In Singapore, registering a business is made easy through ACRA’s (Accounting and Corporate Regulatory Authority) online system. However, a local company has to meet numerous requirements to avoid incurring fines and penalties, as imposed by the law. And, to ensure that a company meets its compliance and reporting requirements, most business owners hire firms that provide corporate secretarial services in Singapore.
Why Do I Need Corporate Secretarial Services in Singapore?
Knowing the roles and responsibilities of a company secretary in Singapore will make you realise the reason why you need corporate secretarial services. Basically, the secretary offers individualised services to the company, the directors and the shareholders.
- To the company. The individual assigned by the corporate secretarial service firm should be regularly present at the business’s registered address. He or she should ensure that all statutory obligations of the company are being met. The company secretary should also make sure that the interest of the company is being protected and good governance is practised in the workplace.
- To the directors. It is the company secretary’s role to share timely and relevant data to all the directors, especially during board meetings. He or she can also act as an advisor and provide practical support as needed.
- To the shareholders. An ideal corporate secretarial service representative in Singapore should be able to effectively communicate with all the shareholders of the company. The company secretary must practice proper documentation and dissemination of financial statements to shareholders.
What are the Core Duties that can be Fulfilled by Corporate Secretarial Services in Singapore?
According to ACRA, a company secretary must be able to fulfil the following:
- Organising the Board and General Meetings. The corporate secretary must be able to organise the board and annual general meetings of the company. He or she should be able to communicate adequately with the team and provide both administrative and comprehensive support.
- Statutory Compliance with ACRA. One of the most crucial roles of a company secretary is the filing of the company’s annual accounts timely. This responsibility includes reporting of changes in the business structure, maintaining the company registers and records, amending the registered office address and any other regulatory requirement as mandated by ACRA.
- Corporate Governance. The company secretary must be able to assist the directors in implementing and upholding good corporate governance.
- Safeguarding the Company Seal and Company Identity. A company secretary carries a huge responsibility when it comes to ensuring the proper usage of the company’s seal and identity. This task is in accordance with the company memorandum and articles of associations.
- Acquisitions and Disposals. The assigned company secretary of your chosen firm must be able to handle acquisitions and disposals effectively. As a key member of the team, he or she should protect the company’s best interest through effective documentation and commercial evaluation.
Providers of corporate secretarial services in Singapore have experienced individuals that can assist business owners in running their company smoothly. In addition, it is also expected that the assigned individuals will always act in the best interest of the company, carry out duties properly, avoid conflict of interests, and prevent illegitimate profits with and for the company.