Have you incorporated a company in Singapore? Are you decided whom to appoint as the company secretary? If not, then it is the first duty you should do to avoid hassles in handling your business tasks. In Singapore, the company secretary is a corporate lawyer mostly and has various qualifications.
However, the primary objective and duty of the corporate secretarial services is to assist the company in several ways to reach the next level. The rules and regulations to operate a company in Singapore are quite complicated, and therefore, it is necessary to appoint the secretary to take care of those tasks. Secretary usually has the duty to ensure that the company complies with the Singapore regulatory authorities.
Importance of hiring the company secretary
In general, the company secretary should undertake several roles in the company and thus try to find and appoint a reliable secretary for your company. Do not take this process lightly because they are going to act as a backbone for your company’s success. The roles and duties of the company secretary play a vital role in legal compliance. It is because if anything goes wrong when doing their duties, it leads to several consequences.
Most of the compliance and reporting needs are stipulated by law. Thus, failure to fulfill any of those things is equivalent to the lawbreaking. Usually, mistakes made in this domain can be expensive with penalties’. This is the primary reason to focus well and hiring reliable corporate secretarial services to ensure a smooth business process and uphold the company integrity in the compliance and legal landscape.
What required to qualify the company secretary?
In Singapore, ACRA usually mandates that the company secretary be appointed within six months from the company’s incorporation. Along with this, the secretary should fulfill the following aspects for sure.
- Must have the experience of performing the secretary related tasks and duties for at least three to five years
- Should be a qualified person under the legal profession act and a member of the Singapore institute of the certified public accountants
- Should be a member of the Institute of the company accounts and Association of the international accountants, Singapore
- Must be a member of the Singapore Association of the Institute of the chartered secretaries and administrators
Key roles and duties of the company secretary
The company secretary should act in the interest of the company because it is only making the company travel towards its goal and obtain success. The company secretary must provide the business with relevant advice during business transactions and communication among the shareholders and directors company.
As per the company demand, the company secretary should update and maintain the company’s records and registers regularly. He or she should organize proper meetings and make sure compliance with the Companies Act. The secretary should ensure secure custody and appropriate use of the company seal. The company secretary should also make sure the directors and company comply with the memorandum and articles of association.