Appointing a Company Secretary for your New CompanyHan
Requirements of a Singapore Company Secretary
After successfully registering a company in Singapore, the next step that you need to take is hire a company secretary. According to Section 171 of Singapore Companies Act, a newly incorporated company should appoint a company secretary within 6 months after the registration process is completed. First, it is important to note that a company secretary is different from the office secretary in spite of the fact that both are crucial to the management and operations of a Singapore incorporated company.
The company secretary is one of the pillars of your company and has a direct influence on the future of the company. In any private limited company, he or she has the least amount of liability because according to the law, he/she is considered to have a stake in the company albeit a small one.
If the company only has one director or shareholder, the same person cannot take up the position and responsibilities of the secretary. However, the shareholder or director can salvage the situation by appointing an accredited accounting and financial professional to provide and fulfill all the stipulated company secretarial responsibilities.
The company secretary also has to be a citizen, permanent resident of Singapore, or have a valid employment passes. All the roles and responsibilities of the secretary are governed by Accounting and Corporate Regulatory Authority of Singapore. One of his or her primary roles is to organize and coordinate all board meetings and general meetings.
All newly incorporate companies in Singapore need to have a company constitution that clearly defines its operations and the roles of the employees. The Secretary is required to make sure that the constitution is upheld and any changes to the details of the constitution comply with the stipulated Companies Act. The secretary is also required to keep tabs on the company records such as statutory returns, accounting records, and share registers.
Certain changes in the company such as a change to directors, office address, residential address, company name, share rates, issuance of shares, and annual returns should be reported to the Registrar of Companies promptly to avert any form of confusion and penalties.
Clearly, the company secretary is among the most important members of the team and should be competent enough to position the newly registered private company in Singapore for success.