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To register a company in Singapore, one must have enough paid-up capital, a registered address, a company business profile, a company’s name and registration number, and an official certificate of incorporation. Apart from that, 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 six-months of the incorporation of the company, in which failing to do so will be punishable by law. This applies to both private limited companies and public companies alike.

Eligibility for the Position of Company Secretary

As mentioned, every Singapore registered company must have a company secretary. They are among the most crucial employees of any such company. However, not everyone is cut out for such a role. Only those who are eligible and able to carry out the position’s responsibilities deserve to be appointed as one.

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 possesses 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.

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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 any critical issues arise on 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 feasible 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 keep 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 must also 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) on time.

Recommendations about Company Secretarial Services

There are guidelines for incorporating a Singapore company. These guidelines must be strictly followed so that the company will be compliant with regulations. Therefore, companies that 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. Business owners must assure 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 can 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 can 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.

Company Secretary Role in a Singapore Registered Company FAQs

Is it a must for a company in Singapore to appoint a company secretary2021-01-04T15:19:51+08:00
Does a non-profit organization need a Company Secretary as well?2021-01-04T15:20:13+08:00

Yes, a company secretary is needed for a non-profit organization

Must the Company Secretary a local resident of Singapore?2021-01-04T15:20:29+08:00

Yes, the company secretary must be a local resident of Singapore.

Is the company secretary and corporate secretary the same?2021-01-04T15:20:52+08:00

No, a corporate secretary manages all the administrative tasks of a company while a company secretary serves as a legal advisor for a company.

2021-01-29T08:58:25+08:00December 3, 2013|0 Comments
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