Corporate Secretarial Services Singapore: Why to Hire Them
There are plenty of reasons which urge global entrepreneurs to take the plunge and contribute to the economic growth of Singapore. Some of these reasons are stringent law, transparent policies, and pro-business environment. The government of Singapore anticipate a good corporate governance from every entrepreneur in return. It ensures prosperity and growth of the business. In this line, corporate secretary plays a vital role. Aside corporate governance, a company secretary is also responsible for ensuring statutory requirements imposed by ACRA (Accounting and Corporate Regulatory Authority).
In accordance with the Singapore Companies Act, every company must appoint a corporate secretary within six months of incorporation. Essentially, the person must be a Singapore resident and have sound knowledge on the companies act. Thus, it is no wonder that foreigners have to take hardship to appoint a qualified candidate. Things are not that easy for Singaporean entrepreneurs as well. Company secretarial services can help those entrepreneurs of Singapore private limited companies.
This blog will explain why corporate secretarial services Singapore are essential for the private limited company.
Qualification of Company Secretary for Singapore Private Limited Companies
Qualification criteria required for the private limited company is less stringent than that for the public limited companies.
- The candidate must be an ordinary resident of Singapore (Singapore citizen, permanent resident or holder of any of the passes such as employment pass, entrepreneur pass or dependant’s pass)
- The person must be above 18 years age
- To have good knowledge of Singapore Companies Act is must
- A director can also act as company secretary if he/she is not the sole shareholder of the company.
Role, Duties, and Responsibilities of Company Secretary
Company secretary holds a senior position in a company, normally in the form of managerial position. It is a fact that the role, duties, and responsibilities of a company secretary are not defined in any legal document. However, the importance of company secretary is prominent and he/she is the person basically responsible for handling administrative functions while adhering to the statutory obligations.
- Ensure that the company complies with the law
- Maintain statutory registers and records of the company
- Filing annual returns as mandated by the legal obligations of ACRA.
- Arrange Annual General Meeting (AGM) and board meeting for shareholders and directors
- Filing of amendments in Memorandum and Articles of Associations
- Stay abreast with the amendments and changes in statutory obligations of ACRA, IRAS, and other governing bodies.
- Keep and arrange minutes of the meetings
- supervise the share allotments, issues, and transfers
- Ensure the custody and proper use of company seal
- Make sure that all official documents such as letterheads, publications, notices have the company name and Unique Entity Number (UEN)
- Maintain effective communication with shareholders
- Make certain that the company and shareholders are complying with the Memorandum and Articles of Associations
- Ensure that the board’s decisions are properly taken and disseminated
- Responsible for implementing good corporate governance in the company
- Ensure all merger and acquisition are enforced with the company’s best interests in mind
Why to Hire Corporate Secretarial Services Singapore
A professional corporate secretarial firm benefits you in many ways:
- These firms promise to deliver services that strictly adheres to the laws of ACRA and thus it eliminates the chances of getting penalized for non-compliance issues.
- You have peace of mind as they will alleviate your burden pertaining to the legal and other matters.
- A foreign entrepreneur’s search for local and qualified company secretary ends here. This is the right place to get an efficient candidate.
- These firms appoint company secretaries who have vast experienced in the areas that dealt with secretarial jobs. They better know how to manage and render quality services to the clients.
A Singapore corporate secretarial takes the burden off your shoulder and ensures high quality of administrative work and corporate governance. Conformity with the law of ACRA remains to be the highest priority of the secretarial firm. So, what you are looking for? If you want to accelerate your business growth while maintaining good governance, this is the best alternative for you.