Company Secretary in Singapore

Singapore corporate secretary 

According to Singapore’s company law, section 171 of the Companies Act, every firm will have to hire a company secretary compulsorily within six months of the company registration in Singapore. It will be the company secretary's responsibility to ensure that the firm follows all the legislation and regulations. The company secretary keeps all the board members informed of the official duties towards the firm. The legal parameters that determine how the secretary and directors should do business are set in company law.

The company secretary in Singapore can also be said as the compliance officer of the company. The company secretary in Singapore has the accountability to advise the board and firm chairman about their responsibilities which are specified under law, with the listing rules agreements, governance needs of the company, and in hosting of the official meetings timely and in an organized manner.

Benefits of Company Secretary in Singapore

There are many benefits of appointing a company secretary in Singapore where, some of which are mentioned as follows:

1. Statutory Requirements

Section 17 of the Companies Act of Singapore specifies the requirements to hire a company secretary. The company should be ready to hire the corporate secretary within six months of its date of incorporation. If the businesses violate this rule, then they will risk severe penalties.

Corporate secretarial services will assist you in start-up businesses in the appointment of qualified employees who will support the organization's compliance management efforts. An adult who has a valid work permit, residency status, or permanent residency status will need to serve as the company secretary. Also, the corporate secretary in Singapore will assist a business in upholding its legal obligations, such as the requirement to submit the report yearly under the ACRA.

2. Managing links of business effectively

The corporate secretary in Singapore will help a business to keep a fluid operational flow. They will be in charge of creating meeting agendas that help the relationship between employees and management of the organization run smoothly. The company secretary tracks a significant amount of information regarding the organizational structures while keeping an eye on the changes. When the appropriate business modes change, the company secretary in Singapore will update the ACRA to stay in compliance with the legal standards. To confirm efficient management, they will keep an eye on the transactions of the company's shares.

3. Serving legal and financial roles

The corporation for corporate secretary in Singapore makes sure that it follows the regulations that are set in its Memorandum of Association. The company's insurance policies and financial compliance issues are managed by the secretary.

In addition, included in the scope of duties is account statement submission. The corporation can be subjected to sanctions if the standards are not properly managed. Therefore, a qualified individual is important to perform these duties.

4. Avoiding business mistakes

The business secretary can protect the corporation from making costly errors. They will make sure that important paperwork is correctly submitted to facilitate effective resolution with the ACRA. In addition, they will verify the regulatory process while identifying and disclosing the relevant business changes.

They will manage mistakes in the annual reports and regularly keep the proper business records. They focus on getting rid of mistakes and inaccuracies so that your business can comply with the laws.

Requirements for Corporate Secretary in Singapore

As per the Companies Act, the Singapore company secretary should meet the following requirements which are mentioned as follows:

1. The company secretary in Singapore is expected to be experienced and knowledgeable about the company's regulations and compliance. With an important role in the company, the corporate secretary in Singapore is expected to have a deep understanding of Singapore company law. Additionally, the company secretary will be expected to know all the needed company annual filings.
2. The primary residence of the corporate secretary should be in Singapore, and this will apply to both local and foreign-owned companies in Singapore.
3. The corporate secretary in Singapore should be an ordinary resident of Singapore, where the Singapore government will define an ordinary resident as a Singapore citizen or a Singapore permanent resident. In some cases, an employment pass holder who has a local residential address in Singapore will be considered an ordinary resident.

If the private company fails to stay compliant with the company laws, then the Singapore government may want the company to appoint a new company secretary in Singapore who will meet the requirements of the public company secretary. A public company secretary should at least meet one of the following mentioned additional requirements:

1. Should have assisted as the company secretary in Singapore for at least 3 of the 5 years instantly before the employment as the secretary of the public company.
2. Being a qualified person is under the Legal Profession Act
3. Being a public accountant who is registered under the Accountants Act
4. Institute of Certified Public Accountants of Singapore member
5. Should be a member of the Singapore Association of the Institute of Chartered Secretaries and Administrations.
6. Association of International Accountants Member
7. Institute of Company Accountants Member

Responsibilities of Company Secretary in Singapore

The corporate secretary in Singapore has a few responsibilities and duties, which are mentioned as follows:

1. Regulatory compliance with ACRA

The timely filing of the annual accounts and upkeep of the essential registers, a notice of transfer shares, resignation of auditors, change of office address, and any additional regulatory obligations by ACRA

2. Board meetings

As per the Companies Act and the company's constitution, plan the Annual General Meetings.

3. General meetings

As per the Companies Act and the company's constitution plan, the annual general meetings

4. Article and Memorandum of Association

It will guarantee that the firm and the board of directors will always follow this.

5. Shareholder Duties

Supervision of share allotments, transfers, and issues as well as dealt with any concerns that impacted the shareholdings and shareholder inquiries.

6. Non-executive corporate director

Acting as a channel of information and communication for them

7. Company governance

Assist the company directors in the development of an outstanding corporate governance process inside the association.

8. Towards company

The company secretary in Singapore assurances that all relevant jurisdictive responsibilities are completed the company’s financial interests will always be protected, the good corporate authority is executed and the company’s compliance needs have been followed.

9. Towards Company directors

The company secretary in Singapore acts as the adviser to the company directors and offers any practical help that is needed. Share information timely with every director so that they can contribute fully during the board meetings.

10. Towards Corporate Shareholders

Network with them recurrently, protecting interests and disclosing financial information on time so the shareholders can take part in the decision process at the annual general meeting.

Who can’t be appointed as the Company secretary in Singapore? 

In the Companies Act it is also specified that when an individual can’t act as the company secretary. The individuals mentioned as follows cannot be appointed as the company secretaries.

The sole director of the company can’t be appointed as Secretary

A sole director cannot apply for corporate secretary in Singapore, although you can appoint someone from your side to be a company secretary.

Debarred or Banned secretary

The debarment is a scenario in which the Singapore government suspends the ability of an individual to operate as the company secretary. Company secretaries can be restricted if they fail to follow Singaporean legislation.

Appointment of Company Secretary in Singapore

The Singapore firm will have to designate a company secretary in Singapore within the six months following the establishment date. Consistent with this, a business established should make sure that the post of the company secretary will not go unoccupied for a period that exceeds six months. A fine of $1000 can be imposed on the directors if the company secretary's post is unfilled for an extended period.

1. Before you plan to hire a company secretary in Singapore, it is important to determine their eligibility. The primary residence of a natural person in Singapore is needed for the position of company secretary in Singapore. They should be equipped with the knowledge and skills needed to carry out their duties.
2. Through the vote of corporate directors, the corporation can designate the company secretary in Singapore usually it refers to the director or the board resolution. In addition, the chosen company secretary in Singapore should complete form 45B, which serves as the consent to act as the secretary.
3. The Accounting and corporate regulatory authorities should be notified of the appointment of a company secretary their it should be no later than six months after the establishment of the firm. The online-based filing platform of the ACRA, Bizfile can be cast for this purpose.

Role of a Company Secretary in Singapore

The office secretary roles have gone through a series of adjustments. The company secretary position in Singapore is now an official need. Not only is it compulsory to hire a company secretary in Singapore, but it will also help to maintain great business governance in the firm.

Company secretary in Singapore roles can be further explained by the following mentioned below as follows:

Advise directors

The company secretary in Singapore is more like an advisor to the directors. It is the secretary who ensures who is being added to the board of directors in the firm. The directors are made aware of the duties of the company secretary.

Compliance with Laws

The Companies Act consists of some laws that have to be followed in all cases. The company secretary in Singapore's job is to check that the firm operations that took place comply with Singapore company laws. Knowledge about corporate governance and business ethics will be given by the company secretary.

Sustain contact with shareholders.

The company secretary is the one who will maintain the closest contact to the board of directors which is why the stakeholders get in touch with them. The company secretary in Singapore has to make sure that the board discusses the issue in their next meeting.

Company Secretary in Singapore removal procedure

The correct way to remove the company secretary in Singapore is to claim the letter of resignation of the corporate secretary in Singapore. The corporation has the right to remove forcibly the corporate secretary if the secretary doesn’t cooperate with the corporation's decision.

In many cases, a firm can remove the company secretary in Singapore by calling a meeting and then passing a board resolution.

After the resolution is approved, a written notice of their dismissal should be provided to the company secretary in Singapore.

The corporation needs to file the pertinent notification with the ACRA within 14 days of the dismissal. That will be possible to accomplish via Bizfile, which is the internet filing platform provided by the ACRA.

Company secretary in Singapore resignation procedure

If the corporate secretary in Singapore resigns, then the company needs to take the actions mentioned as follows:

• The corporate secretary in Singapore who is resigning should submit the resignation letter
• The board resolution should be passed by the board of directors accepting the resignation and then removal of the company secretary from the position.
• Lastly, the company should file the cessation of the company secretary with the ACRA by using the BizFile within the resignation 14 days.

Why choose Enterslice as the company secretary in Singapore?

Enterslice is a leading management consultancy firm we offer comprehensive services regarding your requirements. If you outsource the corporate secretarial services then that will improve your corporate governance and will make sure that you comply with all the legal requirements.

Our experts are knowledgeable about the Singapore corporate laws and regulations with our guidance your company can avoid the negative impacts on its financial health and reputation. We provide service for keeping and maintaining the statutory books and registers with assistance for understanding the compliance with the Companies Act.

Trust us for efficient and cost-effective services for the company secretary in Singapore our team of qualified individuals will be perfect for your company secretary in Singapore. Connect us today for further information on the corporate secretary services.