Regardless of what sort of company you are running, it is essential to have a company secretary. It is because they take care of the business necessary and legal related tasks efficiently and smoothly. The company secretary is also called a corporate secretary who is highly responsible for looking after all kinds of administration work of the company properly.
The corporate secretarial services is responsible for keeping the company compliant with the regulatory and statutory requirements of the company. In simple words, he or she acts as the mediator between directors and shareholders. The corporate secretary should be a resident of Singapore to keep this in mind when hiring someone.
Importance of corporate secretary in Singapore
In general, the corporate secretary acts as the backbone of any organization when it comes to meeting legal compliance. Their extensive knowledge and experience about the company’s internal governance make them render the best solutions and advice. Imagine a scenario in which a conflict happens between the directors and stakeholders. Now, the company secretary will come as a mediator to solve the issues with the best solutions.
Apart from filing and staying compliant with the regulatory body, ACRA, they communicate regularly with the directors and shareholders about the company. They suggest necessary advice and feedback make the company travel on the right path and protect it from potential issues. The corporate secretarial services also supervises the problem of the share capital as well as restructuring.
Things company secretary do
Take a glance at the essential elements, which usually the company secretary should do for the company in which they are working.
- Handling the administration tasks of the company
- Ensure that shareholders and directors are well informed about the statutory obligations such as annual filing of the audited accounts
- The experienced company acts as the accountant and lawyer to ensure every aspect of the business runs smoothly
- They communicate correctly and adequately with the company shareholders
- Helps in the implementation of the corporate strategies by making sure that the board’s decision is carried out and communicated properly
- Stay updated on the appropriate developments and transformations in the regulatory and statutory obligations
- Maintain the business records and statutory registers
- Ensure the company has sufficient insurance cover
The appointment of the corporate secretary is an extremely vital step in incorporating a company in Singapore. All the companies should appoint the company secretary, who is a Singapore resident, above 18years old, and have enough skills and knowledge in handling business operations.
The company should appoint a person as the company secretary at the time of the company incorporation because the secretary post in the office should not be vacant for more than six months.
You can engage with the company secretary service provider whenever you feel hard to hire the appropriate person for the secretary post. They help you to work with a reliable and professional company secretary and access cost-effective and outstanding solutions.