Why do I need a Company Secretary in Singapore?

The Singapore Companies Act states that every company must appoint one or more company secretaries. Additionally, the act also states that is the responsibility of the directors of the company to ensure that the appointed company secretary has the required knowledge and qualifications to carry out their duties.

The company secretary has many duties in Singapore. First and foremost, the company secretary will have to ensure that the organization is in full compliance with all of Singapore’s corporate legislation and regulations. The company secretary must also ensure that the business holds its legally required meetings on time.

In addition to this, the company secretary must make sure that the firm itself and its directors adhere to the Singapore Company Constitution, serving as an advisor to them in all corporate matters. They will also have to keep the firm’s board members up to date on their legal responsibilities to the company.

Since the Company Act does not specifically state the duties of a company secretary, it can be slightly varied, depending on the needs of each company. Hence, many prefer to outsource their company secretary functions since such needs are often unforeseen and change over time.

Some specific examples of company secretary responsibilities as stated are, maintaining and updating the company’s registers and minutes books, administering, attending, and preparing minutes of meetings of directors and shareholders, keep company directors aware of the deadlines for annual returns and any other filings required by ACRA, and update directors and shareholders on relevant changes in corporate regulations.

Besides their corporate responsibilities, company secretaries also have fiduciary duties. As officers of the company, they are obligated to act in the best interests of the company. These include avoiding situations where there could be a conflict of interests, acting only within their authority as allowed by the law, carrying out duties with proper care and diligence, and keeping confidential information or trade secrets to themselves.

 

At Accruplus Advisory our suite of Corporate Secretarial Services in Singapore entails:

  • Application or Renewal for Business Registration
  • Provision of Company Secretary Services
  • Provision of Registered Office Address
  • Bank Account Opening Services
  • Maintenance of Statutory records
  • Preparation of Annual General Meeting documents and lodgement of Annual Return
  • Share Transfer / Share Allotment
  • Change of Company Name/ Adding Branch Business Name
  • Company Striking off or Deregistration

The Benefits of Having a Corporate Secretarial Service in Singapore

If you are considering setting up a company in Singapore, it is mandatory by Singapore law to appoint a company secretary.

The appointed company secretary must be at least the age of 18. Additionally, they cannot be the sole director and must be residents in Singapore.

As a business owner, this means that you can engage your in-house secretary who knows Corporate Governance, Company Act, and other related matters.

Alternatively, you can outsource the function to a qualified filing agent who provides corporate secretarial services in Singapore. The benefits of doing so are as follows:

  • Cost-efficient as compared to employing an in-house secretary
  • Assurance that you are engaging a professional
  • Able to draw on the extensive experience and knowledge
  • Ensure the fulfilment of compliance requirements
  • Relationship with a company that can provide more services to meet the future needs of your business

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