive knowledge of the law and a thorough understanding of the compliance frameworks. As such, company secretaries are trusted to interact and act as a communication channel for the shareholders and directors.
During this time, company secretaries provide the directors and shareholders with key information and strategies for the company along with any necessary aid in decision making process. Using the advices from the company secretary, it will ensure that the company complies with the guidelines and regulations of legal frameworks in Singapore.
Not only limiting to that, company secretaries are also required to notify directors on any changes or updates on the law and making sure the company remains compliant.
Importance of a Company Secretary
Given all the responsibilities and duties undertaken by the company secretary, it is evident that the secretary handles majority of the administrative tasks and duties related to legal compliances which are necessary to help the company function productively.
Company secretaries are solely responsible in ensuring that the company is legally compliant with the regulatory boards like ACRA. It is indeed not an easy task to conform to ACRA and they will need to make sure deadlines are met to a high level of punctuality.
A good company secretary will be able to provide the company with advice as to what proper procedures should be with regards to any agreements, corporate governance, investments and shares, or any other issues that the company may have whilst conducting its business in Singapore. A good secretary who is regularly updated on any new government schemes will likewise keep the business running for a long-term.
Thus, it is only practical that the position of a company secretary is filled by someone who can handle all the requirements and responsibilities and it is a viable option to seek the services of a professional corporate secretarial services.