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Why Company Secretary is important to Singapore Company

When someone mentions the word “secretary” or nowadays more popularly known as “girl Friday” or “personal assistant”, the image of a well groomed and highly organised person comes to mind. Normally, people would also associate such positions with services such as filing, answering and receiving calls, diary management and the like. However, a company secretary in a registered or incorporated Singapore company is in a wholly different playing ground all together. When we refer to Company Secretary in compliance with Singapore statutory requirements for registered companies, one would need to bear in mind that he or she is providing secretarial services based on the different legalities and responsibilities involved. The responsibilities of a Company Secretary is definitely a whole lot more than just answering the phone and taking down messages. As such, most business owners – especially international investors seeking to incorporate companies in Singapore / finding good business opportunities in Singapore– would in fact seek out company secretary services just to be safe. Basically, company secretary services involve  provision of all responsibilities which a company secretary would provide to their clients i.e. incorporated companies in Singapore.

For starters, the definition of company secretary in Singapore would be the person appointed by corporate matters who is responsible for the upkeep of records, legal data and procedural matters of the company. Those seeking company secretary services will know that all these information will be provided in the course of time. Basically, a company secretary must be a resident of Singapore (either citizen, Permanent Resident, Entrepass holder, Employment Pass holder or Dependant Pass holder) and who resides in Singapore. It is up to the company directors to appoint someone or an institution as the company secretary. Furthermore, the Articles of Association would outline the terms and conditions of the appointment as determined by the director of the company. In short, a company secretary would be the one responsible for administrative and incorporation responsibilities for the organisation. There is of course complete governance and statutory regulations when it comes to different company transactions and procedures. It is the ultimate task of the company secretary to ensure that such conditions are met at all times. Due to the volume and importance of such tasks, it is normal for business owners to instead opt for company secretary services.

Much like an individual appointed as the company secretary, company secretary services would encompass the same number of duties. For example, a company providing company secretary services to the business would be tasked with keeping meeting records updated and maintained at all times. Records that are highly integral to the smooth operations of a company according to legal requirements including company registration details, directors’ resolutions, shareholder agreements, shares details and annual financial statements that have been passed during board meetings. Additionally, it is within the law that company secretary services would encompass ensuring that the office operates according to the constitution and incorporating any changes or amendments that occur from time to time. It is also the duty of the company secretary to make regular notifications and contact shareholders of the company and keep the team informed of changes including (but not limited to) rates and payment of dividends, right issues as well as general shareholder relations.

While it might seem like something which is relatively straightforward and simple, there have been times when international companies have been fined due to the ineptitude or inexperience of company secretaries. Some of the common mistakes that a company secretary might make are not providing updated information to directors, managers and shareholders, utilising online resources for updates of directors and shareholder information but failing to pass a paper resolution and failure to call for an Extraordinary General Meeting after a resolution has been passed. Inability or failure to act on these procedures can very well lead to the company being fined. This is the reason why it is highly integral that company secretary services are sought after right at the beginning even before incorporation of the company. The services of a company secretary do not merely include paper filing and writing letters. Instead, there are a whole lot of responsibilities that a company secretary needs to undertake and a good one should have the necessary experience in dealing with company matters. As such, the best bet would be to contact or email professional legal, tax, financial and accounting consulting services whereby all necessary matters will be handled by them for the company’s benefit.

Paul and Hype Co. has an extensive experience in offering both local and international corporate secretarial services that is second to none, covering almost every jurisdictions from countries such as India, Malaysia, China, England, Australia, Germany, United Kingdom, and the US.

We offer customized and affordable solutions depending upon your corporate secretarial requirements.

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Posted on November 26, 2013 at 10:24 am
Categories: Company Secretary Service

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