Who is a company secretary?
A company secretary is a professional who provides administrative and secretarial support to an organization. Their duties may include maintaining corporate records, preparing minutes of meetings, and ensuring compliance with laws and regulations.
In larger organizations, they may also manage human resources or provide financial advice. Company secretaries play an important role in ensuring that an organization runs smoothly and efficiently.
When do you need a company secretary?
If you are thinking of starting a company, you will need to appoint a company secretary. This is someone who will be responsible for keeping track of the company’s statutory records, issuing shares, and filing annual returns.
They will also be responsible for ensuring that the company complies with all its legal obligations. Appointing a company secretary is a legal requirement in most jurisdictions, so it is important to make sure that you do this before you start trading.
Why it’s important to hire a company secretary in Singapore?
If you are thinking of starting a company in Singapore, or are already running one, you will need to appoint a company secretary. It is a legal requirement in Singapore.
Who can be a company secretary in Singapore?
The secretary must be a natural person who is professionally qualified and a local resident in Singapore. This person must be able to handle all aspects of the position in a competent and professional manner. They must also be able to work well with others, have excellent communication skills, and be well-organized.
A company secretary in Singapore must have certain qualifications, including being a member of the Institute of Certified Public Accountants of Singapore (ICPAS) or the Singapore Company Secretaries Society (SCSS). They must also have at least 3 years of relevant work experience, and be able to communicate effectively in English.
What are the roles & responsibilities of a company secretary in Singapore?
#1 Maintenance of statuary registers
The statutory registers maintained by a company secretary are a critical part of ensuring the company’s compliance with the law.
These registers contain important information about the company’s shareholders, directors, and officers, as well as any changes to these individuals that occur over time.
Maintaining accurate and up-to-date records in the statutory registers is essential to avoid potential legal problems down the road.
#2 Notice & agenda of meetings
A company secretary is responsible for maintaining notice and agenda of meetings. This includes ensuring that all attendees are aware of the meeting’s purpose, date, time, location, and any other important details.
The company secretary may also be responsible for taking minutes during the meeting, which will be used to provide a record of what was discussed and decided.
#3 Accounts preparation
One of the roles of a company secretary is to prepare the company’s accounts. This includes ensuring that all financial records are up to date and accurate and that the company complies with all relevant laws and regulations. Company secretaries also play an important role in advising the Board of Directors on financial matters, and in providing support during times of financial difficulty.
#4 Filing of statutory forms with the registrar
A company secretary is responsible for filing the statutory forms with the registrar. This includes ensuring that the forms are completed correctly and filed in a timely manner. The company secretary may also be responsible for other administrative tasks, such as keeping minutes of meetings and handling correspondence.
#5 Minutes of meetings preparation
The company secretary is also responsible for preparing the minutes of the meeting. This involves creating a record of the meeting, including the decisions made and the actions to be taken. The minutes of the meeting are an important part of the company’s records, and they can be used to help resolve disputes or provide information to shareholders.
#6 Compliance with different events
One of the important roles of a company secretary is to comply with different activities or events such as:
- Appointment of a new director or resignation of an old director
- Changes in the registered office of the company
- Change of Company Name
- Changes to the Constitution of the Company
- Changes in share capital
#7 Custody of company seal
A company secretary is responsible for a variety of important tasks, one of which is taking custody of the company seal. The company seal is an important symbol of the company and its authority, and it is the responsibility of the company secretary to make sure that it is kept safe and secure. This task is important not only for the protection of the company’s assets but also for the reputation of the company itself.
#8 Compliance with company constitution
A company secretary has many important duties, one of which is ensuring compliance with the company’s constitution. This involves keeping track of any changes to the constitution and ensuring that all members of the company are aware of these changes. It is also the responsibility of the company secretary to make sure that all members of the company adhere to the rules set out in the constitution. This is an important role as it helps to keep the company running smoothly and efficiently.
What are the company secretary charges in Singapore?
The average charges of a company secretary in Singapore can vary depending on the size of the company and the amount of work required. However, most company secretaries will charge between $300 and $2,400 per month.
Things to take care of while appointing a company secretary in Singapore
- Familiar with Singapore laws
Your company secretary should be familiar with the Singapore laws. This is because the company secretary is responsible for ensuring that the company complies with all relevant laws and regulations. In addition, the company secretary also has to keep abreast of any changes to the law so that the company can continue to comply. - Qualification & experience
A Singapore company secretary must have certain qualifications and experience in order to be appointed to that role. The individual must be a Singaporean citizen or a permanent resident of Singapore and must be at least 21 years old. He or she must also have a good understanding of the Companies Act and the relevant rules and regulations. Additionally, the company secretary must have at least 3 years of relevant work experience. - Communication skills
Your company secretary should be a competent communicator, as this is essential for maintaining good relations with clients, shareholders and other business associates. They should be able to communicate complex legal and financial information in a clear and concise manner and be able to represent your company professionally at all times. - Management skills
A company secretary is responsible for a lot of the behind-the-scenes work that keeps a business running smoothly. This can include everything from maintaining records and preparing documents to handle correspondence and managing finances. Having good management skills is essential for anyone in this role, as it helps to ensure that all the different elements of the job are carried out effectively and efficiently. Good management skills are important for a number of reasons. Firstly, they help to ensure that tasks are completed on time and to a high standard. Secondly, they allow the company secretary to plan and organize their work in an effective way so that they can prioritize the most important tasks and make sure that everything runs smoothly. Finally, good management skills also help to build strong working relationships with colleagues and clients, which is essential for anyone in this role. - Organization
Your company secretary is responsible for maintaining important company records and coordinating company meetings. Therefore, it is essential that they have excellent organizational skills in order to perform their duties effectively. Good organizational skills allow your company secretary to keep track of important documents, schedule meetings, and plan events. Additionally, they will be able to handle last-minute changes and unexpected challenges without difficulty. Ultimately, having a company secretary with good organizational skills will help to ensure that your business runs smoothly.
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