A company secretary, according to Section 171 of the Companies Act, must be appointed officially within 6 months from the date of incorporation, and the position of the company secretary cannot be left vacant for more than 6 months. Also, the sole director of a company and the company secretary cannot be the same person, and a company secretary in Singapore must be a natural person and locally resident in Singapore. Somebody who has been debarred under section 155B is also prohibited from acting as secretary of a company. At least one secretary company (if more have been appointed by the director/s) shall be present at the registered office of the company on the days and at the hours during which the registered office is to be accessible to the public.
Singapore Company Secretarial Services
Only public companies must appoint a professionally qualified secretary, for example, a lawyer, accountant or chartered secretary. Private limited companies can hire one who meets the basic legal requirements and who ideally possesses the preferred skills and qualities, or choose to engage Singapore company secretarial services to fulfil the legal compliance requirement, as well as to take care of the many essential tasks entrusted to a company secretary in Singapore, some of which include:
Facilitate Company Meetings
Periodically, the company secretary will need to meet with business partners and shareholders. It is the duty of the company secretary to send out memos and notices to the relevant individuals on upcoming meetings. He or she should also prepare a comprehensive agenda for the meeting and other necessary linked details.
Ensure Adherence to the Constitution
When registering company Singapore, the company secretary need to also come up with a comprehensive company constitution. The constitution is tailored to monitor and regulate all the business operations and ensure that it abides by the set laws and regulations. It is the duty of the company secretary to make sure that all directors adhere to the outlined legislation in the constitution. He or she should also ensure that your company complies with the Article of Association, Companies Act, Memorandum of Association, and all other legal bindings to avert court cases and fines.
Bookkeeping and Accounts Management
The company law clearly defines the various accounts of business that are under its authority. It is the mandate of the company secretary to prepare all the required reports on time. Afterward, the reports should be filed with Singapore Company Registrar. The company secretary also needs to make sure that all company transactions especially those related to disposal and acquisition of assets are well documented.
Company Identity, Insurance, and Seal
The company secretary should ensure that all official correspondence such as employment letters has the correct company name, address, and official entity number. The professional should also ensure that the legally recognized company seal is used to emboss all relevant documents to show they are certified and genuine. The seal should be kept in safe custody by the Secretary to prevent its misuse. More importantly, the expert is required to make sure that the required insurance policies cover all employees, directors, officers, and the office premises.
Other event based duties include:
- Amending of the registered company constitution
- Facilitating change of company name
- Decreasing or increasing share capital
- Be involved in the process of appointing a new company director
- All other duties stipulated in the signed employment contract