According to ACRA, appointing a company secretary isn't solely a legal mandate; it stands as a foundational pillar upholding corporate structure. Within six months of the company's incorporation, a company secretary must be designated. Failing to do so within this period can result in penalties of up to $1,000 for directors. Therefore, it is important for both new and established companies to grasp the significance of this role to ensure seamless operations and compliance.
The Role and Key Duties of a Company Secretary
A company secretary’s duties are versatile and adaptive, tailored to the specific requirements of each company. Here are five key duties of a company secretary in Singapore:
The company secretary is responsible for ensuring that the company complies with all relevant laws, regulations, and guidelines. This includes maintaining and updating statutory registers, preparing and filing annual returns, and ensuring compliance with the Companies Act and other relevant legislation.
Board and Shareholder Meetings
The company secretary assists in the organization and administration of board of directors' and shareholders' meetings. This includes preparing meeting agendas, circulating notices, recording minutes, and ensuring that decisions and resolutions are accurately documented and executed.
The company secretary plays a vital role in promoting good corporate governance practices within the company. They provide guidance to the board of directors on matters of corporate governance, ethics, and best practices, and ensure that the company follows proper procedures for decision-making and accountability.
Company secretaries are involved in financial reporting and disclosure processes. They help ensure that financial statements are prepared and presented in accordance with applicable accounting standards and regulations, and that they are filed with the relevant authorities in a timely manner.
Communication and Documentation
Company secretaries are responsible for maintaining proper communication and documentation between the company and its shareholders, regulatory bodies, and other stakeholders. This includes managing official correspondence, maintaining records, and ensuring proper record-keeping of company documents.
Who Can Be a Company Secretary in Singapore
To qualify for the position of a company secretary, certain essential criteria must be met:
- Age Requirement: A minimum age of 18 years is necessary.
- Local Residency: The individual must be a resident of Singapore.
- Independence from Sole Director: The company secretary must be distinct from the sole director.
Experience Seamless Compliance with Swiftly's Company Secretary Services in Singapore
After meeting the essential legal requirements for a company secretary in Singapore, the journey towards effective corporate governance doesn't end there. Selecting a proficient and reliable company secretary is paramount for the smooth operation and regulatory adherence of your business.
At Swiftly, we offer online company secretary services designed for your convenience. Our transparent pricing ensures no hidden costs, and you won't need to worry about navigating through piles of paperwork. With a team of experts well-versed in Singapore's corporate landscape, we go beyond the legal requirements to offer you a partner who will elevate your business.We are also currently the first and only company that is able to automatically generate director’s resolutions within seconds. Experience peace of mind as Swiftly handles your corporate needs efficiently and affordably today.