Why do I need a Company Secretary in Singapore?

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The Singapore Companies Act states that it is mandatory for every company to appoint one or more company secretaries. Additionally, the act also states that is the responsibility of the directors of the company to ensure that the appointed company secretary has the required knowledge and qualifications to carry out their duties.

The company secretary has many duties in Singapore. First and foremost, the company secretary will have to ensure that the organization is in full compliance with all of Singapore’s corporate legislations and regulations. The company secretary must also ensure that the business holds its legally required meetings on time.

In addition to this, the company secretary must make sure that the firm itself and its directors adhere to the Singapore Company Constitution, serving as an advisor to them in all corporate matters. They will also have to keep the firm’s board members up to date on their legal responsibilities to the company.

Since the Company Act does not specifically state the duties of a company secretary, it can be slightly varied, depending on the needs of each company. Hence, many prefer to outsource their company secretary functions since such needs are often unforeseen and change over time.

Some specific examples of company secretary responsibilities as stated on the ACRA (Accounting and Corporate Regulatory Authority) website are, maintaining and updating the company’s registers and minutes books, administer, attend and prepare minutes of meetings of directors and shareholders, keep company directors aware of the deadlines for annual returns and any other filings required by ACRA, and update directors and shareholders on relevant changes in corporate regulations.

Besides their corporate responsibilities, company secretaries also have fiduciary duties. As officers of the company, they are obligated to act in the best interests of the company. These include avoiding situations where there could be a conflict of interests, acting only within their authority as allowed by the law, carrying out duties with proper care and diligence, and keeping confidential information or trade secrets to themselves.

For more information on this, the Companies Act defines how the company secretary and board members must operate within a business.

What does our suite of Corporate Secretarial Services in Singapore entail:

  • Application/Renewal for Business Registration
  • Provision of Company Secretary Services
  • Provision of Registered Office Address
  • Bank Account Opening Services
  • Maintenance of Statutory records
  • Preparation of Annual General Meeting documents and lodgment of Annual Return
  • Share Transfer/Share Allotment
  • Change of Company Name/Adding Branch Business Name
  • Mergers and Acquisitions
  • Company Deregistration & Liquidation

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

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.

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.

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.

Do you need more information?

You may refer to these managing Singapore business guides to find out more:

Singapore Corporate Information

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Corporate Bank Account Opening

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Strike Off Company in Singapore

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