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Hiring Reputed Company Secretarial Services Is One Of The Major Achievements Post Singapore Company Formation

Last modified: June 27, 2018
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Anyone who is interested to incorporate a Singapore company must register the business entity with Accounting and Corporate Regulatory Authority of Singapore (ACRA). It is expected that the every company incorporated in Singapore have to abide by the rules and regulations mandated by the Singapore Companies Act.

The Easy Way of Singapore Company Incorporation

Company Secretarial ServicesFirst and foremost thing, coming in the way of many entrepreneurs while incorporating a company is choosing appropriate business entity suiting their objective of starting a new business. As of now, there are five major types of business entities to choose from, out of which a private limited company is the most sought after business entity. Still, it is advisable to seek assistance from one of the reputed firms offering Singapore company incorporation services to pick the business entity type that will help you rise and shine in your business venture.

Note: There is one more advantage of hiring these firms. These firms are entitled to help and guide you in preparing the required company incorporation documents well in advance so at the actual of initiating the incorporation procedure the entire process can be completed in not more than a few hours.

In addition, these firms will take care of all the compliance matters, ensuring the entire procedure is carried out smoothly and sophisticatedly.

Possible Hassles during Singapore Company Registration

With the stringent changes in the regulatory framework of the Singapore Companies Act, the role of Director and Company Secretary has become increasingly important. According to the basic provisions of the Singapore Companies Act, you ought to fulfill specific requirements to get your company registered, like

  • You will need at least one shareholder
  • At least one Director permanent resident of Singapore
  • At least one Company Secretary, also a permanent Singapore resident
  • An initial paid-up capital of at least SGD 1 and
  • A registered Singapore address
Note: The company secretary is a crucial one in the Singapore’s corporate environment. Although all these are necessary requirements, most entrepreneurs either miss or misunderstand the requirement of company secretary. This happens a lot because the Singapore Companies Act nowhere sheds light or defines the roles, responsibilities, and duties of the company secretary.

Role of a Company Secretary in the Singaporean Corporate Environment

Appointing a company secretary within six months after Singapore company formation is one of the primary requirements to comply with the strict statutory obligations. The company secretary is one of the major key players for acting as an officer responsible for the administrative and reporting functions usually governed by law.

It is necessary that the appointed company secretary must be a natural person and an ordinary resident of Singapore. It is okay if an S Pass holder is appointed as a company secretary, which is otherwise is not applicable for appointing company directors.

Note: The major role of a company secretary is in offering assured assistance to the Directors for ensuring the company meets all the statutory obligations without any issues. In addition to that, the company secretary is expected to keep records of Directors’ resolution.

Duties Expected From a Company Secretary

  • To maintain company statutory registers and records
  • Ensuring board members and directors of the company comply with the Memorandum and Articles of Association (M&AA)
  • Ensure proper compliance of corporate governance policies and assist directors in implementing proper compliance practice within the organization
  • Looking after the acquisition, restructuring, amalgamations, mergers and similar duties are fulfilled in the best interest of the company
  • Make arrangements for the shareholder and directors meetings
  • File and/or lodge all necessary documents with the appropriate authorities as per the laws within given time
  • Extend legal and administrative support to the management
  • Ensure board decisions are properly taken care of and assist in implementing the corporate strategies
  • It is the prime duty of the company secretary to ensure the company meets all the statutory and legal obligations

Conclusion

It is evidently clear from the necessities and responsibilities of the company secretary, that this is one of the most important appointments that have to be made by the newly incorporated company. The role of company secretary in Singapore is very crucial and goes hand-in-hand with the duties and obligations of the company Director.

A company secretary is a person leading company on the growth of success; therefore, it is very much necessary that a newly incorporated company rather than depending on its own foresight outsource the Company secretarial services to a reputed firm.

Especially, it is advisable to the foreign companies and entrepreneurs that opting for esteemed corporate secretarial services in Singapore is the wisest decision they could come up with.

SBS Consulting is one of the leading corporate services providers in Singapore. It offers company incorporation as well as Company Secretarial services.

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