An In-Depth Look at the Roles and Responsibilities of a Company Secretary in Singapore
September 28, 2022
September 28, 2022
Keeping track of your business goals can be challenging, with many things tagging along in starting and growing a company. For customer-oriented enterprises, excellent customer service and experience are the main focuses of most market leaders. But regardless of business type based on activities, well-thought-out professional support in place bridges the gap between mediocre and outstanding corporate performance. This makes a company secretary Singapore vital in providing expert assistance to different businesses in one of the most competitive economies in the world.
Roles of a Company Secretary in Keeping a Business on Top of their Game
No business is an exact copy of another. That said, every company in Singapore are not the same, and their needs also vary. Different tools, methods, or approaches are used to meet these needs. So, every corporate solution provider should tailor their services to resolve the issues at hand efficiently. Even professional business support, like company secretary services or the corporate secretary’s tasks, depends on the business they work in.
Below are some responsibilities of a company secretary in Singapore, according to ACRA. It is essential to note that this list does not include all roles a secretary carries out—only common secretarial tasks of most businesses. If a few secretarial duties you practice in your company are not on the list, it does not mean you have to make abrupt changes. As long as it works for your daily operations, it’s what matters most.
Maintaining and Updating Company’s Registers and Minutes Books
One of the many responsibilities of a company secretary is maintaining and updating the company’s registers. Registers, excluding the register of members for public companies, are maintained electronically by ACRA. Every time there are changes in the appointments or particulars of directors, auditors, CEOs, and even secretaries, the current company secretary must update this information within fourteen days from the date it has been changed through BizFile. The same goes for when there are changes to the company’s shareholders and share capital—the secretary has to file the appropriate share-related transactions on ACRA’s online filing and information retrieval system.
When it comes to minutes books, the company secretary should also maintain and update them regularly. Well-maintained minutes are crucial in making business decisions because they provide a written record of what has been discussed and agreed upon by the company’s members during previous business meetings. Avoid missing requested information, whether litigation, financing, audits, historical inquiry, transactions, and more, with a qualified company secretary at the helm of your business.
Administering, Attending, and Preparing Minutes of Meetings of Directors and Shareholders
Singapore companies must hold annual general meetings (AGM) unless exempted due to specific considerations. Before the AGM, the secretary must gather every document necessary for the members about the business’s health and performance. The company secretary is also in charge of administering and preparing minutes or meetings.
Without an efficient secretary at the forefront of your business, administrative duties will take more effort, time, and resources to carry out. An excellent secretary will take care of everything related to statutory compliance. And this keeps the business afloat in a saturated market like Singapore. Don’t cut yourself slack because the ever-changing business landscape will leave your company behind if it does not keep up with the competitors and market trends. All this is made more accessible through business support solutions, like company secretary services.
Keeping Company Directors Aware of Any Filings Required by ACRA
Keeping company directors aware of any filings ACRA requires is another duty of a company secretary. They are the ones who ensure that the business complies with the requirements set out by ACRA. A Singapore company that does not abide by the regulations mandated by the authorities is subject to penalty due to statutory breach. That is the last thing you would want to happen to your enterprise. Don’t let things come to this by hiring a qualified company secretary or getting secretarial services from reliable providers in Singapore.
Updating Directors and Shareholders on Changes in Corporate Regulations
When changes are made in corporate regulations, it is the company secretary’s job to update the directors and other appropriate members. Since they know the way around the business’s documents, secretaries understand the importance of keeping everyone in the company on the same page. Selecting the right company secretary in Singapore is crucial to its success. With the differences in business needs, hiring professional business support services should consider those that can keep up with the company’s phase.
Are You in Need of Company Secretary Services? Reach Out to ContactOne Today
Are you looking for professional support services to help with your company? ContactOne offers company secretary services that are worth the value for money. Check out other services by visiting our website, or you may also call us on +65 6333 0633 or +65 8666 3633. We would love to hear from you and assist you with anything we can provide.