SECRETARIAL SERVICES
Why do I need a Company Secretary in Singapore?
The Singapore Companies Act states that every company must appoint a company secretary. Company directors must ensure that the appointed company secretary has the required knowledge and qualifications.
The company secretary has a myriad of duties, depending on the company’s needs, which include:
- Ensuring your company is fully compliant with Singapore’s corporate legislations and regulations
- Advising company directors on the company constitution and legal matters
- Scheduling and taking minutes for legally required meetings, such as the annual general meeting
- Ensuring ACRA compliance: maintaining the registers and minutes books, informing directors of important filing deadlines, updating shareholders on relevant changes in corporate regulations, etc.
The company secretary also has fiduciary duties and is obliged to avoid situations where there may be a conflict of interests and keep confidential information about the company to themselves.
Due to the extensive responsibilities and experience required to fulfil the role, many businesses are turning to outsourced company secretarial services to meet their specific needs.
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 a local resident in Singapore.
As a business owner, this means that you can engage your own in-house secretary who has the knowledge of 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 of agencies like Premia TNC
Ensure the fulfilment of compliance requirements
Relationship with a company that can provide more services to meet the future needs of your business
Frequently Asked Questions
Company Secretarial
1. In A Singapore Business, Who Can Be A Company Secretary?
There are many individuals who can hold the post of a company secretary. A company shareholder, director or an employee are all eligible. However, it should be noted that a director can only be appointed if they are not the sole director of the company. Additionally, they must live in Singapore and be over the age of 18.
A foreign company secretary cannot hold the post within a Singapore-based company. However, exceptions are made for those who happen to be Singapore residents or EntrePass holders.
2. Is The Corporate Secretary The Same As The Company Secretary?
Yes, they are the same. Simply put, company or corporate secretaries are senior members of a firm that ensure the organization is complying with statutory and regulatory requirements. They are also responsible for other corporate secretarial services, such as making sure that the decisions made by the board of directors are implemented. Company or corporate secretaries also advise the board on all the company’s legal matters as they are seen as the in-house legal officers.
In a firm, company or corporate secretaries also have a lot of responsibilities when it comes to governance structure and the mechanisms that are in place. They play crucial roles in ensuring that the firm complies with the law as well as all regulatory and listing requirements. Those providing corporate secretarial services are seen as the go-to people for business advice, which can relate to conflict-of-interest issues, development strategy and corporate planning.
3. How Can I Go About Engaging A Company Secretary?
If you are ready to setup your esteemed business in Singapore, as well free up your time without worrying about the compliance process, give us a call to enquire about our corporate secretarial services in Singapore.
