Why a Business Should Have a Company Secretary Service

Summary: It is a requirement for Singapore businesses to have a company secretary. What is the purpose of this role, and what is the requirement? This will guide you on the requirement and responsibilities of a company secretary.
 
TANJONG PAGAR, Singapore - March 16, 2021 - PRLog -- Requirements of a Company Secretary
According to the Singapore Companies Act, every Singapore company must appoint a company secretary within six months of incorporating a company. Here are the requirements:
  • At least 18 years old.
  • Must be a Singapore citizen, Singapore permanent resident or Employment Pass, EntrePass, S Pass holder.
  • Company secretaries can be an organization specializing in secretarial services for companies. Does not need to be a person.

Role and Duties of a Company Secretary Service
A company secretary can help a business with activities such as complying with regulations, complete administrative tasks, prevent company administrators from being overloaded with duties, easing their workload, and lowering the chances of grave mistakes being made. Here are some roles and duties:
  • Reduce the risk of management failure.

A company secretary can assist the business with activities such as, managing the company's annual return forms, complete necessary auditing, compliance with corporate files, and handle bookkeeping records. The in-charge of the company will be free from these activities and prioritize their time to the operations and development of the company.
  • Manage the company's statutory registers.

A company secretary is responsible for maintaining the company's statutory registers, updating them when necessary and issuing share certificates if needed. Statutory registers include the register of substantial shareholders, members, and charges.
  • Ensure the business complies with regulatory requirements.

The company secretary service will ensure the business complies with the regulatory requirements by Accounting and Corporate Regulatory Authority (ACRA). In order to ensure the regulatory requirements are met, Company Secretary will fill the company's account punctually, provide notice when there is a transfer in shares and maintain all registers.
  • Arranging the annual general meeting.

It is mandatory for Singapore companies to have annual general meetings. The company secretary will ensure that the annual general meeting is conducted to keep the business on track.

Conclusion
A company secretary can be vital for a business. They ensure the business is compliant with the law and legal authorities and handles statutory compliance and regulatory issues. The company secretary also completes administrative tasks which lightens the workload of the company administrator and reduces the tendency of making any mistakes.

As the activities are being taken care of by a company secretary, it allows business owners to focus on the company operations instead.

To get comprehensive information on this topic, please refer to Why a Business Should Have a Company Secretary Service (https://www.paulhypepage.com/why-a-business-should-have-a...) article.

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