Duties of Company Secretary in Singapore

Learn the Duties of a Singapore Company Secretary with J Accounting Services

According to Section 171 of the Singapore Companies Act, all companies operating in the country must appoint a secretary 6 months after their incorporation. Note that even where there is only a single shareholder or sole director, you will still need a company secretary. Any appointee to this position must be a natural resident, a citizen, a holder of Singapore Employment Pass or Dependant Pass holder. The duties of a company secretary in Singapore are divided into business and operational roles, and legal and financial duties.

This person must be qualified under the legal profession Act. That is why company secretaries are lawyers. The person must also have practiced in the same position for at least three of five years immediately preceding his employment. He/she must be a public accountant who is registered under the Accountants Act. These are just a few of the basic requirements.

Business and operational roles of a company secretary in Singapore

Prepares the agenda for board meetings and ensuring that every member is notified. They are required to be present at all meetings and take minutes. Afterwards, they will send the minutes to the chairperson of the board for examination. Then, they make sure that all members get a copy.

Links the company’s directors and its employees – This is one of the duties of a company secretary in Singapore. They are mandated to pass the resolutions made by the directors to the other staff in all the departments.

Maintains a comprehensive register of the members – A company secretary is responsible for, among other transactions, monitoring and recording the transfer of shares.

Facilitates communication between the shareholders and the company – This can include information about the payment of dividends. It is upon the company’s secretary to ensure that any relevant information is communicated to all relevant parties.

Documents all the transactions regarding acquisition and disposal – It is the work of the secretary to document all dealings and make sure that all procedures have been adhered to.

Provides the office of the Registrar of Companies with the necessary information about the organization

Financial and legal duties of a Singapore corporate secretary:

Making sure that the company adheres to the rules of Memorandum of Association, Article of Association and other legal bindings.

Ensuring that the operations of the company are in line with the guidelines of the Companies Act of Singapore

Preparing and filing of financial account statements as it required

Another role on the list of the duties of a company secretary in Singapore is making sure that the firm has the necessary insurance cover going by the nature of the business.

Lastly, a company secretary is the main custodian of the seal and makes sure it is used properly.

The Need for a Company Secretary in Singapore

A company secretary is a necessary appointee in all companies in the country. They take part in roles regarding the main operations of the business as well as in legal operations. Therefore, the position requires somebody who is well versed in business administration, accounting, finance practices and legal procedures. A corporate secretary is involved in major decision-making. If you are appointing a secretary for your company, it is best if you take time to recruit somebody who has the certification, experience and can proficiently carry out the duties of a company secretary in Singapore.

After you know and understand the importance of a company secretary, the next question is whether to hire full time or outsource. Definitely, the latter is more reasonable for small companies. If you think that corporate secretaries don’t earn his/her keep, know that theirs is a very serious position with lots of roles and responsibilities to fulfil.

At J Accounting Services we have specially designed company secretarial packages to suit your needs and requirements. This is basically targeted towards all small businesses from new startup company to established companies in Singapore. With our company secretary services, you would be able to build and grow other aspects of your business in the best possible way!