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September 13, 2023

Qualifications and Requirements of a Company Secretary in Singapore

A company secretary in 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:

Professional Qualifications

To qualify as a company secretary in 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.

Chartered Secretary

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.

Relevant Experience

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.

September 28, 2022

How Company Secretary Consultancy Services Can Improve Your Business’s Daily Operation

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:

Flawless 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.

Call us on +65 6333 0633 or +65 8666 3633. Alternatively, visit our website to learn more about us and what we do.

September 28, 2022

An In-Depth Look at the Roles and Responsibilities of a Company Secretary in Singapore

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.

Still have questions? Feel free to contact us!