There is a wealth of reasons why entrepreneurs find Singapore as a beneficial and sustainable business destination. One of these reasons is Singapore’s stringent law enforcement and transparency when it comes to the business industry. In return, corporate compliance must be held in high regard by any entrepreneur setting up a company in Singapore.
All companies registered in Singapore require these vital stakeholders – an auditor, at least one local Company Director, at least one shareholder, and a Company Secretary. The Accounting and Corporate Regulatory Authority (ACRA) mandates all companies that are incorporated in the city-state to employ a Company Secretary within six (6) months of its incorporation. There are a few common misconceptions about company secretaries. Many assume that anyone can easily be qualified for the position and another is that the Company Secretary is just a name that appears on documents in compliance with government statutory requirements. While appearing to have minimal liability compared to principal stakeholders, a Company Secretary plays a crucial part in ensuring that the company remains compliant with the government’s documentation and filing requirements.
Among the important tasks of company secretaries is the filing of essential company documents. These include incorporation files, yearly financial statement/s, shareholder agreement/s and directors’ resolution/s. Moreover, the Company Secretary is in charge of updating the company register folder, ACRA online digital folder, and the company’s Bizfile. Should there be any changes in the particulars of the company such as its registered office address, Company Directors, shareholders or any other important detail, the Company Secretary is tasked to file the necessary changes with the Company Registrar. In the event that the ACRA failed to receive necessary company documents, the authorities will directly contact the Company Secretary. The Company Secretary can also be held liable in situations such as the firm’s negligence of the law.
Here are 3 key factors that you must consider in hiring a qualified and skilled Company Secretary in Singapore:
1. Residency: The Company Secretary must be a local resident in Singapore.
2. Role: The sole Company Director may not act as the Company Secretary. To know more about the role and responsibilities of the Company Secretary, read Why A Competent Company Secretary Is Essential For Your Singapore Business.
3. Qualifications: The Company Secretary should have at least one of the following credentials:
- Has 3 to 5 years of prior secretarial experience
- Is qualified under the Legal Profession Act (Cap. 161)
- Public accountant registered under the Accountants Act (Cap. 2)
- Member of the Institute of Certified Public Accountants of Singapore
- Member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
- Member of the Association of International Accountants (Singapore Branch)
- Member of the Institute of Company Accountants, Singapore
The continuously and rapidly growing number of businesses registering a company in Singapore is directly proportional to the need for competent company secretaries. Need assistance? Richmond is a reputable corporate solutions provider offering corporate secretarial services, among other core services, to SMEs and start-ups in Singapore. Ensure that your company’s secretarial needs are covered by engaging our service. If you have any inquiries, you may simply get in touch with us and schedule a free consultation with one of our specialists.