Company Secretary
                                           Photo by Boston Public Library on Unsplash

Who Can be a Company Secretary in Singapore?

Are you a foreign investor looking to hire a secretary for your company? Are you looking for information regarding who can be your company secretary? Are you interested in becoming a company secretary in Singapore? Then I advise you to read on. This article will highlight the statutory requirements to appoint a company secretary, the responsibilities of a company secretary, and the importance of a secretary's role in an organization.

What is a Company Secretary?

To begin with, a company secretary is the compliance officer of your company. The company secretary is not involved in the planning and planning of a business. He/she is saddled with the responsibility of ensuring the board members are well informed of their legal responsibilities towards the company and ensures the company complies with the regulatory authorities of Singapore.

Appointment of A Company Secretary

After successfully incorporating your company in Singapore, one of the next steps would be to appoint the company secretary. Section 171 of the Singapore companies act requires that a company hire and appoint a secretary within 6 months from its incorporation date. Also, bear in mind that the office of the company secretary must not be left vacant for more than six months at any point in time.

The appointed company secretary must be an ordinary resident of Singapore above 18 years of age. According to the Singapore government, an ordinary resident can be a Singapore citizen, a Singapore permanent resident, or an Entrepass holder. In order for the company to officially appoint the company secretary, it is required to file the appointment of the company secretary as an officer of the company with the Accounting and Corporate Regulatory Authority (ACRA) using the BizFile portal.

If you are the sole director of your company, you can't serve as a company secretary even if you have the experience and qualifications. However, if your company has two or more directors, you can serve as the corporate secretary.

The companies act also states that companies can hire a third-party provider to act as the company secretary. If you choose to engage with a professional secretarial firm, like HeySara, for their corporate secretarial services in Singapore, the firm will most likely appoint one of its employees as a Company Secretary. Hence, it is essential to choose a competent, trustworthy, and reliable corporate service firm with a good reputation for your initial incorporation. Feel free to contact us today to appoint a company secretary for your business.

 

Company Secretary in Singapore
                                           Photo by Antonino Visalli on Unsplash

Qualifications Requirements of a Company Secretary in Singapore

The board of directors of the company is responsible for the company secretary's appointment and holds the right to decide his or her remuneration. However, Section 171 (1AA) of the companies act of Singapore directs that the company secretary has to meet at least one of the following criteria:

·         He/she should be a member of the Institute of Certified Public Accountants of Singapore (ICPAS)

·         Should have served as a company secretary for at least 3 of the 5 years immediately before his appointment as company secretary of a public company

·         He/she should be a member of the Singapore Association of Chartered Secretaries and Administrators (SAICSA)

·         Member of the Institute of Company Accountants, Singapore

·         Be a qualified person under the Legal Profession Act

·         Be a public accountant registered under the Accountants Act

  Also read: Easy Guide to Singapore Company Registration

The Responsibilities of a Company Secretary

The following are the responsibilities of a company secretary;

 

Updating and Maintenance of Statutory Registers

The Company Secretary has to maintain and update the statutory registers to ensure compliance with the Companies Act in Singapore. He/she updates and maintain information about;

- The appointment and resignation of management officials such as CEOs, managers, auditors, directors, and secretaries

- Share transfers, issues and allotment among shareholders

Preparation and Attending of Board Meetings

The company secretary is required to document and fill the resolutions of the board meetings through the minutes. Hence, he or she should attend all the meetings to keep the documentation up to date.

Together with the CEO, the secretary is supposed to prepare the meetings' agenda, prepare the director's circular resolutions, and sometimes certify the copies of the minutes.

Secretary in Singapore
                                           Photo by Patrick Amoy on Unsplash
 

Filling of Statutory Forms with The Registrar

The company registrar has to file the essential returns and form with the Registrar within the stipulated timeline to avoid the related fines and penalties. Additionally, the company secretary is responsible for filing returns and forms such as Annual Returns, the return of allotment of shares, and notice of appointment or resignation of a director.

Preparation of Accounts

The Company Secretary is responsible for making sure that the accounts of the company are compliant with the Company Law provisions (the secretary has to file these statements with the Registrar).

Safeguarding the Corporate Seal

The proper use of the company seal is stipulated in the company's constitution. Hence, the company secretary ensures the company seal is kept safe when not required and also ensures the proper use of the company seal.

Follow the Constitution of The Company

The Company Secretary has to ensure that the company and its directors abide by the guidelines set out by the Constitution of the Company at all times.

Insurance for the Company

Another responsibility of the Company Secretary is to ensure adequate insurance cover for the company, directors, and all its employees.

 Also read: How to Upgrade Windows 7 to Windows 10 Free

Conclusion

Due to the significance and complexity of the secretary's role, it is highly advised that the role of a company secretary be outsourced to one of the competent and trustworthy providers of corporate secretary services. Finding a qualified and reliable corporate secretarial firm is an important task that should be undertaken with attention and consideration.

The directors of a company must ensure the company's compliance with the company law to avoid legal issues. They can ensure this function is carried out professionally by choosing the right Company Secretary. As a provider of corporate secretarial Singapore services, we take pride in ensuring our client's compliance.

Contact us today if you need assistance in appointing a Company Secretary for your company. We have a professional team of secretaries with a wealth of experience running different companies ranging from start-ups to multinational corporations. We take care of all aspects of the secretarial position to help you save time and resources to ensure your company's smooth operation.

 Author

Digital M.