Company Secretary In Singapore
It takes more than one man to run a company. Perhaps a small business can be run by just one person, but there are others involved in making a company flourish. A company in Singapore, as required by law, needs to have no less than one resident director and one shareholder. And while one person may take on the responsibilities of both jobs, there are still other people involved to make the company work. The law also demands the assignment of a company secretary not more than six months after the incorporation, whose scope of responsibilities is all-encompassing.
The company secretary, unlike other officials of a company, should be a natural person and ordinarily a resident of Singapore. If the resident director is the only director of the company, they may not be assigned the job of a company secretary. Someone with reasonable abilities and knowledge, as well as adequate experience, may perform the job instead.
Though they are named as such, company secretaries carry out more than merely clerical duties. They have crucial roles in the company as a senior officer. To put it simply, they ensure that the company observes all legalities, and essentially keep everyone involved duly up to date. As an officer, they are expected to perform according to the benefit of the company. They shall not make inappropriate use of any company information they have gathered for personal gratification.
The corporate secretary must also ensure that the company is in compliance with the legal requirements of the Singapore Companies Act. Some of their duties also include organising the publication and distribution of the annual report and accounts of the corporation, communicating with the shareholders, coordinating meetings of the company officers, preparing the directors' reports, and updating the Accounting and Corporate Regulatory Authority on their annual profits, issues of shares, and any changes that requires informing with ACRA.
The given tasks are only a few of the many duties of a company secretary. And as they're saddled with huge responsibilities that can very much affect the company, it's essential that people with sufficient skills and experience are hired for the job. This is why a lot of companies prefer to depend on professional secretarial services Singapore firms rather than assign a person themselves. This ensures that the appointed corporate secretary has the knowledge and skills to do their work. A lot of audit firm Singapore services also provide secretarial services and incorporation assistance.
The company secretary, unlike other officials of a company, should be a natural person and ordinarily a resident of Singapore. If the resident director is the only director of the company, they may not be assigned the job of a company secretary. Someone with reasonable abilities and knowledge, as well as adequate experience, may perform the job instead.
Though they are named as such, company secretaries carry out more than merely clerical duties. They have crucial roles in the company as a senior officer. To put it simply, they ensure that the company observes all legalities, and essentially keep everyone involved duly up to date. As an officer, they are expected to perform according to the benefit of the company. They shall not make inappropriate use of any company information they have gathered for personal gratification.
The corporate secretary must also ensure that the company is in compliance with the legal requirements of the Singapore Companies Act. Some of their duties also include organising the publication and distribution of the annual report and accounts of the corporation, communicating with the shareholders, coordinating meetings of the company officers, preparing the directors' reports, and updating the Accounting and Corporate Regulatory Authority on their annual profits, issues of shares, and any changes that requires informing with ACRA.
The given tasks are only a few of the many duties of a company secretary. And as they're saddled with huge responsibilities that can very much affect the company, it's essential that people with sufficient skills and experience are hired for the job. This is why a lot of companies prefer to depend on professional secretarial services Singapore firms rather than assign a person themselves. This ensures that the appointed corporate secretary has the knowledge and skills to do their work. A lot of audit firm Singapore services also provide secretarial services and incorporation assistance.
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