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News & Updates
company secretary Singapore
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.
September 28, 2022
4 Things to Keep in Mind Before Hiring Corporate Secretarial Services in Singapore
Are you planning to hire a company secretary or get company secretarial services? Whether the former or latter, there are some things to consider in preparing your business for the breakthrough it longs to have.
If you don’t know yet, many competitive businesses flocked to Singapore because of its friendliness in terms of starting a company, making the country one of the most saturated markets in the world. That is why everything requires careful consideration, including every business-related action taken. So, stick around and find out what to do before hiring company secretarial services and witness your enterprise succeed in every endeavour it takes.
What Should You Consider Before Hiring Company Secretarial Services?
Having a company secretary has many advantages, especially when it comes to complying with statutory requirements in Singapore. But before any business benefits from all this, it has to undergo a thorough process of choosing the best method of obtaining a corporate secretary or availing of secretarial services. Below are the things to consider before engaging in anything secretarial-related. Let’s get started!
Take Time to Understand the Roles of Corporate Secretarial Services
A company secretary carries out different tasks, including administrative, advisory, and fiduciary. Learning this yourself will help you understand the importance of having an in-house secretary or outsourcing corporate secretarial services from another firm. Find out more about the breadth of the role here:
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Administrative
The main role of a corporate secretary in Singapore is to be ACRA’s primary point of contact. They ensure that the company complies with the statutory requirements mandated by the appropriate offices. A secretary, too, prepares the company’s AGMs and EGMs minutes, keeps the company registers updated, and files important documents with relevant organisations in Singapore.
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Advisory
A company secretary can be considered an advisor to directors by providing practical advice necessary, including relevant information about legal and compliance practices. Company executives will be informed of this information through reporting and document compilation handled by the secretary.
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Fiduciary
Besides communicating with ACRA and keeping executives up to date, a corporate secretary also keeps in touch with the shareholders to protect their business interests. With the timely financial statements prepared by the secretary, the stakeholders would see the bigger picture and understand the business projections comprehensively.
Acknowledge That Some Jobs Are Best Handled by a Professional
Not everyone can be a corporate secretary in Singapore because some guidelines have to be followed. For example, a person based overseas or the sole director of a company is not qualified to take on a secretarial job. Even if the company has more than one director, handing secretarial jobs to an executive officer is impractical.
Let’s say you know how to perform basic secretarial tasks. But in the long term, you will find it challenging to juggle more than one duty. This idea is only a waste of time and resources. Acknowledge that some jobs are best left to an expert’s care. When you hire a company secretary or outsource secretarial services, focusing on key business elements is easier. And you can grow your business more than ever.
Always Check Their Experience in Handling Secretarial Tasks
As a business, it is your obligation to find out the previous works and experiences of a company secretary or provider of secretarial services. Ask some questions if necessary, and dig deeper into customer feedback and reviews. This ensures that your secretary wouldn’t have difficulty handling a secretarial role in your company. Otherwise, you will be left doing all the work if things don’t go as expected.
For growing businesses, reliable secretarial services allow the owner to pay more attention to generating income rather than spending more time administering the company’s processes. Professional support is what a company needs to do better in every endeavour it takes.
Partner with Someone Who Moves at Your Phase
Although technologies make business operations more convenient, some are still stuck in the old ways of executing processes in their company. This will only lead to longer turnarounds and eventually result in delays. Always check if a secretary or service provider on your radar moves at your pace. The coordination of both parties makes no room for errors and repetitive work. In addition, utilise innovative ways to hasten business flow by digitising everything from signatures to processes.
Partner with ContactOne for Reliable Corporate Secretarial Services
Apart from what we mentioned in the list above, one more thing to consider when getting secretarial services is the cost. With ContactOne, you will no longer worry about hidden fees because what you avail is what you will pay for. Our founders don’t believe in sophisticated billing concepts. Previous clients have never been charged any of the following: Printing and Stationery Fees, Extra Annual Return Filing Fees, and Document Storage Fees.
Get in touch with us by calling +65 6333 0633 or +65 8666 3633. You may visit our website to learn more about the latest updates and deals!