In the corporate sector, the role of a company secretary in Singapore is indispensable. This position, mandated by Singaporean law for every registered company, serves as the linchpin for ensuring legal compliance, facilitating effective corporate governance, and maintaining clear channels of communication within the business. They must be appointed by the company board within six months of company incorporation in Singapore in accordance with The Accounting and Corporate Regulatory Authority (ACRA). The appointed person must also be a local resident (a citizen, permanent resident, an EntrePass holder or an Employment Pass holder, with their primary place of residence within Singapore), and cannot be the sole director of the company. Let’s take a look at their duties and responsibilities.
Duties and Responsibilities of a Company Secretary in Singapore
Compliance Management
This involves overseeing and ensuring the timely and accurate filing of statutory documents, such as annual returns and financial statements. They will primarily ensure that the entity is compliant with laws and regulations in Singapore that are relevant to their business. This can include the Companies Act, the Income Tax Act and other relevant legislation. They are accountable to three key stakeholders; the shareholders, the directors and the corporation.
Corporate Governance Advocacy
A company secretary is also instrumental in advising the board on best practices related to corporate governance. This entails assuring that board meetings are conducted in accordance with established legal frameworks and procedures, setting the agenda with the board chair and ensuring that meetings are conducted effectively and in compliance with other corporate governance norms. From preparing meeting agendas to ensuring the right documentation is in place, a corporate secretarial service’s work is foundational in facilitating decision-making processes that align with both corporate goals and legal standards. Thus, by overseeing adherence to the company’s constitution and bylaws, a corporate secretarial service ensures that the business operates within its defined scope and purpose.
Communication and Record-Keeping Expertise
Effective communication and meticulous record-keeping are key attributes of a proficient corporate secretary in Singapore. Managing shareholder communications, including the organisation of annual general meetings, falls under their purview. They are responsible for maintaining the company’s statutory registers, preparing and distributing board papers and meeting materials, and ensuring that all relevant information is accessible to the board members for informed decision-making. In addition, a company secretary maintains orderly records of board meetings, resolutions, and filings, thereby serving as an invaluable repository of the company’s corporate memory. This aspect of the role is particularly crucial as it involves acting as the official point of contact for regulatory bodies and stakeholders, requiring a high level of accuracy and attention to detail. Moreover, as a liaison with regulatory bodies, a company secretary in Singapore is responsible for communicating and negotiating with authorities like the ACRA.
Embarking on a Path of Regulatory Excellence and Strategic Foresight
The role of a company secretary is far more than a statutory requirement; it is a strategic asset to any business. With their expertise in compliance, governance, and communication, they play a pivotal role in steering a company through the complexities of the corporate world.
For businesses seeking to navigate these waters successfully, the guidance of a skilled company secretary is invaluable. Tan, Chan & Partners, an accounting and audit firm in Singapore, with its extensive experience and deep understanding of Singapore’s corporate environment, stands ready to be your trusted partner in this journey. Our team of dedicated professionals provides comprehensive Singapore secretarial services that go beyond basic compliance. We offer strategic advice, manage crucial corporate governance issues, and ensure that your company stays ahead of regulatory changes. With Tan, Chan & Partners, you gain not just a service provider but a strategic ally who understands the intricacies of Singapore secretarial and accounting services.
Contact us today to explore how we can assist in steering your company towards success and regulatory excellence.