Every company, within six months of incorporation, is required to have at least one secretary who must be a neutral person and who must have his or her principal or only place of residence in Singapore.
The Secretary is appointed by the directors, and the company’s articles of association will usually provide for the secretary’s terms and conditions of office to be determined by the directors.
Importance of A Company Secretary
As mandated by Section 171 of the Companies Act, every business in Singapore must engage a company secretary. This individual bears the responsibility of making sure that the business complies with corporate laws. In Singapore’s corporate environment, a company secretary’s responsibilities go beyond simple administrative duties. Rather, they play a multipurpose role, acting as an officer, administrator, and guardian for the business, its board, and its stakeholders.
Having a company secretary is also a legal requirement in other countries, especially for larger companies. Even where it’s not mandatory, having a dedicated professional in this role can significantly contribute to the efficient and ethical operation of a company. Their multifaceted responsibilities make them indispensable for ensuring the long-term sustainability and success of the organisation.
The key functions and duties of the company secretary include:
- establishing and maintaining all necessary company registers
- arranging for shareholders’ and directors’ meetings
- lodging and filing of documents with the Accounting and Corporate Regulatory Authority (ACRA)
- acting as liaison with the stock exchange and ensuring compliance with requirements
- arranging for allotment and issue of shares, and handling transfer and transmission of shares
- providing administrative assistance in the preparation and presentation of annual returns
- acting as advisor to directors, other officers and members
Benefits of Having Company Secretarial Services
A company secretary plays a crucial role in ensuring that a business operates efficiently and complies with legal and regulatory requirements. Here are the key advantages of outsourcing company secretarial services:
- Compliance Assurance: Corporate secretaries keep abreast of legal and regulatory changes, ensuring that the company adheres to all relevant laws. This includes filing annual returns, updating statutory records, managing compliance deadlines, and reducing the risk of legal issues.
- Accurate Record-Keeping: Corporate secretaries maintain accurate and up-to-date records, including minutes of meetings, shareholder information, and other important documents. This organised record-keeping is vital for regulatory compliance and transparency.
- Time and Resource Efficiency: Outsourcing company secretarial services allows business owners and executives to focus on core operations. We can handle administrative responsibilities, saving time and resources that can be directed toward strategic business activities.
With our know-how and experience, we can provide the full scope of company secretarial support to you.
We can also assist in the provision of Nominee Director/Shareholder/Agent to help both local and foreign companies in compliance to the legal requirements.
A Registered Office Address service, where a local office address can be obtained for any correspondence with company including a dedicated phone line and access to meeting rooms can be provided too.
To find out our full scope of company secretarial services, contact us today.
Frequently Asked Questions
A company secretary is responsible for ensuring that the company complies with all legal and regulatory requirements. This includes maintaining statutory registers, filing necessary documents with regulatory bodies, ensuring that the board’s decisions are properly documented and communicated, organising board meetings and AGMs, and advising the board on governance issues. Many businesses choose to use company secretary services in Singapore to ensure these tasks are handled efficiently and in compliance with the law.
The costs for engaging company secretarial services can vary widely depending on the size and complexity of the business. For small to medium-sized enterprises, fees typically range from SGD 600 to SGD 2,000 annually. Larger corporations may incur higher costs due to more complex compliance requirements.
Company secretary services in Singapore are essential for ensuring that your business adheres to legal and regulatory obligations. They help prevent compliance issues that could result in fines or legal problems, support good corporate governance practices, and ensure that board procedures are followed correctly.
Yes, you can appoint an individual within your company as the company secretary, provided they meet the qualifications set out by the Accounting and Corporate Regulatory Authority (ACRA). The appointed person must be knowledgeable about compliance and governance matters. However, many businesses opt for corporate secretary services Singapore to ensure all compliance requirements are met efficiently and professionally.
Yes, under Singapore law, every company must appoint a company secretary within six months of incorporation. Even small businesses need to comply with this requirement to ensure proper governance and adherence to statutory obligations. Engaging professional company secretarial services in Singapore can help small businesses manage these responsibilities effectively, ensuring all legal and regulatory requirements are fulfilled.
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