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company secretary services
January 5, 2024
In Singapore’s dynamic corporate environment, the role of a company secretary has expanded beyond just routine administrative tasks. As businesses face evolving challenges and complexities, company secretaries have become essential pillars, ensuring that firms consistently meet the highest standards of corporate governance.
This article explores these standards, emphasising the crucial role that company secretaries in Singapore play in driving both efficiency and transparency within organisations.
Understanding the Role of a Company Secretary in Singapore
The Legal Requirements:
Every company in Singapore is mandated by the Accounting and Corporate Regulatory Authority (ACRA) to have a company secretary. The key responsibilities lie in maintaining statutory books, ensuring compliance, and assisting in corporate governance.
Beyond the Statutory Duties:
Today’s company secretary in Singapore has evolved. They’re more than mere administrators – they’re governance professionals providing invaluable advice to board members, ensuring the company operates within the legal framework, and acting as a bridge between the board and the stakeholders.
Upholding Corporate Governance: Why It Matters
Good corporate governance establishes a framework for the way a company operates. It ensures transparency, enhances accountability and protects the rights of stakeholders.
Enhancing the Company’s Reputation:
A company with robust corporate governance practices is likely to have a better reputation, helping in building trust with investors, customers, and employees.
Facilitating Access to Capital:
Investors are more inclined to invest in a company that demonstrates a commitment to corporate governance, which signifies a reduced risk of fraud or mismanagement.
The Role of Company Secretary Services in Supporting Corporate Governance
Board Meetings & AGMs:
Company secretary services ensure that board meetings and AGMs are conducted efficiently. They help prepare agendas, circulate relevant documents in advance, and ensure all decisions are within the company’s constitutional framework.
Compliance with ACRA Regulations:
Company secretary services stay updated with regulation changes, ensuring compliance. This is especially important with the company secretary Singapore ACRA regulations subject to frequent updates.
Maintaining Transparency with Stakeholders
Open communication is the bedrock of good corporate governance. Stakeholders, including shareholders, employees, and customers, should be informed about the company’s financial position, risks, and other relevant information.
Company secretaries ensure timely preparation and submission of financial statements and other mandatory reports as per company secretary Singapore ACRA regulations.
Addressing Stakeholder Concerns:
An effective company secretary acts as a conduit between the company and its stakeholders, promptly addressing any concerns or feedback.
Risk Management: A Proactive Approach
Modern company secretaries are instrumental in identifying potential risks and ensuring measures are in place to mitigate them.
Implementing and regularly reviewing internal controls is vital. Company secretary services often oversee this, ensuring potential fraud or discrepancies are caught early.
A company secretary in Singapore can organise regular training sessions for the board and senior management, ensuring they know their responsibilities and any changes in the regulatory environment.
Continuous Professional Development: Staying Ahead of the Curve
The corporate world is ever evolving, and company secretaries must stay updated to serve their companies effectively.
By attending workshops and seminars, company secretaries can stay updated on the latest best practices in corporate governance.
Collaborating with Peers:
Networking with other professionals can provide invaluable insights and perspectives, enriching the company secretary’s approach to corporate governance.
The Quintessential Role of the Company Secretary in Modern Singaporean Business Landscapes
In the ever-complex world of business, the role of the company secretary in Singapore is pivotal in upholding corporate governance standards. As guardians of compliance and best practices, their contribution to the success and reputation of a company cannot be understated. Emphasising the value of company secretary services can pave the way for a more transparent, accountable, and efficient business environment in Singapore.
Remember, in Singapore’s competitive business landscape, and it’s not just about staying compliant; it’s about excelling in governance, and that’s where the modern company secretary proves invaluable!
The Benefits of Hiring a Service Provider of Secretarial Services like ContactOne in Singapore
A bustling business realm like Singapore demands precision, efficiency, and meticulous adherence to its comprehensive regulatory framework. Given company secretaries’ pivotal role in navigating this intricate landscape, hiring a renowned service provider like ContactOne can significantly benefit businesses. Here’s an exploration of the distinct advantages:
1. Proven Expertise
Knowledge Pool: With ContactOne, businesses gain access to a team of experts well-versed in Singapore’s corporate regulations and nuances.
Continuous Training: Their professionals undergo regular training, ensuring they’re updated with the latest legal requirements and best practices.
2. Efficient Regulatory Compliance
Holistic Approach: ContactOne ensures businesses stay on top of all compliance requirements, from AGMs to annual returns.
Proactive Updates: Stay ahead of the curve with timely reminders and updates on regulatory changes, ensuring you’re never caught off guard.
Bespoke Packages: ContactOne offers tailored packages, allowing businesses to choose services that align with their needs.
Reduced Overheads: Outsourcing secretarial tasks eliminates the need for in-house hires, translating to considerable savings on salaries, training, and associated costs.
4. Streamlined Processes and Technology Integration
Cutting-edge Tools: ContactOne leverages advanced tools and software to manage tasks efficiently, from scheduling board meetings to document management.
Digital Compliance: In the age of digitisation, their e-services ensure that compliance and document retrieval are just a click away.
5. Risk Mitigation
Expert Oversight: Reduce the likelihood of compliance oversights or errors that could result in costly penalties.
Advisory Role: Benefit from their advisory capabilities as they guide businesses through potential pitfalls and provide strategies to navigate challenges.
6. Enhanced Focus on Core Activities
Resource Liberation: With ContactOne handling secretarial duties, businesses can redirect their focus and resources towards growth-centric activities.
Peace of Mind: Knowing secretarial tasks are in expert hands allows for a stress-free management experience.
7. Flexible Scalability
Support for Every Stage: Whether a startup or an established enterprise, ContactOne offers services that can be scaled based on business growth and changing needs.
Expansion Guidance: As businesses grow, they can leverage ContactOne’s expertise in navigating expansion-related challenges.
Get Reliable Company Secretary Services in Singapore Today!
In Singapore’s complex corporate world, the role of secretarial services is indispensable. By partnering with an established provider like ContactOne, businesses ensure their compliance and set more streamlined operations for growth. It’s more than just a service; it’s a strategic decision for sustainable success. Call +65 6333 0633 and +65 8666 3633 or explore our official website at www.contactone.com.sg.
September 13, 2023
A company secretary Singapore plays an essential part in every business operation. As a professional responsible for ensuring a company’s compliance with all its legal and regulatory requirements, the role of a company secretary is vital in maintaining the integrity and transparency of any Singapore-registered enterprise. That said, reliable company secretary services are non-negotiable when it comes to starting a company in one of Southeast Asia’s biggest economic centres.
The Companies Act governs the role of a company secretary. Specific qualifications and requirements must be met by anyone or considered by a business seeking a company secretary in Singapore. In this blog, we will explore the qualifications and requirements of a company secretary in Singapore.
To become a company Secretary in Singapore, certain qualifications and requirements must be met. These include:
To qualify as a company secretary Singapore, certain requirements must be met. Firstly, the individual must be a local resident, which includes being a Singapore resident, permanent resident, dependant, or Employment Pass holder. Additionally, they should possess a good understanding of the Singapore Companies Act.
According to the Accounting and Corporate Regulatory Authority (ACRA), the company secretary should have one of the following qualifications:
- a minimum of three years of secretarial experience within the past five years before being appointed as a public company’s secretary;
- registration as a public accountant under the Accountants Act, Cap. 2;
- recognition as a qualified person under the Legal Profession Act, Cap. 161;
- membership in the Singapore Association of the Institute of Chartered Secretaries and Administrators;
- membership in the Institute of Certified Public Accountants of Singapore;
- membership in the Institute of Company Accountants, Singapore; and
- membership in the Association of International Accountants (Singapore Branch).
These qualifications ensure that the company secretary is knowledgeable and capable of fulfilling their duties effectively.
Another recognised qualification is the Chartered Secretary (CS) qualification, awarded by the Institute of Chartered Secretaries and Administrators (ICSA). The CS qualification is recognised in Singapore and is a popular choice for those seeking to become a company secretary. The CS qualification provides candidates with a broad understanding of corporate governance, company law, and compliance. Candidates with the CS qualification may be well suited for the role of a company secretary as they have a comprehensive understanding of a company’s legal and regulatory requirements.
In addition to the qualifications mentioned earlier, other professional qualifications may be recognised by the relevant authorities in Singapore. These include the Chartered Accountant (CA) qualification awarded by the Institute of Singapore Chartered Accountants (ISCA), the Certified Public Accountant (CPA) qualification awarded by the American Institute of Certified Public Accountants (AICPA), and the Association of Chartered Certified Accountants (ACCA) qualification.
Professional qualifications are an essential requirement for a company secretary in Singapore. However, as well as a recognised professional qualification, relevant experience is also crucial. A company secretary should have broad expertise, including corporate governance, company law, and compliance.
One way to gain relevant experience is by working in a corporate secretarial role. In such a role, a company secretary would provide advice on corporate governance matters, ensure compliance with legal and regulatory requirements, and maintain accurate and up-to-date company records. This experience provides a company secretary with an in-depth understanding of a company’s day-to-day operations and the legal and regulatory framework in which it operates.
In addition to work experience, other factors such as industry knowledge and a candidate’s ability to work under pressure are also essential. A company secretary must have a deep understanding of the industry in which their company operates and the specific legal and regulatory requirements that apply to their industry. They must also be able to work under pressure, as compliance deadlines can be tight, and the consequences of non-compliance can be severe.
Knowledge of Company Law and Regulations
A company secretary must have a comprehensive knowledge of company law and regulations to perform their duties effectively. The Companies Act is one of the primary areas of knowledge required for a company secretary. The Companies Act sets out the legal framework for companies in Singapore, including requirements for company registration, share capital, director and shareholder responsibilities, and company administration. A company secretary must have an in-depth understanding of the Companies Act to accurately advise the company’s board of directors and management.
In addition to the Companies Act, a company secretary must know other relevant legislation, such as the Securities and Futures Act and the Financial Advisers Act. These acts regulate the financial services industry in Singapore, including requirements for licensing and registration, disclosure requirements, and codes of conduct. A company secretary should be aware of the requirements of these acts to ensure the company complies with all relevant regulations.
The company secretary must also understand other regulations that may apply to the company. For example, data protection regulations such as the Personal Data Protection Act (PDPA) require companies to protect personal data and obtain consent before collecting, using, or disclosing personal data. A company secretary must ensure compliance with these regulations to avoid legal or reputation risks.
Employment law is another area of knowledge required for a company secretary. This includes knowledge of the Employment Act, which sets out the minimum standards for employment in Singapore, including employment contracts, leave entitlements, and termination requirements. A company secretary should ensure that the company complies with employment law to protect the company’s and its employees’ interests.
Other Qualifications and Requirements of a Company Secretary in Singapore
Good Communication Skills
A company secretary must have excellent communication skills. This is because they must communicate with various stakeholders, including directors, shareholders, and regulators. A company secretary must be able to communicate complex legal and regulatory information clearly and concisely.
Attention to Detail
Attention to detail is essential for a company secretary. This is because they will maintain accurate and up-to-date company records, prepare board meeting agendas and minutes, and ensure that all legal and regulatory requirements are met. Any errors or omissions could seriously affect the company and its stakeholders.
Integrity and Professionalism
A company secretary must have high levels of integrity and professionalism. This is because they will be responsible for maintaining the integrity and transparency of the company. A company secretary must also be able to maintain confidentiality and act in the company’s best interests at all times.
Get Professional Company SecretaryServices from ContactOne
Becoming a company secretary in Singapore requires a combination of professional qualifications, relevant experience, and knowledge of company law and regulations. A company secretary must also have good communication skills, attention to detail, and high levels of integrity and professionalism.
ContactOne can help your business stay on top of its statutory requirements and maintain integrity and transparency. Call us on +65 6333 0633 and +65 8666 3633 or visit our website at www.contactone.com.sg for more information.
September 28, 2022
Starting a business in Singapore requires a lot of things from a business owner. Because of this, professional assistance becomes a need for most companies. This makes company secretary consultancy services crucial not only for starting businesses but also for enterprises with years of experience in the industry. However, finding an ideal company secretary does not happen overnight—it is a process that sometimes takes longer than expected.
With extensive work at the forefront of selecting the perfect secretary for your business, it is a smart move to turn to a qualified partner like ContactOne. Working with professionals in the business industry ensures that expectations are met and goals are achieved. When you have a trusted partner working with you hand in hand, the next big step you should take is to fully understand how you can make the most of your company secretary, whether in-house or outsourced.
In connection to that, this article features various advantages of hiring/outsourcing a corporate secretary for your business in Singapore. Suppose you are still undecided whether to onboard professional assistance or not. In that case, this article might change your mind and how you see a company secretary as a substantial contributor to efficiency in your business. Continue reading below to learn more.
What Does Company Secretary Consultancy Services Mean?
Corporate secretary or company secretary consultancy services are business solutions provided by an entity to another company in compliance with Singapore Companies Act. It requires every company to have an appointed corporate secretary within six months of incorporation (Section 171, 1AA, Companies Act). A corporate secretary must be a citizen or permanent resident of Singapore or a holder of a Singapore employment pass/dependent pass.
Moreover, hiring a corporate secretary ensures adherence to various rules and regulations set by the appropriate regulatory bodies. In other words, corporate secretarial services keep a company on track when it comes to complex legal and administrative requirements. In addition, they bridge the gap between businesses and conformity to the laws governing different types of enterprises in the Singaporean business landscape.
Below are the areas where the work profile of a corporate secretary mainly evolves around while working for a company incorporated and operating in Singapore:
- Complying with the laws and regulations
- Maintaining office setup
- Preparing and filing various documents
- Working with stakeholders and board members
- Maintaining custody of company seal
- Managing stock regulations
Improving Business Operations Through Company Secretary Consultancy Services
The functions of a corporate secretary give a company a head start to grow and hit target results within a given timeline. Although it is not a secretary’s job to oversee business operations, their roles are substantial in taking over administrative tasks. The lack of professional support burdens the executive officers because they are supposed to spend their time growing the business. Thus, a secretary’s role is irreplaceable and must not be overlooked.
Here is how secretarial services contribute to improving daily business operations:
Taking advantage of the professional business support provided by a corporate secretary ensures excellent execution of business operations. Specialised secretarial services have been designed to adapt to the different needs of various companies in Singapore. Insights on how to carry out proper and efficient administrative tasks for businesses allow company secretaries to work around several circumstances and find better solutions for ongoing corporate issues.
Focus on Critical Functions
Company owners want nothing but the best for their business. Their eyes are fixated on aiming to succeed in the respective industry they operate in. But they have to realise the importance of paying more attention to the critical operational elements. That said, it is vital only to trust an expert handling corporate compliance. When the management has no divided attention, they can unleash their full potential in exceeding business expectations.
Potential Problems of Businesses Without Company Secretarial Services
According to ACRA, companies may face common offences and mistakes if they don’t engage in reliable secretarial services. We collated them to keep you aware and, at the same time, avoid the same mistakes some companies committed before.
- They will fail to prepare proper company resolutions.
- They will fail to obtain the required authorization for certain resolutions to be legally passed through.
- They are likely to be not aware of recent legislative developments and changes.
- They will be unable to notify the registrar of any amendments to the registered office address and operating hours.
- They are likely to have poorly managed records.
- They are likely to prepare incorrect year-end reports.
- They will fail to comply with the Companies Act (Cap. 50, Section 411), Companies Regulations.
- They will fail to organise the company’s Annual Return one month before the Annual General Meeting.
- They will fail to motivate the interest of substantial shareholders in the company’s interest.
- They will fail to notify the registrar of any changes in the line-up for directors, managers, corporate secretaries, auditors, registered office addresses, and more.
Get Company Secretary Consultancy Services from ContactOne
Entrusting your business’s administrative tasks to an expert and competent business solutions provider will significantly change your daily operations. So, only work with experienced firms like ContactOne. Singapore is a very competitive business hub, and falling behind sometimes leads to things going downhill. You should not let things go down this way. As early as now, invest in corporate secretarial services from us.
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.