What Can a Company Secretary Do For My Business?

Company formation & company closure services in Singapore

Company secretarial services play an important role in business administration.

 

The services of a company secretary encompass a wide range of activities and responsibilities, all of which are crucial to the proper functioning of a business. This can include anything from maintaining statutory records and preparing annual reports to arranging shareholder meetings and dealing with share transfers.

 

Company formation & company closure services in Singapore

 

The duties of a company secretary

The company secretary acts as the guardian of the company’s compliance with the law and best practices, ensuring that the company runs smoothly and efficiently.

 

Their duties primarily consist of:

  • The company secretary is responsible for maintaining the company’s statutory books. This includes keeping track of the company’s financial affairs and ensuring that all legal requirements are met.
  • The company secretary is also responsible for keeping minutes of all shareholder and board meetings, as well as maintaining other important records.
  • The company secretary is also responsible for preparing and filing annual reports and other documents required by law.
  • Your company secretary is always available to answer any questions you may have. They are flexible and responsive, so you can always count on them to get the information you need. 
 

Below are some of the reasons for outsourcing company secretarial services to an accounting firm in Singapore:

 

  • Efficient handling of corporate matters
  • Useful & timely guidance
  • Compliance with the law
  • Knowledge
  • Improved efficiency
  • Affordability
  • Comprehensive Offering of Services
 

Recommended post: Why should you outsource to a company secretary in Singapore?

 

What are the roles and responsibilities of a company secretary?

 

#1 Maintenance of statuary registers

The maintenance of statuary registers is one of the major responsibilities of a company secretary in Singapore. This involves keeping track of the company’s shareholders and ensuring that their personal information is up to date. 

 

It is also the company secretary’s responsibility to keep track of the company’s share capital and to ensure that all shareholders are aware of their rights and obligations.

 

#2 Notice & agenda of meetings

A company secretary in Singapore is responsible for maintaining the notice and agenda of company meetings. This includes ensuring that all required documents are filed and available for review, as well as handling any correspondence related to the meetings. 

 

The company secretary also keeps minutes of the meeting, which serve as an official record of decisions made and actions taken.

 

#3 Accounts preparation

A company secretary also plays a role in preparing accounts. This involves keeping track of the company’s finances, making sure that all the necessary paperwork is in order, and helping to produce financial reports. This is an important job, as it helps to ensure that the company is run smoothly and efficiently.

 

#4 Filing of statutory forms with the registrar

Filing statutory forms with the registrar is another key responsibility of a company secretary in Singapore. 

 

The company secretary is responsible for ensuring that all required documents are filed in a timely and accurate manner. This includes ensuring that the correct fees are paid and that all required information is included in the filings. Failure to properly file statutory forms can result in significant penalties for the company.

 

#5 Minutes of meetings preparation

Your company secretary will also make sure to prepare and maintain the important minutes of the meeting. This is a key responsibility as it ensures that accurate records are kept of what was discussed and decided at each meeting. This can be used as a reference point for future decisions and also helps to hold individuals accountable for their actions.

 

#6 Compliance with different events

Your company secretary is required to comply with different events, such as shareholder meetings and board meetings. They may also be responsible for filing annual reports and maintaining company records. 

 

Company secretaries play an important role in ensuring that a company is run smoothly and efficiently.

 

#7 Custody of company seal

A company secretary is responsible for the custody of the company seal. The company seal is a formal document that is used to stamp important documents. The company secretary is responsible for making sure that the seal is used correctly and for keeping track of it.

 

#8 Compliance with company constitution

A corporate seal, also known as a common seal, is an official seal used by a corporation. It is usually embossed with the company’s name and logo. Corporate seals are used for the purpose of authenticating documents.

 

A company secretary is responsible for ensuring compliance with the company constitution. This includes ensuring that the company complies with its legal obligations, as well as ensuring that the company’s shareholders and directors are aware of their rights and responsibilities.

 

The company secretary also has a role in ensuring that the company’s financial affairs are in order and that the company’s records are up to date.

 

Share:

More Posts

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.

Get in Touch​