Blogging

Why hiring a company secretary is a smart move for businesses in Singapore

As stipulated by ACRA, every company in Singapore must appoint a company secretary within six months of its incorporation. Since this is a mandatory requirement, you cannot push it aside or ignore it or your company will be in legal trouble. You definitely don’t want that.

So, if you are considering starting a business in Singapore or just incorporated your company, it is important that you find a reputable Company secretary to handle your administrative and reporting responsibilities of your company.

The following article by singaporelegaladvice sheds light on some intricate things you need to keep in mind when appointing a company secretary.

Appointing a Company Secretary: Roles and Responsibilities

ACRA stipulates that every company must appoint a company secretary within 6 months of its incorporation. The company secretary will be the primary officer in charge of numerous administrative and reporting responsibilities a company is required to adhere to by law. Read more here.

You likely now know why having a company secretary is an important legal requirement, as well as some things you need to keep in mind when appointing a company secretary. But do you know the role and responsibilities of a corporate secretary company and what makes a good corporate secretary?

 

This article by HBS shed lights of the role and responsibilities a corporate service secretary.

What Are a Corporate Secretary’s Responsibilities?

A Corporate Secretary could be considered the glue that holds an entire corporation together. He/she is responsible for assuring the company stays in compliance with both regulatory and statutory requirements while also executing all of the decisions. Read more here.

You certainly now know that a corporate secretary is responsible for record keeping, board meeting co-ordination among others. You also now know what makes a good corporate secretary. But do you know why you need to engage Prelude Corporate services and other reputable accounting companies in Singapore to cater to your accounting needs?

 

The following article by 3E Accounting discusses why you need to outsource your company secretarial services in Singapore.

Why Do You Need to Outsource Your Company Secretarial Service in Singapore?

Company secretary should be a Singaporean citizen, permanent resident or Singapore Employment Pass / EntrePass / Dependent Pass holder. Moreover, according to the ACRA’s website, the company secretary is required to possess at least one of the following qualifications. Apart from that, a private company may appoint a non-qualified secretary if the directors make sure the appointed secretary has a reasonable knowledge of the regulations. Besides, the company secretary also needs to be responsible for paper filing important company documents in the company register folder, and also online with ACRA, not to mention to hold an up-to-date Bizfile. Read more here.

These are some reasons why you need to outsource your corporate secretarial services and also what qualifications a company secretary needs to possess in order to perform well in the role. Since a corporate services provider is going to play an important role in your company, you need to select a good one with an experienced team that can effectively address the unique needs of your company.

 

Final note  

As a business owner, you are bound by the law to carry out important tasks like updating the particulars of the directors in your company, maintaining minutes book, distribute annual company accounts and reports, prepare meeting agenda, monitoring the movements and shareholders of your company and many other processes.

Yes, there are many corporate secretary providers available in Singapore, but not all of them have the expertise to address the unique needs of your company.

So, before making a decision as to the company you will choose, it is wise that you do some research to see if they are familiar with business regulations and laws in Singapore.