For many businesses today, compliance with existing regulations and handling of day-to-day administrative tasks are among the most important parts of running a company. This is especially true of businesses planning to expand operations into foreign countries. Such businesses are often unaccustomed to reporting and regulatory requirements of countries other than their own. Furthermore, it is difficult for many company owners and managers to add such tasks to their already busy schedules. Owners and managers who attempt to do too much in this regard run the risk of mismanaging the company. They may also fail to comply with existing regulatory standards or meet necessary legal requirements.
Role and Duties of a Company Secretary Service
According to the Singapore Companies Act, every company in Singapore, as well as every Singapore offshore company, is required to appoint a company secretary. This must be done within six months of incorporating the company. This company secretary must be at least 18 years old and a Singapore resident. “Resident” is legally defined to include Singapore citizens, Singapore permanent residents, and holders of an Employment Pass, EntrePass, or S Pass. Company secretaries do not have to be a person. Organizations specializing in secretarial services for companies may also be hired.
It would be prudent for companies which conduct international operations to seek the assistance of a Singapore company secretary service. Such services can help companies save tremendous amounts of time and money.
They also greatly reduce the risk of management failure. Company secretary services can help businesses that employ them by arranging, reviewing, and lodging the company’s annual return forms, completing all necessary auditing, maintenance, and compliance of corporate files, and handling bookkeeping records. While all these areas are being worked on, those in charge of the company would then be able to devote more time and energy to the company’s growth and development.
Thus, a company secretary service can assist in improving a company’s financial well-being. Company secretary services also update and maintain the company’s statutory registers, as well as issue share certificates when necessary. Some of the statutory registers that are to be worked on include the register of substantial shareholders, register of members, and register of charges.
The company secretary service will also ensure that the business being worked with is compliant with the Accounting and Corporate Regulatory Authority (ACRA)’s regulatory requirements. This can be done by filing the company’s accounts punctually, giving notice when share transfers are made, and maintaining all necessary registers appropriately, among several others.
Finally, company secretary services will arrange and organize annual general meetings, as is currently required by the Companies Act.