Appointing a Company Secretary
The finer details of incorporating your business in Singapore can be cumbersome. Despite the more-than-hospitable environment for new businesses, compliance with legal regulations and statutes set by the government requires dedication and greater effort than just routine filing. An individual within the company must be committed to staying on top of all regulatory obligations from day one. This role is filled by a company secretary.
Still have questions about why you should appoint a Company Secretary? Read on to find out more about how they will help grow and protect your business in Singapore.
Who can be a Company Secretary?
The government requires that every company appoint a Company Secretary within six (6) months of its incorporation. The Company Secretary must be a Singaporean resident. They must not be the sole director of the company, meaning if there is only one person making up the management of a company then they cannot concurrently hold or fill the position.
Why the need for a company secretary?
Corporate governance is ensures that companies adhere to government regulations and runs operations smoothly. This means ensuring that all law-related documents are neatly squared away. Annual reports for the Accounting and Company Regulatory Authority (ACRA) must also be tended to properly to avoid any fines on your end. The Company Secretary takes on these administrative functions with the assistance of the company director/s.
Duties of a Company Secretary
Depending on the stipulations in their contract, the Company Secretary can take on various roles within the company. However, in a broad sense, these are the key roles they will assume:
- Completing regulatory requirements for the government: This entails filing of the annual company reports with ACRA, giving notices regarding company movements, transfers, amendments and organizational change, among other documentary requirements stipulated.
- Executing official company documents: They will attach their signatures on official company files and memos, alongside the company director’s. The company secretary has the authority to authenticate notices to shareholders, external partners and papers for official documentation.
- Creating reports for company directors: They will relay relevant and comprehensive updates on the company in general. The directors and shareholders may also ask for practical support from the company secretary if needed.
- Disseminating financial statements to shareholders: They will share timely reports on the financial assets and accountabilities – in a broad sense and with specifics. The shareholders should be able to use these reports in the Annual General Meeting.
- Additional administrative duties: Aside from safeguarding the company entity through sound and responsible corporate governance, the company secretary may also take on additional duties within the organization. These may manifest in the planning and arranging of meetings, communication and supervision of other office setups, and even ensuring the brand identity of the company is upheld in all dealings.
Company Secretaries can be hired through online job advertisement boards or by outsourcing the jobs to business and management consultancies .