Five Reasons Why Corporate Secretarial Services Are Mandatory
In Singapore, every business must have a corporate secretary. They can comply with this regulation by either hiring an in-house staff member or engaging with company secretarial services.
While each has its benefits, many people prefer the latter due to its ease, cost-effectiveness, competence, and flexibility. However, because firm secretarial services are outsourced employees, you must recognize when it is appropriate to use them.
Here are five occasions where corporate secretarial services in Singapore are necessary:
When registering your company
The law requires all companies in Singapore to have a secretary. A secretary is a person responsible for managing and organizing the work of other employees. They also provide administrative support and high-level secretarial services to senior management.
According to the Companies Act, the secretary selected for the job must be
- A natural person
- A resident of Singapore
It further indicates that the board of directors might appoint the company secretary by a resolution. However, if a person has a debarment order issued by the Registrar on the appointment date, the company directors will not appoint them as company secretaries.
When dealing with stakeholders
Secretaries are also responsible for dealing with stakeholders and keeping them updated on the progress of projects. They also must keep track of important documents and information for the executive.
In addition, a secretary can be helpful in several ways. They can help ensure that all communication is going smoothly, help identify and solve problems, and provide advice on dealing with difficult situations.
To achieve these demands, businesses must hire someone skilled and informed in their profession. A corporate secretary should be able to communicate effectively with stakeholders while also assisting them in achieving their objectives.
When complying with Singapore regulations
Secretaries are needed to deal with the paperwork and to provide administrative support. They also take care of other tasks related to the company compliances.
A company secretary’s tasks include the following:
- Timely filing of the annual returns.
- Filing of share allotments and transfers
- Updating directors’ information, including appointment, resignation, or resignation of company officials
- The secretary must ensure the safekeeping and proper use of the company’s seal.
- The company secretary must ensure that the company has an adequate insurance cover.
- The secretary takes the duty of handling correspondence between the company and the shareholders. However, they cannot reveal any confidential information to any shareholders too.
- All companies established in Singapore must have a registered address. The exact address must be indicated on all legal documents and registered with ACRA.
When organizing board meetings
Secretaries are often tasked with organizing board meetings. They may have to coordinate the meeting time, arrange for a room, and keep track of all the attendees.
They also take care of all the organizational details, such as ensuring that everyone is present and on time, setting up the meeting room, and preparing all necessary items.
When updating company information
The company secretary must ensure that the following records are up to date:
- Record of directors.
- Record of members.
- Record of secretaries.
The responsibilities of the secretary are well laid under the Singapore Company Law. However, other duties may be added to the role depending on the specific employment contract.
In the modern-day business world, any company must have a company secretary. They are responsible for coordinating with different departments to keep everything running smoothly. Moreover, in this era where technology has taken over, there are many proofs that companies need a competitive secretary to stay ahead of the game.
