What is a Company Secretary
In Singapore, a company secretary is a mandatory position when establishing a business in the city-state. Also known as a corporate secretary, their role is to ensure the company’s adherence to all statutory requirements and regulations, while also keeping the board members well-informed about their legal responsibilities towards the company.
Requirements for a Singapore Company Secretary
To qualify as a company secretary in Singapore, individuals must meet specific qualifications and requirements. The requirements for a corporate secretary in Singapore are as follows:
- Residency in Singapore
- 18 years old and above
- Proficiency and experience in company regulations and compliance
Role of a Singapore Company Secretary
The role of a Company Secretary in Singapore is critical in ensuring the smooth functioning and compliance of a company. Let’s explore the key aspects of the Company Secretary’s role in more detail:
Compliance with Laws and Regulations
One of the primary responsibilities of a Company Secretary is to ensure the company’s compliance with relevant laws, regulations, and guidelines. They stay updated on the legal requirements and advise the company on meeting its obligations. By maintaining compliance, the Company Secretary helps protect the company from potential legal risks and consequences.
Corporate Governance Support
The Company Secretary plays a vital role in supporting corporate governance practices within the company. They assist in organizing and facilitating board meetings, preparing meeting agendas, and ensuring accurate documentation of meeting minutes. The Company Secretary advises the board of directors and senior management on corporate governance matters, promoting transparency, accountability, and ethical practices.
Company Record-Keeping
An essential aspect of the Company Secretary’s role is to maintain accurate and up-to-date company records. They manage important documents such as the register of shareholders, directors, and officers. By ensuring proper record-keeping, the Company Secretary helps track important corporate information, facilitate decision-making processes, and fulfill regulatory requirements.
Statutory Filings and Compliance
The Company Secretary oversees the preparation and submission of statutory filings to regulatory authorities, such as the Accounting and Corporate Regulatory Authority (ACRA). This includes annual returns, financial statements, resolutions, and other necessary documentation. The Company Secretary ensures that these filings are completed accurately and on time, maintaining compliance with regulatory obligations.
Shareholder Relations
The Company Secretary serves as a primary point of contact for shareholders. They manage shareholder communications, facilitate shareholder meetings, and ensure compliance with shareholder rights and obligations. The Company Secretary plays a crucial role in maintaining positive relationships with shareholders, handling inquiries, and addressing their concerns effectively.
Advisory Role
As an advisor, the Company Secretary provides guidance to the board of directors and senior management on legal, regulatory, and corporate matters. They offer insights and recommendations on corporate structuring, compliance requirements, and best practices. The Company Secretary helps ensure that the company operates in accordance with applicable laws and regulations.
Why Should you Outsource Corporate Secretarial Services
Outsourcing provides a cost-effective solution, eliminating the need for hiring and training dedicated in-house staff. With a dedicated team of experts at your service, you gain access to up-to-date knowledge and specialized skills, ensuring compliance with ever-changing regulations. Enjoy the flexibility to tailor services to your specific requirements, allowing you to scale and adapt as your business grows.
Looking for company secretarial services in Singapore? Look no further than Margin Wheeler.
At Margin Wheeler, we offer efficient, professional, and dependable Company Secretary services. Let us take care of your secretarial needs, so you can focus on growing your business. Sign up with Margin Wheeler today and experience peace of mind.
FAQ
What are the key responsibilities of a company secretary in Singapore?
The responsibility of a company secretary is to ensure legal compliance, facilitate effective communication, and support corporate governance within the company.
What if my company doesn’t have a company secretary? What penalties would I face?
As per ACRA, every company must appoint a secretary within six months of incorporation. Failure to do so may result in directors facing penalties of up to $1,000.
Can you remove a company secretary in Singapore?
Yes, you can remove a company secretary by following the required steps.
