Appoint a Professional Corporate Secretary in Singapore
Find a trusted company secretary firm to help you set up your company right away.
Corporate Secretarial Services
Corporate Secretarial Services
Appoint a Professional Corporate Secretary in Singapore
Find a trusted company secretary firm to help you set up your company right away.
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Appoint a Professional Corporate Secretary in Singapore
Find a trusted company secretary firm to help you set up your company right away.
Corporate Secretarial Services
Company Secretarial Services in Singapore
There is a great need to ensure constant conformity of statutory laws in any corporate business. This is one of the major reasons why we need a company secretary. However, each country has its unique regulation of company formation, incorporation, and legal compliance, making multi-jurisdictional compliance more cumbersome. In addition, as company regulations and requirements continue to change, all local businesses must begin to see the company secretaries as necessary officers of any corporation.
Corporate secretarial services in Singapore are all about the administration of a business to ensure compliance with statutory and regulatory requirements. Under the law, all registered companies in Singapore must have a company secretary who will provide guidance and ensure compliance under the Singapore legal framework.
SJH Advisory offers you quality Corporate secretarial services in Singapore for all your compliance needs. If you’re an entrepreneur and would like to start up a corporation in Singapore, this guide has all you need about corporate secretarial service in Singapore.
Company Secretaries in Singapore
A company secretary in Singapore is an official who provides corporate secretarial services and is responsible for the company’s compliance with Singapore’s regulatory laws. A key responsibility of a corporate secretary is to ensure the proper arrangement of minutes of each board meeting. The secretary is a senior officer in the company and might be saddled with diverse roles.
To meet the wide range of responsibilities, the corporate secretary must have a deep understanding of the legal system, good interpersonal skills, and knowledge of corporate laws.
In Singapore, every company must appoint a corporate secretary within six months of its registration or incorporation. The Companies Act makes this a legal necessity.
Company Secretary Singapore Requirements and Qualifications
- The board of directors will appoint a suitable candidate who has the requisite knowledge on regulatory issues for the position. Some of the prerequisites company secretary requirements that have to be met are
- The candidate should be a chartered secretaries and administrators’ institute member.
- A chartered accountant who is licensed under the Singapore Accountants Act and is a member of the Singapore Institute of Chartered Accountants (Cap. 2)
- A corporate company or firm that consists of qualified professionals
- A person who has held the office of a secretary of a company for up to three years
- A member of the Singapore Institute of Certified Public Accountants
- A member of the International Association of Accountants (Singapore Branch)
- A member of the Singapore Institute of Company Accountants
Appointing Company Secretary in Singapore
Appointing a company secretary is an essential aspect of company incorporation in Singapore. This is a requirement under the Singapore Company’s Act 2014. The company secretary to be considered must be a natural person who resides in Singapore. It is also required that the secretary must have the requisite academic qualification and professional experience to work as a company secretary.
As part of the qualification mentioned, the candidate to be appointed must be living in Singapore as a permanent resident. An EntrePass or employment pass holder who has a Singapore residential address can also be appointed.
Who Cannot Be Appointed as Corporate Secretary in Singapore?
The Companies Act has also outlined exclusion to being considered for a company’s secretary. The exclusions are
- The sole director of a business in Singapore cannot serve as a company secretary but can appoint its corporate service provider to fill in as the company secretary
- A person who has been debarred may also not be appointed. This means that a practising company secretary whose rights to serve as corporate secretary have been withdrawn may also not be considered.
The Procedure for Appointing a Company Secretary in Singapore
The company directors are charged with selecting a secretary through a vote. The appointed secretary is then required to give consent before taking the position.
To make the appointment official, the company needs to file an appointment of the company secretary with the Accounting and Corporate Regulatory Authority (ACRA) online with the BizFile Company filing system used in Singapore.
Roles of a Singapore Company Secretary
The important roles of a corporate secretary in Singapore can be looked at in different areas. These include scheduling, keeping up with compliance rules, presentations, and meeting documentation.
1. Meeting scheduling
The corporate secretary in Singapore is responsible for scheduling a meeting within a notice time that will accommodate the directors. In addition, the corporate secretary will record the minutes during the general meeting and ensure the compliances are in order.
2. Keeping up with compliance rules
The company’s secretary ensures compliance is met regarding Singapore laws. They stay updated with rules year-round because rules are constantly revised and need to be streamlined to meet company needs. They can also communicate with company directors, senior officials, and specific departments within the organization in setting up compliance guidelines for employees.
3. Documentation
The corporate secretary is charged with taking minutes and documenting every event during board meetings. In addition, they spend time planning the meeting and creating a formal report of each meeting. This is necessary for accountability.
4. Role to specific stakeholders
The role of a company’s secretary can also be discussed based on the officer or staff they report to. They are to report to the board of directors or the managing director. Therefore, they perform tasks given to them by the people holding such offices.
Other important roles of a corporate secretary include:
- Attending the company’s, board of directors’, and committees’ meetings
- Providing the essential secretarial services, and advising on regulatory or statutory compliance with the appropriate rules and regulations.
- Maintaining the company’s record and all other documents required by law.
- Attending and recording minutes of all board and committee meetings; Enabling board communications; managing all board and committee meeting logistics.
- Advising the Board on its tasks and roles
- Assisting in the training and development of incoming directors by giving them orientation.
- Keeping track of important corporate documents and records.
- Corporate disclosure and compliance with state company laws, stock exchange listing regulations, and SEC reporting and compliance.
- Responsible for filing accurate financial reports to ACRA as required by law.
- Drafting and reviewing all employment contracts for firm employees
- Answering all legal queries and inquiries posed by the company.
- Monitoring corporate governance changes and support the Board in customizing governance measures to fit the company needs.
What Authority Does the Singapore Corporate Secretary Hold?
A Singapore corporate secretary is a senior staff in a public or private corporation and is widely recognized as a key officer who keeps records for the company. A company secretary in Singapore or company’s secretarial service provider can authenticate documents and formal processes on behalf of the company. In addition, they may be obliged to sign legal documents l with a corporate director.
The corporate secretary can solely carry out certification of the company document on their own. A company’s secretary is in position to give relevant advice to the directors on the steps to take to ensure compliance when carrying out various functions. For example, when the company is involved in a loan deal, they help to organize and prepare all the documents needed for the deal.
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There is a great need to ensure constant conformity of statutory laws in any corporate business. This is one of the major reasons why we need a company secretary. However, each country has its unique regulation of company formation, incorporation, and legal compliance, making multi-jurisdictional compliance more cumbersome. In addition, as company regulations and requirements continue to change, all local businesses must begin to see the company secretaries as necessary officers of any corporation.
Company Secretaries in Singapore
A company secretary in Singapore is an official who provides corporate secretarial services and is responsible for the company’s compliance with Singapore’s regulatory laws. A key responsibility of a corporate secretary is to ensure the proper arrangement of minutes of each board meeting. The secretary is a senior officer in the company and might be saddled with diverse roles.
To meet the wide range of responsibilities, the corporate secretary must have a deep understanding of the legal system, good interpersonal skills, and knowledge of corporate laws.
In Singapore, every company must appoint a corporate secretary within six months of its registration or incorporation. The Companies Act makes this a legal necessity.
Company Secretary Singapore Requirements and Qualifications
The board of directors will appoint a suitable candidate who has the requisite knowledge on regulatory issues for the position. Some of the prerequisites company secretary requirements that have to be met are
- The candidate should be a chartered secretaries and administrators’ institute member.
- A chartered accountant who is licensed under the Singapore Accountants Act and is a member of the Singapore Institute of Chartered Accountants (Cap. 2)
- A corporate company or firm that consists of qualified professionals
- A person who has held the office of a secretary of a company for up to three years
- A member of the Singapore Institute of Certified Public Accountants
- A member of the International Association of Accountants (Singapore Branch)
- A member of the Singapore Institute of Company Accountants
Appointing Company Secretary in Singapore
Appointing a company secretary is an essential aspect of company incorporation in Singapore. This is a requirement under the Singapore Company’s Act 2014. The company secretary to be considered must be a natural person who resides in Singapore. It is also required that the secretary must have the requisite academic qualification and professional experience to work as a company secretary.
As part of the qualification mentioned, the candidate to be appointed must be living in Singapore as a permanent resident. An EntrePass or employment pass holder who has a Singapore residential address can also be appointed.
Who Cannot Be Appointed as Corporate Secretary in Singapore?
The Companies Act has also outlined exclusion to being considered for a company’s secretary. The exclusions are
- The sole director of a business in Singapore cannot serve as a company secretary but can appoint its corporate service provider to fill in as the company secretary
- A person who has been debarred may also not be appointed. This means that a practising company secretary whose rights to serve as corporate secretary have been withdrawn may also not be considered.
The Procedure for Appointing a Company Secretary in Singapore
The company directors are charged with selecting a secretary through a vote. The appointed secretary is then required to give consent before taking the position.
To make the appointment official, the company needs to file an appointment of the company secretary with the Accounting and Corporate Regulatory Authority (ACRA) online with the BizFile Company filing system used in Singapore.
Roles of a Singapore Company Secretary
The important roles of a corporate secretary in Singapore can be looked at in different areas. These include scheduling, keeping up with compliance rules, presentations, and meeting documentation.
1. Meeting scheduling
The corporate secretary in Singapore is responsible for scheduling a meeting within a notice time that will accommodate the directors. In addition, the corporate secretary will record the minutes during the general meeting and ensure the compliances are in order.
2. Keeping up with compliance rules
The company’s secretary ensures compliance is met regarding Singapore laws. They stay updated with rules year-round because rules are constantly revised and need to be streamlined to meet company needs. They can also communicate with company directors, senior officials, and specific departments within the organization in setting up compliance guidelines for employees.
3. Documentation
The corporate secretary is charged with taking minutes and documenting every event during board meetings. In addition, they spend time planning the meeting and creating a formal report of each meeting. This is necessary for accountability.
4. Role to specific stakeholders
The role of a company’s secretary can also be discussed based on the officer or staff they report to. They are to report to the board of directors or the managing director. Therefore, they perform tasks given to them by the people holding such offices.
Other important roles of a corporate secretary include:
- Attending the company’s, board of directors’, and committees’ meetings
- Providing the essential secretarial services, and advising on regulatory or statutory compliance with the appropriate rules and regulations.
- Maintaining the company’s record and all other documents required by law.
- Attending and recording minutes of all board and committee meetings; Enabling board communications; managing all board and committee meeting logistics.
- Advising the Board on its tasks and roles
- Assisting in the training and development of incoming directors by giving them orientation.
- Keeping track of important corporate documents and records.
- Corporate disclosure and compliance with state company laws, stock exchange listing regulations, and SEC reporting and compliance.
- Responsible for filing accurate financial reports to ACRA as required by law.
- Drafting and reviewing all employment contracts for firm employees
- Answering all legal queries and inquiries posed by the company.
- Monitoring corporate governance changes and support the Board in customizing governance measures to fit the company needs
What Authority Does the Singapore Corporate Secretary Hold?
A Singapore corporate secretary is a senior staff in a public or private corporation and is widely recognized as a key officer who keeps records for the company. A company secretary in Singapore or company’s secretarial service provider can authenticate documents and formal processes on behalf of the company. In addition, they may be obliged to sign legal documents l with a corporate director.
The corporate secretary can solely carry out certification of the company document on their own. A company’s secretary is in position to give relevant advice to the directors on the steps to take to ensure compliance when carrying out various functions. For example, when the company is involved in a loan deal, they help to organize and prepare all the documents needed for the deal.
FAQS on Corporate Secretarial Services in Singapore
As a senior officer of the company, a company secretary has a huge role to play in any company’s financial situation. In the case of liquidation, the company secretary is likely to assist in the arrangements of the legal documents such as the company’s statement of affairs. They inform creditors of the situation that has led the company into entering liquidation. The company secretary is to update the assets, debts, taxation, and any outstanding charges connected to the company’s account.
In the case of a liquidator, they are to present all information requested by the liquidating officer. The company secretary is also involved in providing all company paperwork, including administrative documentation, employee information, insurance policies and other relevant documents.
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The company secretary is a vital officer of the company by law. When carrying out their duties, they are required to always act in the company’s interest at all times. The company secretary under the law is required to report directly to the chief executive officer or the managing director.
Most times, dual reporting lines are established to enable the company’s secretary to effectively perform in the corporation’s best interest. Therein, the company secretary will report to the chief executive officer on matters concerning management and report to the managing director on matters relating to the board. Therefore, it is advisable for each company in Singapore to clearly outline each category of issues and to whom the company secretary is to report them.
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Yes. A company secretary is a mere employee of a company and can be removed by the company’s board of directors under Singapore company law. However, if the company secretary is hired for a predetermined term, they may not be removed before the agreed period ends unless there is a breach of duty. In the case of company dissolution, it is also important to know that the company secretary may lose their jobs together with other company employees.
Several reasons could lead to a company secretary’s removal in Singapore. Poor communication, improper guidance, corrupt practices and incompetency in ensuring compliance are some reasons that can warrant the motion to sack a company secretary.
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Whenever the company deems it fit to remove a company secretary, they can hold the right to terminate the secretary’s appointment. Ideally, before removing a company secretary, it is important to inform the secretary in advance about the company’s decision. The directors will complete the removal procedures amicably by requesting that the secretary tenders a resignation letter. The company then grants the resignation and puts in the necessary documents to finalize the decision.
If the secretary refuses to cooperate in tendering a resignation letter on their own, the company can arrange a removal procedure through the following steps.
- The directors must unanimously agree or cast their vote to remove the secretary.
- The removal and changes in the personnel of the company secretary should be filed and sent
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Absolutely! Due to the critical role a company secretary plays, companies should hire a corporate secretary from a professional corporate firm. The hired corporate secretary will act as a core member of the company and will undertake several compliance duties to represent the company.
Due to the importance of this job, many new and existing businesses hire an experienced corporate secretarial service provider to function as their company secretary. In addition, as the firm grows and expands, the corporate service provider may provide expert advice and uphold administrative and legislative duties to ensure compliance with Singapore’s law.
At SJH Advisory we can provide your company with professional corporate secretarial services in Singapore. We have the qualities to help you bear all your company secretarial duties. Thereby helping meet compliance requirements and ensuring that your business runs smoothly.
If there are any questions, please contact us now to get a FREE Consultation.
Appointing a corporate secretary is one of the primary requirements for starting a Singaporean corporate business. If the company fails to hire a company secretary within 6 months after incorporation, the company and its directors may meet with fines, and in worst cases, may be summoned to court.
For example, in its April 2014 press release, ACRA reported that it had issued over 10,000 summonses to corporations defaulting in matters relating to regulatory compliance.
In conclusion, every company needs an individual who can perform the role of a secretary. Depending on the size of the business, the secretary might have many or limited responsibilities. Moreover, if you’re running a corporate business in Singapore, you need to have a corporate secretary in accordance with the laws of the land. Do you need to hire a corporate secretary while still reducing overall costs and increasing efficiency? SJH Advisory offers corporate secretarial services in Singapore.
If there are any questions, please contact us now to get a FREE Consultation.
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If you have any enquiries, please feel free to contact us. We will answer your question as soon as possible, Thank You!
