Singapore Corporate Secretarial Services
About Corporate Secretarial Services in Singapore
The importance of company secretarial services in Singapore has grown increasingly when it comes to businesses being incorporated. In Singapore, you need to appoint a company secretary or corporate secretary within six months after you have incorporated your company, according to the Singapore Companies Act.
For this reason, it is essential that you need to engage corporate secretarial services in Singapore. A chartered company secretary in Singapore serves as an officer of your company, assisting you with a variety of duties and responsibilities that ensure your company complies with IRAS and ACRA requirements.
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The Importance of Corporate Secretarial Services in Singapore
There are numerous reasons for foreign entrepreneurs to invest in Singapore and contribute to its economic success. Stringent laws, transparent policies, and a pro-business setting are just a few of the factors. In return, the Singapore government expects strong corporate governance from every entrepreneur to ensure the company’s success, growth, and expansion. In this domain, the role of Singapore’s corporate secretary or company secretary is extremely important.
Apart from corporate governance, a company secretary is also responsible for adhering to ACRA’s (Accounting and Corporate Regulatory Authority) statutory requirements and obligations. Hence, engaging Corporate Secretarial Services in Singapore is vital.
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What are the benefits of engaging Corporate Secretarial Services in Singapore?
A professional corporate secretary service provider in Singapore like APacTrust helps you in many ways :
- They promise to offer services that carefully follow ACRA regulations, reducing the risk of being fined and penalized for non-compliance violations.
- They will take care of all of your corporate matters thus offering you peace of mind.
- They hire company secretaries with a lot of experience in corporate secretarial work and a good understanding of how to manage & provide excellent corporate procedures to you.
A solid Singapore company secretarial service provider like us unloads the burden off your shoulder and ensures that your corporate governance stays in compliance.
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- What You Need To Know About Corporate Secretary
- In accordance with the Singapore Companies Act, the Corporate Secretary or Company Secretary is an appointed officer of the Company.
- According to Singapore Companies Act, every company in Singapore must have an appointed Corporate Secretary or Company Secretary within 6 months of incorporation in Singapore.
- The Corporate Secretary must be a Singapore Citizen/Permanent Resident, or a Singapore Employment Pass Holder/Singapore Dependent Pass Holder.
- Prior to being appointed as the secretary of a public company, the Corporate Secretary must have at least three years of experience as a Corporate Secretary or Company Secretary in Singapore.
- A sole director or shareholder cannot be assigned as a Corporate Secretary in Singapore.
- If the company in Singapore has more than one director, a local resident company director can only be appointed as Corporate Secretary.
- For Sole Proprietorships and Limited Liability Partnerships (LLP) in Singapore, a Company Secretary or Corporate Secretary is not necessary.
- The Consequences Of Not Engaging Qualified Corporate Secretarial Services
According to ACRA, the following are some of the most prevalent offences and mistakes that companies can make under the Companies Act (Cap. 50) if they don’t hire a qualified and competent Corporate Secretary in Singapore:
- Inability to come up with a business resolution.
- Failure to validate a critical business step for the company.
- Failure to publish the name of the company and its registration number.
- Failure to notify the Registrar of any changes to the registered office address or business operating hours.
- Records that are not being managed and maintained properly.
- Incorrect year-end company reports
- Non-compliance to Companies Act (Cap. 50, Section 411), Companies Regulations.
- Failure to file the company’s Annual Return within one month of the date of the Annual General Meeting.
- Failure to notify the Registrar of any changes in directors, managers, corporate secretaries, auditors, registered office address, and other pertinent information.
- Duties and Responsibilities of the Company Secretary
- Keep the company’s registers and minute books up to date
- Organize, attend, and record minutes of the board of directors and shareholder meetings
- Assist the meeting’s Chairman in conducting the meeting
- Ensure that the Companies Act’s statutory obligations are met
- Ensure that the company’s Memorandum and Articles of Association (“M&AA”) are followed
- Keep the company and its directors informed about the deadlines for filing annual returns and any other returns with ACRA
- Advise the company on and take care of the necessary electronic filings with ACRA for changes within the company within the prescribed timelines set by ACRA
- Ensure the safe custody and proper use of the company seal
- Communicate any relevant changes in statutory legislation to the company and its directors as soon as possible if any
- Act as an intermediary between the firm and the relevant authority for the company’s specific needs, such as ACRA, the Stock Exchange, and the Singapore Inland Revenue Authority
- Is it possible for the owner of the company, Chief Executive Officer (CEO), director, or accountant to be able to stay on top of every legislative requirement regulated by Singapore’s regulatory bodies?
- Is it possible to keep up with the constantly changing tax laws?
- Is it possible to maintain contact with each shareholder and compute the exact dividend that he or she owns?
- Maintaining the statutory registers
- Managing, issuing, and transferring shares
- Paying dividends and interests through proper communication with the shareholders
- Disseminating the company’s interim statements, annual reports, and accounts to the shareholder
- Managing changes in the company’s share and loan capital structure
- Preparation of minutes of meetings and resolutions for the board of director
- Preparing report for director(s)
- Working with the chairman and the chief executives to develop meeting agendas
- Safeguarding the company seal and using it appropriately in accordance with the company memorandum and articles of associations
- Notifying the regulatory body ACRA of any changes to the company’s director, name, or other relevant information
- Filing or e-filing of annual return to ACRA
- ACRA compliance alerts & reminders
- Notification for various document filing deadlines
Undecided about engaging Company Secretary in Singapore?
If you’re still undecided about engaging in a corporate secretarial service in Singapore, consider the following questions:
If your answer is a “no” to at least 2 of the key questions above, then you should outsource these functions to a Singapore corporate secretarial services provider like us. Apart from the ones listed above, there are a number of other advantages why you should outsource these responsibilities to a company secretarial services provider. The following are some of the duties of a company secretary:
Suggested Read : More About Singapore Company Secretaries And Corporate Secretarial Services
Every successful business in Singapore needs corporate secretarial services. Our corporate secretaries are qualified professionals with more than ten years of experience. Their high level of expertise is essential to address complex issues and resolve difficulties often faced by young start-ups and established businesses alike. We do take the time to listen to you and offer a tailored solution to meet all the specific needs of your company. Please do not hesitate to contact us if you have any additional queries about our corporate secretarial services. We will respond to your inquiry as soon as possible.
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