As per the Company Law in Singapore, it is very important for every company to employ a Company Secretary. The Company Secretary in Singapore has the responsibility to ensure that the company strictly fulfills all the pertinent legislations as well as regulations.
It is also the duty of the company secretary to keep the Board Members knowledgeable about their legal responsibilities towards the company. If you are planning to incorporate a company in Singapore then the very first work you need to do is appoint a company secretary who is a resident of Singapore.
Appointment
According to Section 88 of the Companies (Amendment) Act 2014, all the companies in Singapore should employ one Company Secretary.
This section also tells that it is important for the directors of the company to make sure that the company secretary should have the necessary experience along with an academic and professional qualification.
A company does not have the right to assign a CS if that person has a disentitlement order against him on the date of appointment by the Registrar.
The Registrar has the right to expel a company secretary who is in default of any applicable sections of the Act.
For being a company secretary of Singapore Company it is important to satisfy at least one of these criteria.
- A competent person under the Legal Professional Act (Cap.161)
- He should be a part of the Institute of Certified Public Accountants of Singapore
- Associate of the Institute of Company Accountants, Singapore
- A public accounted who is registered under the Accountants Act (Cap.2)
Role
- There are certain roles of Singapore Company Secretary that are stated below:
- Needs to have proper and regular communication with shareholders
- Offers complete lawful and administrative support to the board
- Organize the shareholders and director meetings
- Properly maintain the company’s statutory proceedings along with registers
Responsibility
The Singapore company secretary has certain duties and responsibilities to perform. Some of them are stated below:
- It is the responsibility of the company secretary to file the company’s annual accounts on time and maintain all the important registers, amendments to MAA, alteration of registered office address, a notice of shareholders, a notice of resignation of auditors along with other regulatory necessity by ACRA.
- The company secretary needs to help the directors of the company for executing better corporate governance practices in the company.
- He should also assure that all unions, acquirements, amalgamations, and reformations are properly executed that ensure the benefit of the company.
- It is the company secretary’s responsibility to help the company for overseas operations by informing about appropriate measures & laws.
Therefore, along with the company secretary, it is also important to have a Nominee Director under nominee director indemnity agreement for starting a company in Singapore successfully.