To register a company in Singapore, certain steps must be taken. Among these are having enough paid-up capital, a registered address, a company business profile, the company’s name and registration number, and an official certificate of incorporation. Each of these will be included in the company business profile.
Every Singapore registered company must also appoint a company secretary. This requirement is stipulated by Singapore’s Companies Act. This appointment must be made within a six-month period of the incorporation of the company, in which failing to do so will be punishable by law.
Eligibility for the Position of Company Secretary
Only certain people are eligible to be appointed as the company secretary of a company in Singapore. This applies to both private limited companies and public companies alike. The person to be appointed must be a resident of Singapore. In this instance, “resident” is defined as a person who is either a permanent resident or citizen of Singapore or who holds one of the necessary passes. One who is an Employment Pass, S Pass, or EntrePass holder would qualify as a resident.
Those who have a residential address in Singapore are residents. It is also worth noting that many of the best company secretaries in Singapore have ties to the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA). Some companies might prefer to use professional consultancy services instead of appointing a person as the company secretary.
These services would then perform all the necessary tasks related to legal or statutory requirements and regulations. Foreigners who own a business in Singapore usually employ professional consultancy services. This is because they are usually less familiar with the existing business laws in the country. By using these services, they would be able to devote more time and effort to the company’s operational matters.
Duties and Responsibilities of a Company Secretary
One of the responsibilities of a company secretary is the upkeep of the company’s Constitution, formerly known as Articles of Association and Memorandum. These documents include all matters related to the company’s structure, management, and operations.
Should there be any important issues that arise regarding such matters, the company’s directors will consult the company secretary. The company secretary will then relay the information contained in the company’s Constitution and specify what course of action ought to be taken. Company secretaries must also be well-versed in all the information in Singapore Companies Act. This is because directors and managers will consult them about issues related to compliance. Therefore, when structural or share rate changes occur, they could then inform the directors about what would be the best possible way to deal with these changes. Of course, the suggestions made are to be in accordance with the Companies Act.
Company secretaries must also be able to maintain and update all the company’s most important records. Among these records are memorandums and notices issued to board members. Maintaining and updating the records is especially important when the records contain information about annual general meetings or board meetings.
Another responsibility of a company secretary is drafting resolutions regarding any matters of importance to the company. Some of a company’s more important resolutions include those about changes of dividends, pay-out of dividends, or changes of shares.
Company secretaries also have additional tasks during board meetings and annual general meetings. They are to ensure that all procedures and proceedings are strictly followed. They are also required to provide additional information regarding certain requirements and regulations stated in the Companies Act, should such information be requested during a meeting. One final task to be performed by a company secretary is the preparation and the filing of the company’s annual tax returns.
These annual returns are to be submitted to the Accounting and Corporate Regulatory Authority (ACRA) in a timely manner.
Recommendations about Company Secretarial Services
There are guidelines to incorporating a Singapore company. These guidelines must be strictly followed so that the company will be compliant with regulations. Therefore, companies which are unable to hire a competent, high-quality company secretary ought to seek the services of professional accounting and financial consultants. These consultants provide corporate secretarial services to their clients.
They also ensure that all the company’s business activities will adhere to existing statutory requirements. It is important that business owners are assured that the company’s central business decisions are made in compliance with existing laws and local entities.
Hence, business owners must coordinate their efforts with those offering their secretarial services, whether a company secretary or consultants, to achieve the best possible results for the company.
At Paul Hype Page & Co, we will give your company the best of our governance and secretarial services. We have a skilled and well-trained team who are able to ensure that your business is compliant with all local laws and entities. We offer customizable and affordable solutions that can be adapted to suit your corporate secretarial needs.
We are able to offer flexible fee structures and rates to suit your needs, complete around-the-clock access to important documents and details, a dedicated project manager, and instant access to company information by way of a portal system.
Paul Hype Page & Co. will give you more information and assistance on policy updates, compliance regulations and changes to tax conditions. Corporate tax in Singapore.
Our team of seasoned professional can also help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.
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Here, you will find detailed information about Singapore’s Corporate Tax System. Paul Hype Page & Co helps companies with strategic tax planning, tax advisory, and accountancy services.
- Singapore Tax Planning
- International Tax Planning
IRAS (Singapore’s Tax Authority) governs Singapore’s tax system, helps develop a stronger economy, better environment and a more vibrant economy. All companies, regardless of industry, have a legal duty to pay taxes.
Singapore attracts investments from around the world by reducing its corporate income tax rate and introducing different tax incentives. Singapore has one of the lowest corporate tax rates in the world.
As your company’s Tax agent , Paul Hype Page & Co Chartered Accountant will be fully responsible for the practice of ensuring that these conditions are met. It is important that we be highly qualified and well versed in local regulations and corporate laws, as we are responsible for the upkeep of important company files, tax reports and tax records.
Categories: Company Secretary Service