Incorporated Companies to Appoint a Local Company Secretary

Sept. 20, 2019 - PRLog -- Under ACRA's Singapore Company Act, businesses are required to have a company secretary within six months of establishment.

In the same way, directors must also ensure that the corporate secretary position does not stay vacant for more than six months in the event of termination, resignation, or dismissal.

Likewise, the Singapore Company Act also characterizes the legal structure within which the company director and secretary must operate. The law further added that companies with only one director could not act as a corporate secretary.

In general, a qualified corporate secretary must be a Singapore resident, a natural person, and not the sole director of the company. Corporate secretaries must also have the necessary academic and professional credentials to manage all administrative and compliance-related function.

ACRA determines the roles and responsibilities of a corporate secretary service to a business. While company secretary services in Singapore have numerous duties to adhere to the Singapore Company Act, ACRA mentions that the role of a secretary begins during board and annual meetings.

ACRA also reiterated that company secretary would supervise the voting process appropriately and democratically and certify copies of the minutes.

Usually, standard statutory registers maintained by company secretarial services in Singapore include Register of Shares, Controllers, Debenture Holders, Nominee Directors, Substantial Holders, Company Charges, and Director's Interest in Debentures and Shares.

Maintaining such registers is essential in fulfilling the statistical, disclosure, and statutory guidelines of the Singapore Company Act. Moreover, proper maintenance of statutory records also ensures a systematic organizational operation.

Legal compliance and compulsory filing are also the responsibility of every corporate secretary. A reliable secretary must be able to inform ACRA regarding relevant company updates which include change of name, address, profile, appointment or resignation, and details involving directors.

Moreover, corporate secretaries are also liable for keeping the company and its directors informed of the deadlines of annual returns of ACRA. Secretaries must ensure that their processes and operations adhere with their Memorandum and Articles of Association (M&AA).

ACRA also revealed public company secretaries must be a member of the Singapore Association of the Institute of Chartered Secretaries and Administration (SAISCA), Association of International Accountants – Singapore Branch, and the Institute of Singapore Chartered Accountants.

Furthermore, ACRA said that corporate secretary service in Singapore submits statutory returns to the Registrar of Companies and conducts extensive organizational secretarial consultation.

On top of everything else, ACRA also capacitates corporate secretaries to change principal activities, articles of the M&AA, and financial report in XBRL formats.

For more details about secretarial service in Singapore, you may visit https://www.corporateservicessingapore.com/company-secretarial-service/