Looking for a Company Secretary In Singapore?
As per the Singapore Companies Act, companies registered in Singapore are required to appoint a company secretary who can assist them in the administration of their company within six months of incorporation. They may be called secretaries, but they have responsibilities that are beyond clerical or secretarial in nature. They actually hold senior positions in the company with great responsibilities.
Who Can Provide Company Secretarial Services
Company secretaries must be a natural person and an ordinarily resident in Singapore, which means that they must be a Singapore citizen, a permanent resident, or someone who has been issued an Employment Pass or Dependent Pass. It’s imperative as well that they have basic knowledge and experience to carry out the functions of their position. Companies have the option to offer the role to their director, unless the director is the sole director of the company.
The aforementioned conditions are enough for company secretaries in a private company. However, for public companies, they must appoint a qualified person to take on the role of company secretary. And under the Legal Profession Act, a qualified person is someone who is a public accountant, a member of the Singapore Association of the Institute of Chartered Secretaries and Administrators, or member of other professional associations. The company secretary should also have been a secretary of a company for at least 3 years in the period of 5 years immediately preceding his appointment.
Duties That Are Provided By Company Secretarial Services
The responsibilities of a company secretary include ensuring the company’s compliance with relevant legal requirements, ensuring that it complies with its constitution, communicating with the directors and shareholders, and updating the Accounting and Corporate Regulatory Authority (ACRA) on the company’s annual returns, issues of shares, and any changes in the company among many other duties.
They should also prepare the directors’ report, attend to the queries of shareholders, and coordinate with the publication and distribution of the annual report, accounts, and interim statement of the company.
Company secretaries who breach their duties are liable to the company for any profit they made or for any damages the company suffered because of their violation. And if they are found guilty of an offence under the Companies Act, they shall be liable on conviction to a fine, imprisonment, or default penalty, depending on their offence.