Company Secretary Services

Every Pte Ltd company in Singapore must appoint a Company Secretary within 6 months of the date of its incorporation. The appointed Company Secretary must also be residing locally in Singapore and he/ she must not be the sole director of the company. So what does a Company Secretary do, you may be asked. It seems that very few people can tell you what exactly a corporate secretary’s job entails.

Principally, the company secretary is responsible for ensuring the company complies with the following:
1) Company law,
2) Maintains certain statutory registers and
3) Makes the necessary filings with the ACRA such as annual returns, change of officers of the company, and share transfers, among others.

Unfortunately, there is a laundry list of misconceptions by business owners that a Company Secretary does nothing! Those who are not familiar with corporate governance might be inclined to believe that a Company Secretary just does the yearly thing of submitting the AGM minutes. In reality, they are responsible for making sure the company is in compliance with existing regulations and that all the corporate affairs of the company are in order.

By appointing a qualified Company Secretary, it is safe to say that you can be ensured that your company’s compliance with the Companies Act is well taken care of. Thus, let us know if you want to take the next step to appoint a qualified Company Secretary for your company!


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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