Why Secretarial Services is Very Important in Singapore?

Why Secretarial Services is Very Important in Singapore?

November 5, 2020 Off By Kyle Clouthier

Company secretary services are important for all the businesses to work efficiently.  Each company in Singapore should appoint the company secretary according to the Singapore Company Law. Appointment should be made in six months of the registration. There are a few companies that prefer outsourcing company payroll outsourcing Singapore service whereas some prefer hiring in-house professional. Today, we are going to highlight importance of outsourcing the professional secretarial services.

Why Do the Companies Needs Corporate Secretary Services?

The corporate secretarial services help the company to adhere to rules & regulations of ACRA & avoiding non-compliance. Just by outsourcing services to the good agency, company saves from any stress or burden of looking in legal matters. The primary benefit of outsourcing the qualified corporate secretary services Singapore is to the foreign companies. Outsourcing these services can be very cost-effective & they will help in company formation. Thus this way, the foreign company will get various benefits and help in different matters of a company.

Who Will be the Corporate Secretary in Singapore?

Anyone can be the company secretary if they fulfill following requirements:

  • Must be over 18 years old
  • He should be an individual
  • Company secretary should have the professional qualification & experience of taking responsibility for company’s work
  • He should be the resident of Singapore –Singapore PR, Singapore citizen, or EP holder

Corporate Secretarial Services

Certain Things to Look Out:

  • Post of the company secretary must not be vacant for the period of six months or more at any time
  • Sole director of a Company will not act as the company secretary.
  • Debarment order against anyone who restricts them to act as the corporate secretary of the company.

Important Duties of the Company Secretary

The company secretary has to fulfill following roles and duties.

  • Company secretary should make sure right usage of company seal.
  • He’s responsible for maintaining and updating statutory registers of a company.
  • He makes sure that company maintains the accounts as per laid rules & regulations. He’s responsible for filing returns with ACRA.
  • Company secretary makes sure that company functions according to the constitution.
  • Company secretary prepares minutes of a company & preserves it as per law.
  • He ensures that each document of a company carries name of company all along with UEN
  • Company secretary makes sure that company, officers, directors & staff is well insured.
  • Company secretary has responsibility of filing different documents to regulating authorities in the time-bound
  • There’re many other duties of the company secretary, which he needs to perform when serving for a company.
  • Different event based compliances such as change in company’s registered office, amendment to company constitution, director change, change in the share capital, company name change, share capital change, charge creation, and more should get responded by company secretary.