Section 171 of the Companies Act mandates every Singapore business to retain a Corporate Secretary. This important administrator is accountable for inaugurating and housing with the authorities the essential papers compelled by law. The role of a Company Secretary in Singapore is thus in charge of the corporation’s compliance with the existing regulation and can be clasped responsible for the failure to acknowledge the law.
The company secretary must be elected within the first six months after the business has been enrolled. The officer must live in Singapore, which implies he or she can be a Singapore inhabitant, or an owner of Permanent Pass, EntrePass, Dependant’s Pass, or Employment Pass. A similar individual cannot be a Company Secretary and a sole director. Nonetheless, if there is extra than one director, the Secretary can incorporate both roles.
What does a Company Secretary do?
The Corporate Secretary is accountable for the company’s compliance with the statute. It clarifies to inaugurating, retaining, and organizing numerous crucial papers. These are some of the most familiar and significant of them:-
Board Meetings and Annual General Meeting
The Corporate Secretary is accountable for scheduling, organizing, and conserving the crucial procedures during the crucial meetings of the firm.
Maintaining Statutory Registers
Numerous registers desire to be revised according to the modifications that happen in the company. The ultimate list may alter banking on the corporation profile. Some of the extensively common ones are:-
- register of directors
- register of partners
- register of transfers
- register of allowances
- register of secretaries
- register of charges
Annual Filings
Filing the annual returns and corporation accounts with Accounting and Corporate Regulatory Authority (ACRA) is important, as there are serious penalties and fines for delivering wrong data or forgetting the deadline.
Legal Compliance and Necessary Paperwork
As the corporation gets on through modifications, several steps require to take place. It is the Corporate Secretary’s responsibility to specify the requirement for specific actions, notify the directors or shareholders as essential, and process these modifications according to the Singapore legal framework. The actions may encompass drafting resolutions, modifying the Company Constitution, and instructing ACRA on the updates in the business, such as:-
- Modification of the registered address
- Modification of company name
- Modification of company profile
- Appointment or resignation of directors
- Change in directors’ details
- Authorization or concession of Secretary
- The difference in the secretary’s details
- Modifications in the share capital or diffusion
- Any other special resolutions
Maintaining a Registered Office
Every Singapore firm must have an enrolled address. It has to be an actual spot in Singapore, not only a PO box number. The address goes on all legal papers and has to be enrolled with ACRA. It does not have to be the spot where the real office is found. A registered address can be utilized as a service, with the provider earning the similarity, scanning, and broadcasting it.
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