Singapore Company Secretary: Roles and Duties
According to the Singapore Company Law, Segment 171, each company should appoint a qualified company secretary within a half year of its incorporation date. The appointee, an occupant of Singapore, acts as its fiduciary and advisor to its board and shareholder.
ACRA thinks of company secretaries as the officers of the company. They are liable for its statutory compliance, streamlined operations, and achievement. Let us see the requirements, duties, and job of the company secretary:
The locals, as well as foreign business proprietors, benefit by employing an enrolled filing agent to set up a business in Singapore. It is especially valid for foreigners wanting to start a business in Singapore.
Read More: Benefits of Company Secretary in Singapore
Key Facts about Singapore's Company Secretary
Each new Singapore company has to utilize a company secretary within a half year of its date of incorporation.
The appointee should be a natural individual and a Singapore inhabitant.
The Board of Chiefs needs to pass a goal to appoint a company secretary.
The appointee's capabilities as the main compliance officer of the company
Singapore companies can also utilize a corporate secretarial services supplier for this reason.
Who can act as a company secretary in Singapore?
Singapore residents, permanent residents, and holders of EntrePass can act as a company secretaries. These individuals are viewed as the ordinary inhabitants of Singapore.
The holders of work permits having a local residential address can also act in this capacity.
The appointee needs to have information and skill in dealing with the arrangements of company law. They ought to have the option to take care of the company's annual filing and statutory compliance.
Corporate Secretarial Qualification Requirements
Singaporean company secretaries of local and foreign-claimed companies need to satisfy the requirements given beneath:
My primary residence in Singapore
filled in as a company secretary of a company for at least 3 of the 5 years immediately before becoming the company secretary of the public company.
A qualified professional under the Legal Profession Act (Cap. 161)
A CPA under the Accountants Act (Cap. 2)
Or, on the other hand, an individual from:
A qualified professional under the Legal Profession Act (Cap. 161)
A CPA under the Accountants Act (Cap. 2)
Or, on the other hand, an individual from:
Institute of Confirmed Public Accountants of Singapore
The Singapore Association of the Institute of Chartered Secretaries and Administrators
Association of International Accountants Singapore
Singapore Institute of Company Accountants
The Singapore Association of the Institute of Chartered Secretaries and Administrators
Association of International Accountants Singapore
Singapore Institute of Company Accountants
Steps for Appointing a Company Secretary
Appointing a company secretary is one of the pre-registration requirements of starting a company in Singapore. Then again, existing companies cannot allow this post to be vacant for over a half year.
Stage 1:
A company's chiefs need to cast votes and pass a goal to appoint a company secretary.
Stage 2:
The appointee should show its willingness to take up the situation by completing Form 45B.
Stage 3:
Inform ACRA of the appointment of the company secretary. This filing is online using the BizFile+ portal by Accounting and Corporate Authority (ACRA).
Who Cannot Act as a Company Secretary
A sole head of Singapore private restricted company cannot act as its company secretary.
A debarred company secretary cannot take up a task as the company secretary.
Steps for Resignation of Company Secretary
If a company secretary wants to leave, it has to be finished according to the following steps:
Stage 1:
The company secretary presents their resignation letter.
Stage 2:
The chiefs need to cast votes and pass a goal to accept the resignation and eliminate the company secretary.
Stage 3:
Document changes in the company secretary to ACRA using BizFile+ portal within 14 days from the date of resignation.
Steps for Removing Company Secretary
In some cases it is in the interest of a company to eliminate the company secretary. Assuming that the company secretaries will not cooperate and leave all alone, the company can forcibly eliminate them. The steps are as per the following:
Stage 1:
The chiefs should cast their votes and pass a goal to eliminate the company secretary.
Stage 2:
Use BizFile+ to document the changes in the company secretary to ACRA within 14 days of the date of removal.
Duties of Company Secretary in Singapore
Securing their organization's statutory compliance is the main obligation of the company's secretaries. They need to perform a range of duties to guarantee it. These are detailed as follows:
Company's ACRA Filing
They regulate or initiate all filings with ACRA, like;
Changes in the company's chiefs, presidents, secretaries, or auditors
Annual return
Annual return
Changes in the company.
Changes in the share capital of the company.
Maintaining Statutory Registers.
They should regularly update the company's statutory registers like that of:
Substantial Shareholders.
Company Charges.
Chiefs, Secretaries, Presidents, and Auditors
Nominee Chiefs.
Chiefs' Interests in Shares and Debentures
Regulators.
Debenture Holders.
Minutes book.
Board of Chiefs' Meetings.
Inform and advise chiefs on the subjects of the meeting.
Prepare and circulate info and reports.
Record minutes of the meeting.
Prepare goals.
Support duplicates of the minutes of meeting.
