Who can be a Company’s Secretary in Singapore?
Who can be a business secretary in Singapore? Are they a daily secretary in a company? Does the company secretary hold any stake in the company? Many foreign investors in Singapore look for information about who can be a company secretary to start a company.
In Singapore, a company secretary is primarily a corporate lawyer and has other skills, and one of his primary goals and aims is to assist the company in several respects. In Singapore, the laws and regulations regulating companies can be complicated, and some of them are easy for the company to default on. It is the Secretary of the company’s work to ensure that the company complies with Singapore’s regulatory authorities.
Appointing a secretary for a company
One of the next steps will be to designate the company secretary after being incorporated in Singapore. The Singapore Companies Act provides for a secretary’s appointment within six months after the effective incorporation of your company.
The appointed Secretary should be an ordinary resident of Singapore, and there are many professionals available who provide corporate secretarial services to the company in Singapore. Outsourcing services save you lots of time and effort and are always more reliable than starting from scratch, such as payroll outsourcing in Singapore.
Section 171 of the Companies Act requires a business to recruit and pick Within the first six months of its incorporation date; a designated company secretary must be a local or permanent resident of Singapore.
This implies that he/she may be a Singaporean or a Singaporean permanent resident. Furthermore, the company secretary may not be a company’s sole director; if the company has two or more directors, a resident director maybe a company secretary.
Finally, to formally designate the company secretary, it is essential to file the company secretary’s appointment as a company officer with ACRA using the BizFile portal.
A Company Secretary’s responsibilities
As you are aware of your business management tasks, the Secretary you employ will focus on the following activities:
Updating the Statutory Registers-To ensure compliance with the Companies’ Act in Singapore, all changes or amendments in the statutory registers must be up to date. Activities include the updating and storing of information regarding;
- The recruitment and resignation of leaders, such as CEOs, executives, directors and secretaries,
- Share transfers and share problems between shareholders
- Resolutions of the Board and minutes for the AGM (Annual General Meetings) and the EGM
Filing company changes to ACRA-As you conduct your business, you will find that you need to modify some of your company’s information, such as the name, update the company’s constitution, make a share transfer, assign shares, and many others. These amendments are expected to be submitted to the Board within a specific period after they have been accepted, and that will be one of the functions of the Secretary.
The board meetings’ decisions have to be reported and filed in the minutes, which is one of the Secretary’s duties, to plan and attend board meetings. Therefore, to keep the documents up to date, he or she should follow all the meetings.
The Secretary is expected to plan the agenda of the meetings and the CEO, prepare the director’s circular motions, provide competent legal advice on the Companies Act, and certify copies of the minutes.
The Secretary of the organization will also update the statutory registries.