A company secretary is a key officer of a company who is responsible for ensuring that the company is in compliance with legal and regulatory requirements. In Singapore, a company secretary is required by law for every company, regardless of its size or nature of business.
The primary role of a company secretary is to assist the directors of a company in fulfilling their legal and regulatory obligations. This includes ensuring that the company’s records and registers are maintained properly, that the company’s annual filings are submitted on time, and that the company complies with all relevant laws and regulations.
In Singapore, the law requires that a company secretary be appointed within six months of the company’s incorporation.
The company secretary must be a resident of Singapore and must have the necessary qualifications and experience to carry out their duties effectively.
In this blog post, we will explore the legal requirements for corporate secretaries in Singapore.
Qualifications and Experience
In Singapore, corporate secretaries are required to have certain qualifications and experience in order to operate legally. According to the Accounting and Corporate Regulatory Authority (ACRA), which regulates corporate secretarial services in Singapore, a corporate secretary must have:
A relevant degree or professional qualification in business, accountancy, law, or a related field; and
At least three years of relevant experience in corporate secretarial work or a related field.
Corporate secretaries must also be familiar with Singaporean laws and regulations related to company governance and compliance.
Appointment and Removal
The appointment and removal of a corporate secretary are governed by the Companies Act in Singapore. According to the Act, every company in Singapore must appoint a qualified corporate secretary within six months of its incorporation.
The corporate secretary can be an individual or a corporate entity but must be a resident of Singapore. The appointment must be made by the board of directors.
If a corporate secretary is removed or resigns from their position, the company must notify ACRA within 14 days of the change. The company must also appoint a new corporate secretary within 60 days of the removal or resignation.
Duties and Responsibilities
Corporate secretaries in Singapore are responsible for ensuring that companies are compliant with local laws and regulations related to corporate governance and compliance.
- Ensuring that the company’s books and records are properly maintained;
- Ensuring that the company’s annual returns are filed on time;
- Ensuring that the company’s meetings are conducted in accordance with regulatory requirements;
- Ensuring that the company’s board of directors is properly constituted;
- Advising the board of directors on matters related to corporate governance and compliance.
Corporate secretaries must also be familiar with any regulatory changes or updates that may affect the company and must ensure that the company remains compliant with these changes.
Penalties for Non-Compliance
Non-compliance with the legal requirements for corporate secretaries in Singapore can result in penalties and fines. For example, if a company fails to appoint a qualified corporate secretary within six months of its incorporation, it can be fined up to S$5,000.
If a corporate secretary fails to ensure that the company is compliant with local laws and regulations, they can be held personally liable for any non-compliance issues.
In conclusion, corporate secretaries play a critical role in ensuring that companies in Singapore are compliant with local laws and regulations related to corporate governance and compliance.
In order to operate legally, corporate secretaries must meet certain qualifications and experience requirements and must be familiar with Singaporean laws and regulations related to company governance and compliance.
Non-compliance with these requirements can result in penalties and fines. If you are looking for a corporate secretary in Singapore, be sure to choose a qualified and experienced provider who can help ensure that your company remains compliant with local laws and regulations.