Roles and Duties of a Company Secretary
Some of the common questions that tend to arise when the position of a company secretary services in Singapore is mentioned are like; who can be a company secretary? Does the secretary hold any stake in the company? A company secretary acts more like a corporate lawyer and also has other qualifications that make them ideal for the job. According to Section 88 of the Companies Act 2014, companies that are incorporated in Singapore are required by law to appoint a company secretary within the first six months of its incorporation.
The ideal candidate for the position of a company secretary must be a resident of Singapore and should be a natural person. The company secretary is required by law to fulfill certain criteria and it’s the director’s responsibility to ensure that a suitable candidate is selected for the job. Working with a reputable corporate service provider in Singapore for provision of company secretary services in Singapore helps with ensuring that a highly qualified candidate is considered for the task.
When appointing the company secretary; the directors should be able to ensure that the ideal candidate has requisite experience alongside academic and professional qualifications. For a foreigner opting for incorporation of company in Singapore; ascertaining such can be quite challenge and that’s why working with corporate service providers such as Onestop CA Singapore greatly helps. Here are some of the requirements that the directors should look out for in the right candidate;
- Should be a corporate lawyer that’s well versed with the laws and regulations that govern companies in Singapore
- Should be a member of the Institute of Certified Public Accountants of Singapore
- Should have been practicing as a company secretary for about three years or more before being appointed a company secretary for a company.
Some of the roles and duties of a company secretary include;
Updating and maintenance of statutory registers
One key role of a company secretary in Singapore is to ensure that all the changes and updates done on the statutory register are updated accordingly so as to ensure compliance with Companies Act Singapore. The activities may include;
- The appointment and resignation of the management officials such as the directors, managers, CEOs, and secretaries.
- Transfer of shares and share issues among the shareholders.
- Resolutions of the board and minutes for the Annual General Meeting (AGM) and EGM.
Filing changes of the company to ACRA
As company operation continues, there will be changes done in some of the company details. There could be a change or an adjustment in the name, an update to the company’s constitution, share transfers, allotment of shares and many others. Such changes should be filed to the board within a given period of time once approval has been attained and it’s the company secretary’s role to ensure such is done.
Safeguards the corporate seal
The proper use of corporate seal is clearly stipulated in the company’s constitution and it’s the role of the company secretary to ensure that it’s safely kept when it’s not required. Working with a reputable corporate service provider for delivery of company secretary services in Singapore helps with ensuring that the tasks are executed with high level of professionalism and accuracy.
Originally Published by onestop-audit.com