According to Chapter 50, Section 171 of the Singapore Companies Act, each company functioning in Singapore are required to hire a Singapore Company Secretary in order to make sure that the company complies with the Act. Singapore Company Incorporation Consultants offers Singapore company secretarial services / corporate secretarial services by serving as your company secretary / corporate secretary to help ensure that your company adheres to the specific requirements stated by Accounting & Corporate Regulatory Authority (ACRA).
The company secretary must be appointed within 6 months of the company incorporation date. Section 171 of the Companies Act also states that it is the duty of the company directors to take reasonable steps to secure that the company secretary is a person who have the requisite knowledge and experience to discharge the functions of the company secretary. This person must not be the sole director of the company and must reside locally in Singapore. The company secretary is the main person in charge of the many reporting and administrative responsibilities that the company is needed to adhere legally. He or she may be held liable for the failure of the company to comply with the law in some situations.
Hiring company secretaries should be viewed as a necessary investment due to the complex and ever-changing company regulations.
Each year, thousands of summonses are issued by the Accounting and Corporate Regulatory Authority (ACRA) to company directors and their companies who did not comply with the statutory regulations of the Companies Act. One of the most common offences, prosecutions and penalties are due to the lack of awareness of the statutory requirements.
The corporate secretary must be able to organise the board and annual general meetings of the company. He or she should be able to communicate adequately with the team and provide both administrative and comprehensive support.
This responsibility includes reporting of changes in the business structure, maintaining the company registers and records, amending the registered office address and any other regulatory requirement as mandated by ACRA.
What are the main roles of a Singapore Company Secretary?
Given the extensive knowledge of legal and compliance framework, a company secretary is relied upon for advice to ensure that the company is constantly in compliance with the regulations of companies in Singapore. A company secretary also has fiduciary role to disclose and avoid any potential conflict of interest that may arise, and to always act in the best interests of the company.
The company secretary must be knowledgeable in the Companies Act (Chapter 50). The job scope of a company secretary is wide, ranging from filing of the Company Annual Returns on a timely basis to ACRA, so as to avoid fines due to non-compliance of statutory requirements, to preparation of standard annual general meeting (AGM) documents..
The main roles of a Singapore company secretary are as mentioned below, depending on the company needs. Please note that the list stated below is not exhaustive.
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