Key Points for Hiring Corporate Secretarial Services
Appointing a qualified company secretary is one of the key requirement of registering a business in Singapore. As per ACRA (Accounting and Corporate Regulatory Authority), the duration to fulfill the condition is of six months. The agency acts as the national regulator of public accountants and businesses registered in Singapore. Alternatively, the business owner can also appoint one of the experienced corporate secretarial services to take care of the task.
As per the law, an individual company secretary must be aged 18 years or above and ordinarily resident in Singapore. The secretary is considered as the primary officer of the company tasked with the administrative and reporting functions. It is a complex task well suited to the seasoned and qualified professionals from corporate secretarial services.
Appointing Corporate Secretarial Services for a Startup
The secretary is an important position in a company. The officers from the regulating agencies contact the secretary whenever they need more compliance-related information about the company. If you are incorporating a startup in Singapore, it will be an ideal solution to opt for one of the company secretarial services. The services providers like SBS Consulting Pte Ltd offer combo packages, bundling a number of corporate services for the cost of one.
Go for Combo Incorporation Package
A startup entrepreneur can save a considerable amount of money by choosing a suitable combo incorporation package. The services providers charge for the incorporation services and offer services like registered local office address and company secretary FREE for the first year.
Following are a few reasons for engaging a company secretary in Singapore.
Company Secretary, an Officer of Company
A secretary is not an idle position in a company. These professionals have to be on the alert to make sure of their company’s compliance. As per ACRA, in certain situations, they are held liable for the company's failed compliance. Those assigned by the company secretarial services updates the directors on changes in Singapore’s Companies Act. They also convey to them the statutory & compliance requirements and related the deadlines.
Company Secretary’s Responsibility Towards Stakeholders
The secretary is responsible to the shareholders, company, and its directors.
To Company: They must take steps to meet relevant statutory obligations expected from their company. They must always protect the business interest of the company and promote best corporate governance.
To Directors: They advise the company directors with practical suggestions and advice. They must brief the company directors and enable them to contribute at their most during the company’s board meetings.
To Shareholders: They must give high priority to their communication with the shareholders and protect their interests. They must circulate financial data of the company to the shareholders enabling them to participate in the decision-making process at the Annual General Meeting.
Duties of Company Secretary
A company secretary in Singapore has a number of duties to take care of. A few of which are as follows:
Statutory Compliance: They need to take steps to file company’s timely and accurate annual accounts to ACRA & maintain its registers related to transfers of shares, changes to M&AA, changes in the company officials, change of registered office address, etc.
Board Meetings: Arrange board meetings & push the decision-making process on various issues
Annual General Meetings: Arrange and convey the time and place of the AGM and EGM as per the Companies Act and the company’s constitution.
Memorandum & Articles of Association (M&AA): Make sure that company and its board of directors stick to the provisions laid down in M&AA at all times.
Shareholders: See to proper and timely allotment of shares and transfers. Handle shareholders’ queries in the best fashion possible.
Company Seal: Keep safe custody of company seal and ensure its proper use.
Approval of Company Resolutions
A corporate secretary in Singapore is empowered to authenticate documents or formal proceedings of the company. They along with a company director may be called upon to execute the official documents under the common seal which is taken as the proof of passing of the resolution.
The experts working in our corporate secretarial services team provides streamlined end-to-end services. They are well versed with the process of registering a new Singapore company and providing valuable support to the clients. They are fully qualified and experienced to take this non-core task off the hands of busy business owners and straighten their compliance. If you are looking to replace your existing services provider, you can also do so by opting for stand-alone services for corporate secretary in Singapore.
Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg
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